The industrial fasteners industry is one of the few industries that has a constant need in the global market. Major industries like automotive, aerospace, manufacturing, and construction industries have a constant need for such fasteners. The Fasteners are used to bond two or more components of a product together to form a solid joint for the efficient functioning of the end product. Fasteners can fasten and join varied parts irrespective of the material to be joined.
Fasteners, the key parts to make a complete and fully-functional end product, have a high demand in the industry, which is why it has a subsequent market share and is one of those industrial segments that can never go obsolete. Though there has been an evolution in the fastening industry by introducing chemical bonding techniques, the need for fasteners has never gone down with its resilience and the limitations of the chemical adhesives for the bonding purpose.
Increased Automotive Production in the Aerospace Industry Driving the Global Industrial Fasteners Market
Fasteners are one of the most important parts of any vehicle, be it a passenger or a commercial vehicle, as the automotive product is developed by fastening various parts and components. Automotive is the largest market for industrial fasteners as the said industry is one of the top consumer-based industries. With the increase in automotive production, the need for industrial fasteners has increased, which is why the industrial fastener market is growing with a significant share in the market. Talking about the next driving factor, the growing demand in the aerospace industry is the increase in the passenger number and their travel frequency. With the ever-increasing end-user demand, the aerospace industry is trying to make their passenger’s overall experience of traveling in an aircraft better and more convenient. As the global aerospace and defense industry is growing at a rate of 4.8%, the demand for industrial fasteners is continuously increasing and proving to be the key driver for the industrial fasteners market.
Substitution of Metal fasteners with Plastic Fasteners Opens a Wide Range of Opportunities for Manufacturers
The current era of technology is driving the global industry to new heights that demand higher efficiency at minimal resources, which has been a major factor in the evolution of lightweight automotive products. The substitution of metal fasteners with plastic fasteners is the cost of manufacturing the metal fasteners and the increased demand for lightweight components. Plastics are low-cost substitutes for metals, and they can be molded into any kind of shape with the injection molding and extrusion technique. The fasteners required in the automotive industry vary in size, design, and measurements based on the application. This is why plastic fasteners are in demand and are available in various sizes in quick time, unlike metal fasteners. And the said substitution of metal fasteners with plastic fasteners is creating a huge window of opportunities that will lead the industrial fastener industry to new heights.
Covid-19 had forced an operational shutdown of each industrial segment around the world, which disrupted the entire global supply chain network. This shutdown led to huge losses to the entire industry globally that created a barrier to production and even the basic operations of the manufacturing units. The same is with the industrial fasteners market, as the production and distribution were completely stopped, the entire market sustained huge losses, and the full stocked inventories that incurred high costs of stocking created a barrier to the money flow in the market. These high costs impacted the industrial fasteners market, as companies were not ready to spend the higher amount, and hence they decided to find a new solution for their fastening needs, which eventually reached the find of adhesives.
The global industrial fasteners market is regionally segmented into four regions which are North America, Europe, Asia-Pacific, and Middle-East & Africa. The Asia-Pacific region has the major share of the market with an estimated revenue of USD 63388 million in 2030 at a CAGR of 6% that was earlier standing at 38162 million in 2021. North America has major players in the industry operating in the region and plays an important role in driving the industrial fasteners market forward. It is the second dominant region after Asia-Pacific with an impressive revenue generation in 2021 with figures of USD 21543 million and growing rapidly at USD 29361 million by 2030 at a CAGR of 4%. Apart from these two regions, Europe and Middle-East & Africa also contribute substantial revenue generation. Europe had a revenue generation of USD 21094 million in 2021 and grew at a CAGR of 3% to reach USD 27764 million by 2030. Middle-East & Africa also has a whopping sales figure of USD 1933 million in 2021 which is anticipated to grow to USD 2823 million in 2030 at a CAGR of 4%.
The major key players in the global industrial fasteners market are – Arconic Fastening Systems and Rings, Acument Global Technologies, Inc. ATF, Inc., Dokka Fasteners, LISI Group, Nippon Industrial Fasteners Company, etc.