The global market for industrial fasteners is estimated at U.S. $89.7 billion in the year 2022 and is projected to reach a revised size of $124.9 billion by 2030 — growing at a CAGR of 4.2% over the analysis period 2022-2030. This is according to a new report from ResearchAndMarkets.
The global industrial fasteners market is on a positive growth trajectory, driven by key sectors like manufacturing, construction, and automotive. Increased vehicle sales and a resurgence in air travel are expected to boost the automotive and aerospace fasteners markets, respectively. Other application segments also show promise in maintaining their market presence.
Metal, one of the segments analyzed in the report, is projected to record 4.1% CAGR and reach $110.4 billion by the end of the analysis period. Growth in the plastic segment is estimated at 5.5% CAGR for the next eight-year period.
Granted, the industrial fasteners market faced significant challenges due to the COVID-19 pandemic, resulting in supply chain disruptions and difficulties in meeting demand. This is changing. The industry is highly competitive and fragmented, with several key players vying for market share. In the aerospace fasteners industry, for example, competition remains fierce, as reflected in the global market share percentages. The same can be said for the automotive industry.
Regional dynamics play a crucial role in the growth of the global industrial fasteners market. Overall, industrial fasteners continue to be a critical component in various industries, supporting infrastructure development and manufacturing activities.
The market in the U.S. is estimated at $16.9 billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of U.S. $24.9 billion by the year 2030, trailing a CAGR of 5.6% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.5% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR.
The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has overcome the recession threat.
Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a U.S. trillion economy by 2030, surpassing Japan and Germany.
The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued political unrest in some countries; slower than expected decline in global headline inflation; continuation of food and fuel inflation; and still high retail inflation and its impact on consumer confidence and spending.
Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.
Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment.
The following will open up the global investment landscape:
- A rise of generative AI
- Applied AI
- Industrializing machine learning
- Next-generation software development
- Cloud and edge computing
- Quantum technologies
- Renewables and climate technologies
These technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for consumers and investors alike.
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
The report includes more than 300 featured companies. Here’s a selection:
- Bulten AB
- Earnest Machine Product Company
- Federal Screw Works
- Howmet Aerospace
- Illinois Tool Works
- KAMAX Holding GmbH & Co.
- LISI Group
- MacLean-Fogg Company
- Atlas Bolt & Screw Company LLC
- Nippon Industrial Fasteners Company (NIFCO)
- Nitto Seiko
- Nucor Corporation
- Precision Castparts
- Cherry Aerospace
- STANLEY Engineered Fastening
- Sundram Fasteners Limited
- TR Fastenings