The latest insight on global industrial fasteners market projects an expansion of around 4% CAGR through 2031. This is according to Fact.MR, a market intelligence firm.
These latest insights from Fact.MR forecasts a speedy recovery for the industrial fasteners market. Applications in building, construction, and the automotive sectors are leading the way, accounting for the major market share.
The firm’s research indicates that a speedy recovery from the recent pandemic effects, as well as a rising demand from various end-use industries — such as building, construction, and automotive requirements — will boost these sales.
What’s more is that a growing focus on R&D activities and high-performance quality material is driving the demand in manufacturers, finds the study.
“Rising projects [and demands from] automotive, construction, and industrial manufacturers, investing heavily…as a requirement for threaded, non-threaded, and aerospace-grade fasteners are accelerating, boosting demand through 2031,” shares a Fact.MR analyst.
This is backed by the high demand for wide variety and threaded industrial fastener from manufacturers. An increase in use of various industrial fasteners — such as cable ties, rivets, screws — is to be expected.
Competitive landscape
In January 2021, Penn Engineering and Manufacturing Corporation announced the launch of its new website, PROFIL, for mechanically attached fasteners manufacturers. Similarly, Stanley Black & Decker unveiled its next-generation 2x20V MAX* DEWALT earlier this year for brushless, direct-drive, high-voltage cutting.
According to the study, the market is highly competitive, so key manufacturers are developing and introducing innovative products to expand their geographical reach to cater to increasing demands.
Additionally, in 2021, LISI Aerospace and the University of Sheffield Advanced Manufacturing Research Centre collaborated to acquire U.S. $1.34 million in funding from the Aerospace Technology Institute to unlock productivity gains and new markets in the fastener industry through advanced technologies.
MW Industries Inc., Stanley Black & Decker Inc., Penn Engineering & Manufacturing Corporation, BPL Limited, Mirc Electronics Limited, and Sony India Private Ltd, among others are some of the prominent manufacturers, profiled by Fact.MR.
Takeaways
- The threaded industrial fastener industry will gain traction through 2021 and beyond, with the building, construction, and automotive sectors to witness high demand through 2031
- By material, plastic will acquire the maximum share, attributed to its lightweight, flexible, and cost-effective benefits
- The U.S. will exhibit hegemony on the back of fast and steady recovery of automotive industry
- Highly advanced automotive sector and rising construction project will drive industrial fasteners sales in Germany
- Breakthroughs in commercial and residential construction projects will accelerate growth prospects, especially in the UK
- Italy and France to emerge as highly lucrative markets, fueled by fast recovery of automotive industry and increasing industrial fasteners application
Filed Under: Fastening + joining