Panel Fastener Market Size, Share, Growth, And Industry Analysis, By Type (Screws, Nails, Bolts, Nuts and Washers, Anchors, Rivets, and Others), By Application (Automotive Industry, Electric and Electronics, Machinery Industry, Construction Industry, Aerospace, and Others), Regional Forecast To 2031

Updated On: 22 April 2024

Panel Fastener Market Report Overview

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The global panel fastener market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

When two or more objects are being combined to produce a non-permanent connection, a fastener is a mechanical element that keeps the objects together temporarily. Automotive fasteners are used to hold together parts, control leaks, and improve driving efficiency. Although they are not as strong as steel fasteners, plastic fasteners do have a pretty high resistance to vibration and stress. They are frequently made of stainless steel and plastic. Steel fasteners are used in many automobile components, including door panels, airbag housing, and microscopic engine elements. Among the fasteners used in automobiles are nuts, screws, retainers, and washers. Bolts are mechanical fasteners that have threaded shafts. These bolts are closely related to screws, another type of mechanical fastener with a threaded shaft.

Fasteners are typically inserted into parts having symmetrical hole patterns. Bolts are inserted into components with unthreaded holes. Then, in order to provide clamping force and stop axial movement, the nut is tightly fastened to the bolt. This screw first travels through an unhindered primary component at one of the mounting components. A screw could also rip the threads out of an object with threads.

COVID-19 Impact: Adversely affected the market due to lockdown

In December 2019, the COVID-19 pandemic outbreak was noticed. The countries that were most clearly stimulated were Italy, China, Spain, Iran, France, the Republic of Korea, the U.S., and Germany. Due to lockdowns, boycotts of certain tours, and business closures, COVID-19 stimulated initiatives and economies in unusual countries. The significant company dealing with actual interruptions is the global building sector. Large manufacturing industries are concentrated in China, which has an impact on the global economy. Every industry was affected by the COVID-19, including those in agriculture, aircraft, defense, and food and beverage.

The planet was weakened by the coronavirus. Lockdowns and distance-creating tactics were implemented. The distribution chains were disrupted as a result of this. The demand for panel fastener was affected due to the halt in supply chain. This has altered how systems operate all throughout the world.

Latest Trends

"Market is expending due to increase in electric automobiles"

The panel fastener market growth is surging gradually. Like any other transformative disruptive technology, electric vehicles lead to a rush of new economic development, challenges, and opportunities. Global sales of electric cars are being driven by improved vehicle range, more readily available charging infrastructure, and proactive involvement by auto original equipment manufacturers. Furthermore, as environmental concerns are being raised by governments, there is a growing market for zero-emission vehicles, which is promoting the growth of the electric vehicle sector. Electric car sales have surged as a result of aggressive promotion of the vehicles in industrialized nations in an effort to reduce pollution. As a result, the market for panel fastener is expected to rise significantly over the course of the projected period thanks to the surge in sales of electric vehicles.

Panel Fastener Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Screws, Nails, Bolts, Nuts and Washers, Anchors, Rivets, Others. Screws is anticipated to dominate the panel fastener market segment.

• By Application Analysis

Based on application, the market can be divided into Automotive Industry, Electric and Electronics, Machinery Industry, Construction Industry, Aerospace, Others. The Automotive Industry will be the largest segment.

Driving Factors

"High resistivity boosts the demands to bolster market growth"

The need for plastic fasteners has increased as a result of the growing necessity for them to stop electrical conductivity in specific sections of electrical or electronic devices. Fasteners constructed of plastic are lightweight and adaptable. Additionally, they maintain their shape and stiffness at high temperatures, are strong at both low and high temperatures, and are resistant to impact, abrasion, organic solvents, and gasoline. Additionally, they reduce the amount of time needed for the assembly of multiple electronic modules and parts.

"High Use of Plastic Fasteners to surge market growth"

Plastic fasteners are being used more and more as a hardware component in electronics equipment because they offer high wear resistance. Plastic fasteners are an affordable solution that can be used as-is or customized to meet the needs of a particular application in the electronics sector. These elements are anticipated to fuel an increase in market revenue.

Restraining Factors

"High capital expenditures may hamper the market growth"

The mechanical and electrical systems in cars are quite complex. They are challenging to develop and maintain because they have so many moving parts. Automotive fasteners make sure that the auto vehicle is in one state without any imbalances in various related sections in order to boost seasonal performance and operation. Automobile fastener production is costly, time-consuming, and dangerous because mistakes in construction could lead to several problems. Compared to other automotive parts, the cost of research and development is significantly higher for the fasteners for vehicles. As a result, this factor is limiting panel fastener market expansion.

Panel Fastener Market Regional Insights

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"Asia Pacific to lead the global market due to the rising vehicle sales in the region"

Asia-Pacific region to hold the largest panel fastener market share. This is attributed to increased vehicle sales and consumer tastes from standard to customizable automobile parts and rising per capita income of consumers in the region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players in panel fastener sector is making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• McMaster-Carr - ( U.S )
• Wurth - Germany
• PCC Fastener - (U.S)
• ITW -  (U.S)
• Arconic - (U.S)
• ARaymond - France
• LISI - Paris
• STANLEY - (U.S)
• BOSSARD - Switzerland
• Aoyama Seisakusho -  Japan
• KAMAX - Germany
• Agrati Group -  Italy
• Meidoh - Japan
• NAFCO - Taiwan
• Gem-Year -  China
• Bulten - Sweden
• Boltun - Taiwan
• TR Fastening - (U.K)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.