The Australian industrial fasteners market size was valued at USD 2,307 million in 2022 and is projected to reach USD 4,387 million by 2030, registering a CAGR of 7.4% during the forecast period (2023-2030).
Industrial fasteners are a broad category of mechanical parts that link two or more objects together, including nuts, bolts, screws, and rivets. These fasteners are frequently used in various industrial applications, including manufacturing, construction, aircraft, and automobiles. They are composed of various materials, including steel, Aluminum, brass, and titanium, and are engineered to endure varied levels of load, vibration, and corrosion.
Industrial fasteners are in high demand in the construction industry because of rising investments in infrastructural, residential, and commercial projects. For instance, the Australian government has launched several significant infrastructure projects, such as the Western Sydney Airport, the Snowy 2.0 hydroelectric project, and the Melbourne to Brisbane Inland Rail project. These initiatives are anticipated to increase the demand for industrial fasteners in the nation significantly.
Numerous businesses in Australia import cheap fasteners from nations like China and India, which has increased market competitiveness. Local manufacturers have been under pressure. As a result, to lower their pricing to remain competitive. For instance, A Class Fasteners, an Australian maker of fasteners, claimed in 2019 that the cost of labor and raw materials in Australia and nations like China made it impossible for the company to compete with imported fasteners. The company's income and earnings decreased as a result.
The nation's automotive sector is well-established, and major manufacturers, including Toyota, Ford, and Holden, have facilities there. The market has been expanding gradually, and fasteners used in the production of automobiles are in higher demand. For instance, the Australian automobile sector has received fasteners from Bremick Pty Ltd, an Australian fastener manufacturer, for over 30 years. Bolts, nuts, washers, and screws are among the many fasteners the company provides for automotive applications. The need for industrial fasteners is anticipated to rise along with the nation's rising vehicle demand. This creates a sizable opportunity for businesses in the Australian industrial fasteners market to grow and meet the escalating demand from the automotive sector.
The Australia 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 8.3% 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 7.6% 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 6.8% 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 8.5% 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 8.5% over the forecast period.
Fasteners come in various shapes and sizes and are used in various activities and Australian business sectors. Gluing, nailing, screwing, stapling, fixing, attaching, and anchoring. For over 40 years, Fuji Fasteners has produced metal fasteners, including screws, bolts, studs, pins, and more, for Australian industry and export markets. Over 9% of Australia's Gross Domestic Product is produced by the construction sector, which has an estimated annual growth rate of 2.4% over the next five years and generates over USD 360 billion in revenue. Most companies in this sector are either sole proprietorships or extremely tiny enterprises with fewer than 20 employees. Additionally, they frequently have Australian ownership, with domestic sales.
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