The global industrial fasteners market is expected to grow at a CAGR of about five percent from 2019 to 2025, according to a new report from Arizton. The company provides comprehensive market research reports, advisory, and consulting services.
The report includes analysis and data-driven insights that include the impact of COVID-19. The global industrial fasteners market has suffered a recent downfall because of the pandemic as most economic activities were halted during Q1 and Q2 2020.
Major revenue-generating end-users of construction, automotive, machinery, and aerospace manufacturing activities were affected, leading to a decline in demand for new fasteners.
Nevertheless, the global fasteners market is set to display impressive growth during the forecast period. This is partially attributed to the use of diverse substrate materials, driven by continuously evolving end-user expectations, as well as the the rise of industry 4.0 and the Internet-of-Things.
Technology is changing and advancing the industry, particularly in relation to innovative manufacturing, which will be seen in the U.S. and a few European economies.
The increased demand for industrial fastening solutions will also be driven by manufacturing and construction growth, supported by favorable demographics and consumption needs.
- The construction segment is projected to grow at a CAGR of close to five percent during the period 2019 to 2025 due to the growth in residential, commercial, and civic infrastructure sectors.
- The S. fastener market size is likely to reach a revenue mark of over $23 billion by 2025 due to the increase in automotive, aerospace, and machine manufacturing, building and infrastructure construction activities.
- The metal fasteners segment is likely to reach close to $101 billion by 2025 driven by the popularity of specialty, miniature, and hybrid fasteners.
Industrial metal fasteners accounted for the largest share in 2019. These fasteners have high application in automotive, aerospace, construction, electronics, machinery, and consumer appliances. Manufacturing of innovative products — such as specialty, miniature, and hybrid fasteners — will increase to meet the changing consumer demand will complement growth.
However, the substitution of metal fasteners with adhesives and tapes in bonding and NVH applications, especially in the automotive industry, is expected to hamper the growth of the industrial fasteners market.
The non-metal fasteners market is expected to reach over $16 billion by 2025. By adding high-tech coatings, nylon fasteners and fittings become corrosion resistant and get excellent electrical insulating properties, which makes them appropriate to use in several industries (including in high-tech and electronics sectors).
A large number of industries depend on plastic and non-metallic fasteners to integrate technology into their products. This means plastics and non-metallic fasteners show high growth opportunities.
The global, non-threaded fasteners market is expected to reach over $37 billion by 2025. APAC is the largest market for non-threaded fasteners, and the region alone equals North America in terms of revenue increment, which presents the high potential of APAC in the non-threaded fasteners market.
Automotive, aerospace, and construction are key end-users for the non-threaded fasteners market. Non-threaded fasteners mainly consist of fastening products that do not require threads and complementary components to hold the joints together. They use both metals and non-metals including plastic, special papers, and rubber as the top materials.
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