The North American Industrial Fasteners market size was valued at USD 16,306 million in 2022 and is projected to reach a value of USD 24,971 million by 2030, registering a CAGR of 5.5% during the forecast period (2023-2030).
Industrial fasteners, which include screws, nuts, bolts, flanges, anchors, hooks, rivets, and washers, join two or more components. These tools are used in many industrial products, such as mobile phones, electronics equipment or motors, cars, and the building and construction industries.
Automotive manufacturers use industrial fasteners extensively. North American vehicle manufacturing and sales have raised industrial fastener demand. The automobile sector has grown due to increased consumer disposable income, demand for electric and hybrid vehicles, and fuel efficiency. These improvements have enhanced North American vehicle production and industrial fastener demand. Due to increased competition, manufacturers continually seek ways to cut prices while improving care quality and performance. Industrial fasteners help manufacturers reduce vehicle weight, fuel efficiency, and safety.
The market is extremely competitive, and many suppliers and manufacturers work there. It may be challenging for businesses to invest in R&D or grow their operations due to this fierce competition's potential to cause price wars and lower profit margins. Fastenal Company, a top North American distributor of industrial fasteners and related goods, is one example of a business affected by this rivalry. Other significant companies in the market, like W.W. Grainger Inc., MSC Industrial Direct Co., Inc., and HD Supply Holdings, Inc., present the corporation with fierce rivalry.
Plastic fasteners are prominent in the automotive, aerospace, and electronics industries due to their lightweight, corrosion-resistant, and cost-effectiveness. Thus, the North American market will benefit from the rising demand for plastic fasteners in the next years.
Raymond, a global fastening and assembly solutions provider, has extended its North American plastic fasteners range. The company's new automobile plastic snap-fit connections and clips replace metal fasteners. The North American market has a lucrative opportunity as manufacturers and suppliers extend their portfolios to satisfy the demand for lightweight, corrosion-resistant, and cost-effective plastic fasteners. Companies that can adapt and offer novel plastic fastening solutions will prosper in North America.
The North American 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 6.3% 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 5.8% 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 5.0% 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 6.6% 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 6.6% over the forecast period.
The North American industrial fasteners market is segmented by country into the U.S., Canada, and Mexico.
The U.S. dominated the market with a CAGR of 5.5% during the forecast period.
The U.S. market was valued at USD 13,779 in 2022 and is expected to grow to USD 21,126 million in 2030, with a CAGR of 5.5% during the forecast period. The U.S. consumes the most fasteners in North America because of its large automotive, electronics, and aerospace manufacturing base. Major aerospace manufacturers like Boeing, Lockheed Martin, and GE Aviation operate in the country. Industrial equipment is in great demand due to the above factor. As the world's largest automaker, the U.S. is a major automotive fastener consumer. The existence of several automotive businesses, such as General Motors, Ford Motor, Fiat, Chrysler Automobiles, Toyota Motor Corporation, Tesla Motors, and AM General, is projected to boost market growth over the projection period.
The Canadian market for industrial fasteners is expected to grow at a CAGR of 5.8% during the forecast period. Canada's advanced economies make the North American economy diverse. Canada's construction industry is growing slowly due to lower investments. Non-residential investments have decreased due to these factors. The region's construction sector has also seen its lowest growth in years due to the COVID-19 outbreak. Although most construction operations in the region have been allowed to continue, several projects in the bidding or final planning stages have been postponed or canceled, affecting building and construction fastener demand. Automotive metal fasteners' growth has slowed for years and will likely continue over the predicted period.
Over the projection period, rising metal prices and the need for lightweight vehicle components will drive metal fastener demand. Due to increased demand for low-cost and lightweight metal fastener alternatives, plastic fasteners are likely to grow rapidly. The region's automotive industry has grown rapidly in the previous two years, increasing fastener demand.
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