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Middle East and Africa Industrial Fasteners Market

Middle East and Africa 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 Country(UAE, Turkey, Saudi Arabia, South Africa, Egypt, Nigeria, Rest of MEA) Forecasts, 2022-2030

Report Code: SRAM26158DR
Study Period 2018-2030 CAGR 5.3%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD 5,909 Million
Forecast Year 2030 Forecast Year Market Size USD 9629 Million
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Market Overview

The Middle East and Africa industrial fasteners market size was valued at USD 5,909 million in 2022 and is projected to reach a value of USD 9,629 million by 2030, registering a CAGR of 5.3% during the forecast period (2023-2030).

High-quality fasteners, known as "industrial fasteners," are utilized in various projects and industries, including the building, construction, and automotive industries. Construction is only one of the many industries that employ industrial fasteners. You must understand the fundamentals of fasteners to choose the appropriate industrial fastener for each project.

Highlights

  • Externally threaded dominates the market by product. 
  • Threaded fasteners dominated the market by type.
  • ¼ to ¾ dominated the market by bolt size.
  • Automotive dominates the segment by application
  • Steel dominated the market by raw materials.

 

Market Dynamics

Middle East and Africa Industrial Fasteners Market Drivers

Growing Manufacturing Sector

As the government has worked to diversify the economy and lessen reliance on oil, the manufacturing sector has expanded steadily in the UAE over the past few years. Despite the difficulties brought on by the COVID-19 epidemic, the manufacturing industry in the UAE grew by 6.6% in 2020, according to the Ministry of Economy. Industrial fasteners are crucial components used in manufacturing processes. Therefore, the expansion of the manufacturing industry has increased demand for them in the region.

Middle East and Africa Industrial Fasteners Market Restraints

Rising Raw Material Price

Rising raw material prices are hampering the industrial fasteners market. Manufacturers' production costs may rise, raising product prices. For instance, rising steel prices have raised fastener prices. Customers may switch to cheaper fasteners or delay purchases, affecting demand. Rising raw material prices can also affect manufacturers' profit margins, reducing R&D and product development. The growing cost of steel and other raw materials required to make industrial fasteners can raise production costs, affecting regional enterprises' profitability.

Middle East and Africa Industrial Fasteners Market Opportunities

Increasing Investment in Infrastructure

Industrial fasteners are in demand due to increased infrastructure expenditure. The UAE, Saudi Arabia, and Qatar have invested extensively in airports, ports, trains, and roadways. Saudi Arabia's Vision 2030 infrastructure development plan aims to boost the economy and create jobs. The NEOM mega-city and Red Sea Project, which require many industrial fasteners, are part of the plan. The UAE has also invested in infrastructure projects such as the Abu Dhabi International Airport extension, Etihad Rail, and Dubai Metro. These developments increased regional industrial fastener demand.

Regional Analysis

Imports of machinery, tools, and materials for fastener manufacturing and other sectors have stifled innovation in most regions. The UAE and Saudi Arabia lack suitable machinery due to their short industrial histories. Both nations are advanced in construction, but most industrial areas, including the fastener business, are not. Their fastener sector is too dependent on foreign technology, supplies, and equipment.

UAE fastener exports exceeded USD 217 million. Last year, Saudi Arabia, Oman, Kuwait, Bahrain, Iraq, and Iran received 70% of UAE fasteners. Thus, the UAE is the region's biggest fastener exporter. KSA exported less than USD 12 million in fasteners in 2018, 5% of UAE's total. This proves that the UAE is a regional export hub. UAE fastener exports to Saudi Arabia exceeded 20% in 2018.

Due to rising government financing for large-scale infrastructural and residential projects in the UAE and Saudi Arabia, fastener demand may rise. The UAE imports the most fasteners and exports the most. UAE imported over USD 356 million in fasteners from China, India, the US, Germany, the UK, and Taiwan last year. Saudi Arabia, the region's second-largest market, imported fasteners worth USD 276 million last year.

China, the US, India, Japan, the UK, Germany, and Taiwan export the most to Saudi Arabia.Last year, Saudi Arabia imported more fastening machinery than the UAE. Saudi Arabia imported more machinery than the UAE in 2018. KSA exported 1.7 million, while the UAE exported 2.5 million.

Overall, physical capital investment, trade exposure, manufacturing sector competitiveness, and strong media promotion drive this market's expansion in the Middle East. Manufacturing is growing in the UAE and Saudi Arabia as large industrial parks are built.

Report Scope

Report Metric Details
Segmentations
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 Ring Illinois Tool Works Inc
Geographies Covered
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The Middle East and Africa industrial fasteners market are segmented based on product, type, bolt size, application, and raw materials.

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 6.2% 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 5.5% 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 4.7% 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 6.4% 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 6.4% over the forecast period.

Market Size By Product

Recent Developments

  • May 2023- The Apollo Funds agreed to acquire Arconic.

Top Key Players

Arconic Fastening Systems and Ring Illinois Tool Works Inc Others

Frequently Asked Questions (FAQs)

How big is the Middle East and Africa industrial fasteners market?
The Middle East and Africa industrial fasteners market size was valued at USD 5,909 million in 2022 and is projected to reach a value of USD 9,629 million by 2030, registering a CAGR of 5.3% during the forecast period (2023-2030).
Key verticals adopting the Middle East and Africa industrial fasteners market include:Arconic Fastening Systems and Ring, Illinois Tool Works Inc.
Growing manufacturing sector is the key driver for the growth of the Middle East and Africa industrial fasteners market.
Increasing investment in infrastructure is one of the upcoming key trends in the Middle East and Africa industrial fasteners market.


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