The industrial fasteners market is driven by several key dynamics. Firstly, the growth of industries such as automotive, aerospace, and construction fuels the demand for fasteners. Additionally, technological advancements in fastener materials and designs contribute to market expansion. Moreover, increasing infrastructure projects worldwide, particularly in emerging economies, create substantial opportunities for market growth. However, fluctuating raw material prices and intense competition among market players pose challenges. Furthermore, stringent regulatory standards related to fastener quality and performance influence market dynamics. Lastly, the growing trend towards lightweight fasteners to enhance fuel efficiency and reduce environmental impact is shaping the market, with manufacturers focusing on developing innovative solutions to meet these requirements. Overall, the industrial fasteners market is driven by industry growth, technological advancements, infrastructure projects, regulatory standards, competition, and sustainability considerations.
The global Industrial Fasteners Market size was valued at USD 80,636.50 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.00% from 2022 to 2030.
Major Players in the Industrial Fasteners Industry:
1. Arconic Fastening Systems and Rings
Arconic Fastening Systems and Rings, founded in 1900, is a global company headquartered in Torrance, California. It operates in multiple countries worldwide and is a leading provider of advanced fastening systems and engineered products for the aerospace, automotive, and industrial markets. In September 2022, Arconic Fastening Systems and Rings introduced a new line of lightweight titanium fasteners designed for aerospace applications, offering improved strength and durability.
2. LISI Group - Link Solutions
LISI Group - Link Solutions for Industry was founded in 1777 and is based in Belfort, France. It operates in numerous countries across the globe and specializes in the manufacturing of fasteners, assembly solutions, and components for various industries such as aerospace, automotive, and medical. In April 2023, LISI Group announced the acquisition of a majority stake in a leading fastener company specializing in the railway sector, expanding its market presence and capabilities in the transportation industry.
3. Hilti Corporation
Hilti Corporation, founded in 1941, has its headquarters in Schaan, Liechtenstein. It is a multinational company operating in over 120 countries worldwide and is a renowned provider of innovative fastening systems, power tools, and construction software. In November 2022, Hilti Corporation launched a new range of advanced fasteners and anchor systems with improved load-bearing capacity and enhanced installation efficiency, catering to the evolving needs of the construction industry.
4. MW Industries, Inc.
MW Industries, Inc., established in 1944, is headquartered in Rosemont, Illinois, USA. It operates in multiple countries globally and is a leading manufacturer of specialty springs, fasteners, and precision components for diverse industries including aerospace, automotive, and medical. In February 2023, MW Industries announced the opening of a new state-of-the-art manufacturing facility in Germany, expanding its production capacity and geographic reach to better serve its customers in Europe.
Definition- Industrial fasteners are mechanical devices used to join or secure two or more objects together. They include screws, bolts, nuts, rivets, and other types of hardware commonly used in various industries for assembly and construction purposes.
