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Industrial Fasteners Market

Industrial Fasteners Market Size, Share & Trends Analysis Report By Product (Externally Threaded, Internally Threaded , Non-Threaded), By Type (Threaded Fasteners, Nuts, Washers, Rivets), By Bolt Size (Less Than ¼, ¼ to ¾, ¾ to 1, More Than 1), By Application (Oil and Gas, Automotive, Aerospace, Construction, Industrial Machinery, Mining, Others), By Raw Material (Steel, Aluminum, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRAM1608DR
Study Period 2020-2032 CAGR 4.23%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD 91,953 Million
Forecast Year 2032 Forecast Year Market Size USD 149910.49 Million
Largest Market Asia Pacific Fastest Growing Market North America
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Market Overview

The global industrial fasteners market size was valued at USD 91,953 Million in 2023 and is expected to grow to USD 1,49,910.49 million in 2032. The market is expected to grow at a CAGR of 6.3% during the forecast period (2023–2032).

Fasteners are used to bond or fasten two or more products or parts of a product or equipment to form a singular product that can function efficiently when fastened with other parts. The fasteners can fasten or bond a varied range of products like plastic, wood, and metal in a very effective manner. Industrial fasteners are considered one of the most vital parts in all the major industries, like automotive, electronics, aerospace, heavy equipment, marine, and industrial machinery.

Fasteners being the key parts to make a complete and functional end-product has a substantial market share and are one of the few industrial segments that can never go obsolete. Though there has been an evolution in the fastening industry by the introduction of chemical bonding techniques, still the need for fasteners has never gone down with its resilience and the limitations of chemical bonding.

The market is anticipated to be driven by the increased demand for industrial fasteners in the automotive and aerospace industries, as well as by the expanding population, significant investments in the construction industry, and rising construction spending.

Market Dynamics

Industrial Fasteners Market Drivers

  • Growing Demand for Fasteners in the Aerospace Industry Driving the Global Industrial Fasteners Market

Fasteners are the key components of any automotive product. The automotive is a structure built by fastening and linkages of various parts together, which helps the automotive function properly. Fasteners are the key aspects of any vehicle, be it a passenger or a commercial vehicle. Nearly every part of an automotive is fastened to allow a certain degree of freedom for the moving parts of the vehicle. Automotive is the largest market for industrial fasteners as the said industry is one of the top consumer-based industries. The common fasteners used in the automotive industry are nut bolts, screws, rivets, studs, bits, and anchor and panel fasteners.

With the increase in automotive production, the need for such industrial fasteners has increased, which is why the industrial fastener market has a substantial share in the global market.  The major sale of the industrial fasteners is seen in the Asia-Pacific region with the increase in the automotive manufacturing plants in the emerging economies like India, China, and Japan. That is why there is a subsequent demand for industrial fasteners from these regions, contributing to the overall growth of the industrial fasteners market.

The global aerospace and defense industry is growing at 4.8% and is expected to grow with the same intensity. The recovery of the global GDP, state commodity prices, and the increase in passenger travel demand has led to the overall growth of the aerospace industry. This has forced the industry to innovate and evolve the traveling experience and match their consumers' demands.

There is continuous evolution in the aerospace industry, and a massive production wave has hit the global aviation industry, leading to the increase in demand for the industrial fasteners used in large numbers when manufacturing an aircraft is done. The said increase in the production of aircraft made the global industrial fasteners market reach the top of the revenue generation table, and that is why the aerospace industry is the key driving factor for the growth of the fasteners industry.

Industrial Fasteners Market Restraints

  • Rising Market Share of Substitutes Restraining Global Industrial Fasteners Market Growth

Increasing metal prices and the replacement options like plastic fasteners, automotive tapes, and adhesives are the key barriers to the growth of the industrial fastener market. With the rising demand for lightweight components for vehicle manufacturing, some of the key manufacturers are shifting to either plastic fasteners or adhesives that satisfy the need of the hour for the manufacturers. Along with this, the introduction of the laser welding technique in automobiles has led to an increased welding market share.

The rise in the consumption of welds and rivets in aircraft is anticipated to drive the welding market forward and create a big barrier to the growth of the industrial fasteners market. The fasteners are still used in major proportions in various industries. Still, going with the trend of lightweight products, there are certain chances of developing new fastening techniques, including welds, adhesive joints, linkages, etc.  Apart from this, advanced acrylic adhesive technologies can bring forth new challenges for the global market of industrial fasteners.

Industrial Fasteners Market Opportunities

  • Substitution of Metal Fasteners with Plastic Fasteners Opens a Wide Range of Opportunities for Manufacturers.

The current era is of innovation and technology that demands higher efficiency at minimal resources, a major factor in the evolution of lightweight automotive products. The most use of industrial fasteners is in the automotive industry, which has a lot of fastening needs while manufacturing a product. The substitution of metal fasteners for plastic ones is the cost associated with it and the increased demand for lightweight components. Plastics are low-cost substitutes for metals, and they can be molded into any shape with the injection molding technique.

Fasteners required in the automotive industry vary in size, design, and measurements based on the application. This is why plastic fasteners are in demand as they can be extruded in whatever shape and size are needed in a quick time, unlike the metal fasteners, which require heavy machinery for the purpose. This is why the substitution of metal fasteners for plastic fasteners is taking place and creating a wide window of opportunities through which global manufacturers can taste success.

Regional Analysis

Is the Asia Pacific Likely to Dominate the Industrial Fasteners Market?

The global industrial fasteners market share is regionally segmented into four regions, namely, North America, Europe, Asia-Pacific, Middle-East & Africa. The Asia-Pacific region is the most dominant, with an estimated revenue of USD 57.89 billion in 2030 at a CAGR of 5.4%. The Asia-Pacific region is the emerging automotive hub, has a vast demand for industrial fasteners, and is a major positive for the fasteners manufacturing companies. The economic growth in the Asia-Pacific region has seen plays a vital role in the overall development of the market industrial fasteners in the region, which is why the Asia-Pacific region is dominating the global industrial fasteners market. North America is the second dominant region after Asia-Pacific, had an impressive revenue generation in 2021 with figures of USD 21543 million and growing rapidly to USD 29361 million by 2030 at a CAGR of 4%. With the presence of major players in the industry, North America, including automotive, aerospace, electronics, etc., drives the market of industrial fasteners. The economy of the region is characterized by the high-diversity owing to the presence of major developed and developing countries.

Europe is the global hub of the automotive industry and has the third dominant share in the global market of industrial fasteners with a revenue of USD 21094 million in 2021 and is expected to grow to USD 27764 million in 2030 at a CAGR of 3%. Middle-East & Africa are the third dominant regions with a market share of USD 1933 million in 2021 and reach USD 2823 million by 2030 at a CAGR of 4%. Rising consumer demand for small accent pieces, ready-to-assemble (RTA) products, and residential and commercial furniture is anticipated to affect industry growth throughout the forecasted period positively.

Middle-East & Africa are the third dominant regions, with a market share growing at a CAGR of~ 4%.

Due to the increasing need for industrial fasteners in industrial processes, commercial and residential construction, and agricultural projects, Central and South America are predicted to experience growth in the coming years. Additionally, the aerospace industry is anticipated to experience rapid growth due to advancements in Argentina's and Brazil's military policies, impacting the region's need for aerospace-grade fasteners.

Report Scope

Report Metric Details
By Product
  1. Externally Threaded
  2. Internally Threaded 
  3. Non-Threaded
By Type
  1. Threaded Fasteners
  2. Nuts
  3. Washers
  4. Rivets
By Bolt Size
  1. Less Than ¼
  2. ¼ to ¾
  3. ¾ to 1
  4. More Than 1
By Application
  1. Oil and Gas
  2. Automotive
  3. Aerospace
  4. Construction
  5. Industrial Machinery
  6. Mining
  7. Others
By Raw Material
  1. Steel
  2. Aluminum
  3. Others
Company Profiles Arconic Fastening Systems and Rings Acument Global Technologies Inc Dokka Fasteners LISI Group Nippon Industrial Fasteners Company Hilti Corporation MW Industries, Inc. Birmingham Fasteners and Supply, Inc. SESCO Industries, Inc. MacLean-Fogg Component Solutions
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global industrial fasteners market share is segmented by product and by application.

Based on products, the global industrial fasteners market is categorized as externally and internally threaded. The externally threaded fasteners segment has the maximum market share with a revenue of USD 42882 million in 2021 and is expected to reach USD 63726 million in 2030 at a CAGR of 5%. Metal bolts are generally manufactured using cast iron, carbon steel, and carbon alloy steels in the externally threaded fastener category. Bolts have a dominant share in the market owing to their availability and a wide scope of application. These bolts and screws have a high demand in the manufacturing industry amid a secured fastening of heavy and light machine parts. The rise in demand for such bolts in various applications like – furniture and automobiles is driving the growth of the externally threaded fasteners segment during the forecast period of 2022 to 2030.

The internally threaded fasteners segment is showing significant growth in the market share with expected revenue of USD 19611 million in 2030 at a CAGR of 4% from the early figures of USD 13542 million in 2021. Cap Nuts, castle nuts, coupling nuts, square nuts, T-nuts, and wing nuts fall under the category of internally threaded nuts, contributing to the overall sales of the said market segment. The internally threaded fasteners are widely used in varied industrial applications for tightening equipment like blowers, centrifugal fans, motors, automotive components, etc. This is why the said segment is also having a significant market share owing to the global market of industrial fasteners.

Based on application, the global industrial fasteners market is categorized into automotive, aerospace, construction, and industrial machinery. The automotive segment is the dominant one, with a market share of USD 28904 million in 2021 and expected to grow to USD 40083 million in 2030 at a CAGR of 3%. Industrial fasteners find a wide range of applications in the automotive industry for the production of vehicles and accessories, and it is a clear understanding that every component of an automotive needs to be fastened properly to function at its best. This is why the automotive sector has a major demand for industrial fasteners.

Industrial machinery is the second most dominating segment after the automotive industry, which contribute to the sales figure of USD 11801 million in 2021 and grows at an exceptional CAGR of 5% with an estimated figure of USD 18151 million in 2030. Industries have a wide range of applications for fasteners which is self-explanatory to its name.  Aerospace and construction industry segments also contribute to a significant market share of industrial fasteners. The aerospace industry accounts for a market value of USD 9698 million in 2021 and is expected to grow to USD 15972 million at a CAGR of 6%. The construction industry, with a figure of USD 9358 million in 2021, also has an estimated growth to reach the figures of USD 14642 million by 2030 at a CAGR of 5%.

The aerospace industry accounts for a significant share of the market at a CAGR of ~6%. In the global market, aerospace has been a significant application area due to the enormous amount of prime-grade fasteners it uses. Since there are many more industrial fasteners used in the construction of an airplane than in the production of automobiles, industrial machinery, or railroads, the aerospace sector is regarded as a significant market for these products.

The construction industry is estimated to grow at a CAGR of ~5%. Throughout the projection period, the building and construction application segment is anticipated to rise. Over the anticipated period, rising investments in commercial constructions, including hotels, hospitals, and educational institutions, will impact industry growth positively.

Market Size By Product

Impact of covid-19

The most adverse effect Covid-19 pandemic was the operational shutdown of each industrial segment around the world. This led to the disruption of the entire supply chain network that used to be the key factor for running businesses all around the world. The disturbed supply chain led to a lack of availability of raw materials, small and major components required to manufacture a product, etc. This created a vacuum in the industrial space that led the overall growth rate to plunge backward and hampered the overall growth of industries.

The same is with the industrial fasteners market; as the production and distribution were completely stopped, the entire market sustained huge losses pertaining to revenue generation and fully-stocked inventories, which incurred high costs. These high costs impacted the global 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.

Recent Developments

  • In March 2022, Arconic paused its business relationships with Russia amid the war crisis going up and took the manufacturing set-up to other locations in Europe.
  • In November 2022, Arconic Authorizes Share Repurchases of $200 Million.
  • In October 2022, A strategic agreement was signed by LISI MEDICAL in the surgical instrument industry.
  • In February 2022, The Threadstrong Line of Made-in-the-USA aftermarket wheel fasteners and the associated e-commerce website www.Threadstrong.us were introduced by MacLean-Fogg Component Solutions (MFCS). Through the website, these fasteners will be directly accessible to clients. This tactic is anticipated to aid the organization in increasing its revenue and market share.
  • In June 2022, all new features for the HILTI JAIBOT will be released by HILTI.

Top Key Players

Arconic Fastening Systems and Rings Acument Global Technologies Inc Dokka Fasteners LISI Group Nippon Industrial Fasteners Company Hilti Corporation MW Industries, Inc. Birmingham Fasteners and Supply, Inc. SESCO Industries, Inc. MacLean-Fogg Component Solutions Others

Frequently Asked Questions (FAQs)

What is the growth rate for the Industrial Fasteners Market?
Industrial Fasteners Market size will grow at approx. CAGR of 6.3% during the forecast period.
Some of the top industry players in Industrial Fasteners Market are, Arconic Fastening Systems and Rings, Acument Global Technologies Inc, ATF Inc., Dokka Fasteners, LISI Group, Nippon Industrial Fasteners Company, etc.
In the Industrial Fasteners Market, Asia Pacific has established itself as the market leader with a significant market share.
The North America region has experienced the highest growth rate in the Industrial Fasteners Market.
The global Industrial Fasteners Market report is segmented as follows: By Product, By Application

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