The global fasteners market is expected to grow at a substantial CAGR in the years to come, according to a new report from Radiant Insights, Inc.. This could be attributed to increase in the production of custom manufacturing with plastic variant’s penetration in automotive industry. The latest shift is manufacturing innovative products, such as miniature, hybrid, and specialty fasteners for tapping the alternating sets of customers.
Furthermore, inorganic growth practices like mergers and acquisitions are being tested for increasing production capacities, geographical reach, and product variation — thereby establishing a strong foothold overall.
North America leads the fasteners market due to the fact that the U.S. is heavily involved in high volume export and import trading in the global market. Its import partners are inclusive of South Korea, Canada, Germany, Japan, China, France, Mexico, and India.
Players such as Acument Global Technologies, Illinois Tool Works, Inc., and ATF Inc. augment the in-house production. Fasteners are subject to quality checks with respect to standards including JIS, DIN, BS, ASME, and ASTM. On failing to adhere to these standards, consumers are rightfully entitled to claim compensation from manufacturers.
On the other hand, metal fasteners getting substituted by tapes and adhesives is the factor restraining the market. This true in case of automotive industry in particular. However, in the long run, impact resistance provided by metal grade products is expected to mitigate this restraint. The fasteners market is segmented by raw material, product, application, and geography.
- By raw material, the market spans metal and plastic.
- By product, the segmentation goes like aerospace grade, non-threaded, internally threaded, and externally threaded.
- By application, the market spans aerospace, automotive, building & construction, industrial machinery, motors and pumps, furniture, plumbing products, lawn and garden, and others.
- By geography, the market, apart from North America and Asia Pacific, says Europe, Central & South America, and MEA.
The players contributing to the fasteners market include: Arconic; Penn Engineering & Manufacturing Corporation; Illinois Tool Works, Inc.; MW Industries Inc.; and Stanley Black & Decker.
This report provides detailed historical analysis of global market for Fasteners from 2013-2018, and provides extensive market forecasts from 2019-2028 by region and country, as well as sub-sectors.
Radiant Insights, Inc.