The worldwide industrial fasteners market size was valued at USD 88.43 billion, and analysts anticipate that this figure will increase to 123.18 billion by 2030. During the period covered by the forecast (from 2022 to 2030), it is anticipated that the market will expand at a compound annual growth rate of 4.23%.
North America: 29.36 billion by (2030) CAGR: 4%
Stainless steel is the primary material used in the production of fasteners, which are then put to use in a wide variety of industries to join, attach, or connect two or more separate items. The most common types of steel used in their construction are carbon steel, alloy steel, and stainless steel. These are industries that make considerable use of these items, including the aerospace industry, industrial machinery, plumbing supplies, motors, and pumps, among others. They have a coating or paint that prevents corrosion being absorbed by the material.
In the automobile industry, the most important components are the fasteners. The automobile is a structure that is constructed by the attaching and connections of a number of different pieces being assembled together, which allows the automobile to work in the correct manner. The most important components of every vehicle, regardless of whether it is designed for passenger or commercial use, are the fasteners. Almost every portion of an automobile is secured, yet there is still some degree of mobility allowed for the many components that can move within the vehicle. Due to the fact that the automotive industry is one of the leading consumer-based sectors, the market for industrial fasteners is dominated by the automotive sector. The automobile industry makes extensive use of a variety of fasteners, including nuts, bolts, screws, rivets, studs, bits, as well as anchor and panel fasteners.
The employment of fasteners allows for the bonding or fastening of two or more items, or portions of a product or piece of equipment, to one another, resulting in the formation of a single product that is able to operate effectively when used in conjunction with other fasteners. These fasteners are capable of effectively fastening or bonding a wide variety of materials, including plastic, wood, and metal, among other things. In the most important sectors, such as automotive, electronics, aerospace, heavy equipment, marine, and industrial machinery, industrial fasteners are regarded as one of the most important elements.
Because they are essential to the production of a finished good that is both complete and operational, fasteners hold a large portion of the market, and they are one of the few types of industrial products that will never become outdated. Although there has been development in the field of fastening due to the emergence of procedures involving chemical bonding, the demand for fasteners has not decreased despite the resiliency of chemical bonding and the constraints it places on the industry.
It is anticipated that there would be a greater increase in demand for North America industrial fasteners market in the residential sector in North America, particularly in the United States, which is anticipated to be the source of more than 75% of the total demand. In addition to this, the area is home to one of the strictest rules in the world regarding the implementation of new manufacturing and industrial production technologies. As a result, the rules that govern this region frequently serve as the foundation for the majority of product development activities. In addition, stringent rules surrounding energy efficiency have been a driving force behind the development of industrial technology in North America. As a consequence of this, there will be many chances for businesses in the region to expand. The enormous number of end-user industries in the area, including as the automotive, aerospace, military, marine, and healthcare sectors, is the primary factor driving the demand for fasteners market there.
In addition, it is anticipated that significant investments would be made in the vehicle industry in the North American area throughout the time covered by the projection, which is also anticipated to drive improvements. To provide just one example, FCA US, Ford, and General Motors collectively committed investments totalling more than $34.50 billion.
It is anticipated that the economic climate in North America will continue to be sluggish in the year 2020, with a decline in practically all business categories and a slowdown in businesses with short production cycles. Despite this, North America, which is comprised of the two most important countries in the world, the United States and Canada, is a major area since it is home to the most developed and greatest economy in the whole world. Despite the fact that both countries have adequate public infrastructure, the United States and Canada are going to have to make significant expenditures in order to maintain and improve their present infrastructure.
It is anticipated that the present infrastructure in the area, which includes communications, road and rail transit, schools, and hospitals, will need to be upgraded to the tune of $3.50 trillion in order for the countries in the region to maintain their ranks for the quality of living.
In addition, the onset of the COVID-19 pandemic has caused disruptions in the construction sector and other operations that are relevant to the area, which has had a detrimental influence on the industrial fastening business. At the end of October, the area had more over 11 million confirmed cases of COVID-19, making it the continent with the highest number of infections (2020). Although the lockdown orders have been removed, and the majority of the big industries have resumed full operations, the North America industrial fasteners market will only begin to gather traction gradually. This is because the lockdown orders have been lifted.
North America is the second most important area, after Asia-Pacific, and it generated an outstanding amount of income in 2021, amounting to USD 21543 million. This figure is expected to significantly increase, reaching USD 29361 million by 2030 at a compound annual growth rate of 4%. The North America industrial fasteners market is led by North America, which includes industries such as automotive, aerospace, and electronics, amongst others. This is due to the presence of large companies in the industry. The presence of both large developed and developing nations in the region lends the economy of the region a high degree of variety. This is due to the presence of both developed and developing countries.
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