The Asia-Pacific Industrial Fasteners market size was valued at USD 37,581 million in 2022 and is projected to reach a value of USD 70,904 million by 2030, registering a CAGR of 7.3% during the forecast period (2023-2030).
"Industrial fasteners" are high-quality fasteners used in many different industries and projects, from the auto industry to the shipping industry to building projects. Industrial fasteners are used in many areas, including construction. You need to know the basics about fasteners and what industrial fasteners to use for each job.
The demand for industrial fasteners is driven by the auto business's growth in China, Japan, and India. Industrial fasteners assemble the engine, suspension, braking systems, and other important car parts. For example, China is the biggest market for cars in the world. In 2020, more than 28 million cars will be sold there. The country's auto business has grown quickly in the past few years, which will likely continue. This rise is boosting the need for industrial fasteners used to build cars. Automotive screws, for example, are used in a car's engine, suspension, braking system, and other important parts. The region's demand for industrial fasteners will likely keep increasing in the coming years.
Adhesives and tapes may limit Asia-Pacific industrial fastener market growth. Adhesives and tapes, which weigh less and improve fuel efficiency, are popular in the car sector. Asia-Pacific industrial fastener markets include the automotive, construction, electronics, and aerospace industries, which employ adhesives and tapes. New eco-friendly adhesives and tapes may also affect industrial fastener demand.
As urbanization and industrialization in the Asia-Pacific area continue to speed up, so does the demand for infrastructure and construction projects. This is a big chance for the industrial fasteners market since fasteners are important parts of building and infrastructure projects. For example, in China, the government's Belt and Road Initiative (BRI) is driving infrastructure investments all over the country and in many neighboring countries. This is causing a large demand for industrial fasteners. In India, the government's big plans to improve infrastructure, such as building new airports, roads, and other big projects, drive demand for fasteners.
The Asia-Pacific industrial fasteners market is segmented based on product, type, bolt size, application, raw materials, and country.
The market is further segmented by product into Externally threaded, internally threaded and non-threaded
The Externally threaded segment domains segment dominates the market and is expected to grow at a CAGR of 8.2% during the forecast period.
By type, it is further segmented into Threaded fasteners, nuts, washers, and Rivets.
The Threaded fasteners dominated the market and are expected to register a CAGR of 7.5% over the forecast period.
The market is further segmented by bolt size into Less than ¼, ¼ to ¾, ¾ to 1, and more than 1.
The ¼ to ¾ segment dominates the market and is expected to grow at a CAGR of 6.7% during the forecast period.
The market is further segmented based on application into Oil and Gas, Automotive, Aerospace, construction, Industrial machinery, and others.
The automotive segment dominates the market and is expected to grow at a CAGR of 8.4% during the forecast period.
Raw materials are further segmented into steel, Aluminum, and others.
Steel dominated the market and is expected to register a CAGR of 8.4% over the forecast period.
The Asia-Pacific industrial fasteners market is segmented by country: China, India, Japan, Australia, New Zealand, and the rest of Asia Pacific. China dominated the market with a CAGR of 7.7% during the forecast period.
Asia Pacific accounts for two-thirds of global economic growth. Due to the COVID-19 pandemic and global economic slowdown, Asia Pacific's GDP growth dropped by 1.5% in 2020, according to the IMF. In 2021, GDP growth is forecast to rise to 7.6% and moderate to 5.4% in 2022. Asia accounted for 40% of the global industrial fastener market in 2020. Automotive, industrial machinery, electronics, and construction drive the regional industrial fasteners business. The region supplies the most industrial fasteners worldwide. Roads, harbors, airports, and rail networks are needed to support Asia Pacific's economic expansion. M&As, integration, and site relocations have increased regional industrial development. India, Vietnam, Thailand, and Malaysia's industrial and infrastructure construction will fuel the Asia Pacific market.
The market will be driven by Asia Pacific infrastructure growth. According to Price Waterhouse and Coopers (PwC), the Asia Pacific infrastructure market is expected to grow 7% to 8% annually over the next decade, reaching USD 5.36 trillion by 2025 and roughly 60% of the global total. Infrastructure initiatives in industrial, transportation, extractive, and social sectors are growing.
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