The global industrial fasteners market size was valued at U.S. $86.12 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% to 2028. Increasing production of industrial machinery and components is expected to ascend the penetration of industrial fasteners during the forecasted period. This is according to a new report from Grand View Research, Inc.
The global suspension of industrial operations and delayed maintenance operations due to the pandemic affected product demands in 2020. However, the manufacturing industry in the U.S. had continued to produce automotive and industrial machinery, meaning the fastener industry has remained in strong demand in the country. The growing production of lightweight electric vehicles (EVs) in the country is likely to positively influence the demand for plastic fasteners and substitutes, including adhesives and sealants.
Overall, industrial fasteners are required across major sectors including automotive, construction, machine manufacturing, electronics, shipbuilding, and railways. The technical standards and quality are the key factors to be considered while manufacturing and employing these fasteners in various end-use applications. A rise in the production of commercial aircraft owing to the increase in the number of air passengers across the globe has augmented the demand for specialty-grade fasteners.
Moreover, increasing automotive production, especially in the EVs segment, is expected to offer growth momentum to the market. Application-specific fasteners offered by the manufacturers need to comply with several standards including the American Society for Testing and Materials (ASTM), American Society of Mechanical Engineers (ASME), British Standards (BS), Deutsches Institut fur Normung (DIN), and Japanese Industrial Standards (JIS).
The U.S. was the largest importer in the world in 2020 and is likely to witness a similar trend over the forecast period on account of the high product demand from aerospace and other industrial applications. The aerospace-grade product segment is expected to have the fastest growth over the coming years on account of an increase in military and defense operations in the U.S.
The metal raw material segment accounted for the largest revenue share of more than 91% in 2020, owing to the high use of metal fasteners. High-tensile strength, enhanced lifespan, and durability of metal products are the factors for their popularity in industrial bonding applications.
Metal fasteners are manufactured using stainless steel, nylon, aluminum, carbon steel, nickel, silicon bronze, copper, brass, alloy steel, bronze, and titanium. The critical operations performed by the equipment or machines require the use of materials, which can perform both extreme and normal duty operations. Specialty fasteners are manufactured using materials such as titanium, brass, and bronze, which offer excellent performance under varied conditions including corrosion, vibration, and high impact.
Plastic fasteners are increasingly popular in the automotive and electronics industries over the past few years. Plastic fasteners are manufactured using materials such as Polypropylene (PP), Polyurethane (PUR), Polyvinylchloride (PVC), Polyacrylamide (PA), Polystyrene (PS), Polyethylene (PE), and nylon.
Non-standard fasteners can be manufactured by modifying the existing fastener designs, whereas the other types of non-standard fasteners (which we’re referring to as specialty fasteners) have different designs, materials, and head styles as compared to standard fasteners. These products have a high demand from various end-use industries, as the manufacturers are investing in the appearance of the final product, along with focusing on durability and superior performance.
The externally threaded product segment accounted for the maximum revenue share of 48.5% in 2020. The segment is likely to maintain its dominance during the forecast period. Bolts and screws are the most commonly used types of externally threaded fasteners. These products are widely used in the automotive, electronics, shipbuilding, railway, and heavy equipment manufacturing industries.
Internally threaded fasteners primarily include nuts and inserts. Nuts dominate the internally threaded fasteners segment and are generally used opposite to bolts to stack two or more parts of the structure together. The most commonly used nuts are hexagonal, which find large-scale application in the construction, industrial machinery, railways, cars, and motorcycle manufacturing industries.
Non-threaded fasteners include pins, washers, rivets, hooks, grommets, O-rings, clamps, cable ties, and nails. These products have several applications, such as in cable management and wire harnessing, and are also used to secure pipe fittings in the automotive and construction sectors. Plastic non-threaded fasteners are expected to gain high demand in these application industries on account of their low cost and weight.
Aerospace-grade fasteners are classified as a separate grade from other industrial fasteners owing to their high quality. These products are required to have high durability to withstand extreme pressures and temperatures. Furthermore, the key criterion for the selection of aerospace-grade fasteners is their weight. Lightweight fasteners with high durability are preferred in aerospace applications.
The automotive application segment accounted for the largest revenue share of more than 30% in 2020. Large-scale production of commercial and passenger vehicles across the globe has supported the growth of the segment. In addition, the growing demand for EVs is expected to increase the production of vehicles across the globe, which, in turn, is likely to boost the demand for fasteners in the years to come.
On the basis of application, the market has been segmented into automotive, aerospace, building and construction, industrial machinery, home appliances, lawn & gardens, motors and pumps, furniture, plumbing products, and others. The aerospace segment is estimated to register the fastest CAGR during the forecast years. The aerospace industry requires huge amounts of metal fasteners, which are generally manufactured using high-strength materials, with high impact resistance. The growth of the aerospace manufacturing and MRO segment is expected to propel the product demand over the projected period.