The global industrial fasteners market is expected to grow from $84.95 billion to $90.32 billion this year, in 2023, at a compound annual growth rate (CAGR) of 6.3%. This is according to a new report by ReportLinker.
Industrial fasteners are a broad category of devices and tools used to permanently or semi-permanently connect two or more parts. The common types of industrial fasteners are externally threaded, internally threaded, non-threaded, and aerospace-grade fasteners.
Metal fasteners are a type of industrial fasteners that are used to join multiple components, whether they’re made from sheet metal, plastics, or some other material. The various raw materials include metal and plastic. These are used in various applications such as automotive, aerospace, construction, industrial machinery, plumbing products, and others.
The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions — causing inflation across goods and services and affecting many markets across the globe.
However, the industrial fasteners market is expected to keep growing, reaching $110.6 billion in 2027 at a CAGR of 5.2%. One reason for ongoing growth is because of new construction.
Construction and innovation
There’s an increasing demand for construction increases the demand for industrial fasteners market. This is because industrial fasteners provide shear strength and corrosion resistance capabilities.
According to the U.S. Census Bureau, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 — with a growth rate of 10.2 %. An increasing demand for construction activities is driving the growth of the industrial fasteners market.
Major companies operating in the industrial fasteners sector are focused on developing and launching new innovative products to strengthen their position in the market. For instance, in March 2021, Valley Forge & Bolt, a U.S.-based manufacturer of industrial fasteners launched a new High Temp Maxbolt. This product helps to reduce downtime, premature wear, and catastrophic joint failures in critical industries such as processing, mining, and energy.
This is featured with a high-temperature lens and an easy-to-read gauge, the new bolt that is suitable in rapid thermal cycle applications and in prolonged high-temp situations.
In April 2022, LindFast, a U.S.-based distributor of specialty fasteners, acquired Fasteners and Fittings for an undisclosed amount. This acquisition will strengthen and expand both companies’ already significant capabilities in the North American fastener market.
Further, with this acquisition, LindFast would benefit significantly from F&F’s strong market position in Canada to meet and exceed its customers’ expectations in the Canadian market. Fasteners and Fittings Inc. is a Canada-based manufacturer of specialty fasteners.
The countries covered in the new industrial fasteners market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the USA.
Major players in the industrial fasteners market include Arconic Corporation, Acument Global Technologies, Dokka Fasteners, LISI Group, Nippon Industrial Fasteners Company, Hilti Corporation, MW Industries, Stanley Black & Decker, ATF Inc., Birmingham Fastener, Sesco Industries, Brunner Manufacturing Co., Decker Industries Corporation, Eastwood Manufacturing, and Illinois Tool Works.
The industrial fasteners market research report is one of a series of new reports that provides industrial fasteners market statistics, including industrial fasteners industry global market size, regional shares, competitors with an industrial fasteners market share, detailed industrial fasteners market segments, market trends, and opportunities, and any further data you need to thrive in the industrial fasteners industry.
This industrial fasteners market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
To learn more or download the report, click here.