INDUSTRIAL FASTENERS MARKET ANALYSIS

Industrial Fasteners Market Size and Trends

The industrial fasteners market is estimated to be valued at USD 99.95 Bn in 2024 and is expected to reach USD 137.85 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.

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There is growing demand from the automotive and construction industries which is expected to boost the demand for industrial fasteners. Furthermore, increasing investments in infrastructure development globally will also drive the growth of the market. However, availability of counterfeit products in the market may hamper the market growth. Overall, growth in end-use industries and investments in infrastructure are expected to provide numerous opportunities for industrial fastener manufacturers over the coming years.

Rise of industrial and infrastructure development activities

With rapid urbanization and industrialization happening across major economies worldwide, there has been a significant rise in construction and infrastructure development projects over the past few years. Governments in both developed and developing nations have been allocating higher budgets for building new highways, roads, bridges, rail networks, power plants, commercial buildings, industrial parks, airports, and other infrastructure projects. This growing construction boom has heavily increased the demand for various materials, machinery, and components required in building activities.

Fasteners play a crucial role in holding together various metal components used in industries as well as in construction. Whether it is assembling machinery, erecting steel structures, fitting pipes and ducts, or joining other parts, fasteners are indispensable in ensuring structures and equipment are firmly kept together. With the number of new projects mushrooming, especially in Asia Pacific and Africa, there has been a proportional rise in the consumption of fasteners. Major companies have been scaling up their manufacturing capacities to meet the needs of growing infrastructure development in countries like China, India, Indonesia, Vietnam, Saudi Arabia, the U.A.E, and others. Many nations have also introduced initiatives to boost local fastener production in order to develop domestic supplier networks for their construction and manufacturing sectors.

Market Concentration and Competitive Landscape

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Strengthening of automotive and transportation industries

One of the largest end-use industries for fasteners globally is the automotive sector. Right from basic screws and nuts to more specialized clips, retainers, and precision engineered fasteners - the modern automobile contains thousands of small parts joined together by various types of fasteners. With automobile manufacturers aiming to cut down vehicle weight and maximize efficiency, the use of advanced fastener technologies is growing. At the same time, the rising sales of vehicles across major economies has fueled the demand for auto components including fasteners.

Additionally, the transportation equipment industry including aircraft, ships, rail coaches and other modes of conveyance is also hugely dependent on fasteners. Whether for assembling airplane frames, ship hulls or rail bogies - high-strength fasteners with corrosion resistance play a pivotal joining and structural reinforcement role. Both the commercial aviation as well as maritime shipping businesses have experienced steady growth over the years. Several countries are heavily investing in new public transport systems as well like high-speed bullet trains, metros, and light-rail networks which require massive quantities of fasteners.

Key Takeaways from Analyst:

The industrial fasteners market continues to be mainly driven by the increasing demand from the automotive and construction industries globally. The recovery and expansion being seen in these key end-use sectors post pandemic, especially in North America and Europe, bodes well for fastener manufacturers. The usage of high strength fasteners for weight savings in vehicles will remain an opportunity to tap.

Rising raw material prices pose a near term challenge. Also, the pace of growth may vary across regions depending on macroeconomic landscapes and industry-specific investment cycles. While the automotive market rebounds, sustained supply chain issues could restrain production volumes temporarily.

North America remains the dominant and Asia Pacifc will be fastest growing region due to the scale of automotive, infrastructure and manufacturing activity. China, in particular, presents substantial opportunity given the size of its construction and automotive sectors. Other Asian countries are also witnessing increased industrialization and vehicle ownership which will fuel the screw, nut, bolt, and fastening system demand.

Market Challenges: Fluctuations in raw material prices

Fluctuations in raw material prices have significantly restrained the growth of the industrial fasteners market over the past few years. Fasteners are predominantly manufactured using metals such as steel, aluminum, and other alloys. However, prices of key metals used in fastener manufacturing have witnessed immense volatility in the recent past. Such inconsistent raw material pricing makes finance planning and costing extremely difficult for fastener manufacturers and restricts their ability to take on large orders and long-term contracts. It also discourages capacity expansions and new product development endeavors as companies remain wary of uncertainties. Frequent hikes in metal costs eat into profit margins, compelling fastener producers to pass on increased costs to customers. However, end users are also unwilling to bear the brunt of volatile prices. This disrupts the demand-supply equilibrium in the market. Manufacturers often struggle to avoid steep price fluctuations at their end while also ensuring viable margins. Unpredictable input costs make future business outlook hazy.

Market Opportunities: Focus on development of novel and engineered fasteners

Focus on the development of novel and engineered fasteners could unlock significant opportunities in the industrial fasteners market. Fasteners are a crucial component in various industries like construction, automotive, aerospace, etc. However, the traditional fastener designs may not be suitable in all application environments and design needs. Developing novel and engineered fasteners through advanced manufacturing technologies can help expand the applications of fasteners. Novel fasteners engineered at a micro or nano scale through 3D printing, precision engineering and new material science can deliver enhanced performance in harsh and complex environments. For example, aerospace fasteners need to withstand high temperatures, corrosion and vibrations. 3D printed titanium or nickel superalloy fasteners with lattice structures can meet such demanding requirements with reduced weight. Similarly, fasteners used in offshore wind turbines, desalination plants, etc. require durability in salty and humid conditions. Engineered composite or stainless steel fasteners developed through advanced coating techniques can provide long-lasting corrosion resistance.

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Insights by raw material: The Rising Adoption of Metal in Industrial Fasteners

In terms of raw material, metal is expected to contribute 89.7% share of the industrial fasteners market in 2024, owing to its versatile mechanical properties and widespread applications. Metal fasteners like steel bolts, nuts, and screws have become indispensable across various industrial sectors due to their high tensile strength, durability, and corrosion resistance. Their ability to withstand heavy loads, harsh conditions, and extreme temperatures make metal fasteners suitable for mission critical operations in industries such as automotive, aerospace, energy, and infrastructure.

In the automotive industry, the increased use of high-strength steel alloys in modern vehicle body and chassis designs is driving the demand for corrosion-proof metal fasteners. Their fatigue and shock resistance allows the seamless assembly of complex automotive parts under stress. In aerospace manufacturing, stringent aviation standards around component integrity and safety have promoted the uptake of high-grade metal fasteners made from titanium, stainless steel, and specialty alloys. Their light weight and reliability in airframe and engine construction is invaluable. The construction boom across the developed and emerging nations is also spurring the preference for metal fasteners. Their load-bearing proficiency, toughness and longevity equips them to withstand seismic stresses and harsh weather conditions associated with large-scale building projects. Transition towards green building codes favoring reusable and recyclable materials has additionally reinforced the ubiquity of metal fasteners. Overall, the unparalleled performance advantages of metal fasteners backed by burgeoning demand from pivotal industries will ensure its dominance in the raw material segment going forward.

Insights by product type: Connecting Applications: Externally Threaded Fasteners Lead in Versatile Usages

In terms of product type, the externally threaded segment is expected to account for 34.4% share of the market in 2024, owing to their widespread applicability across various industrial assemblies and components. Externally threaded fasteners like bolts securely fasten parts together by creating external threads that mesh internally with a threaded hole or threaded component like a nut. Their simple, cost-effective and reversible joining mechanism has made them indispensable across all major industries that require frequent disassembly and reassembly of machinery.

In the demanding automotive sector, bolts are heavily relied upon to join diverse vehicle sub-assemblies from engine blocks to door panels. Their tight structural fixation allows manufacturers to reduce component count and realize modular production efficiencies. Similarly, aircraft manufacturing leverages thousands of bolts to assemble lightweight airframes, engines and complex systems with precision. Their load-bearing strength and resistance to vibration fulfill strict aeronautical safety norms.  Even general industrial machinery depends on bolts for trouble-free operations involving frequent part replacements. The assembly and repair of commercial HVAC equipment, production robots, machine tools, and off-road vehicles involve the extensive use of externally threaded fasteners. Their compatibility with related threaded components streamlines the overall joining process. Overall, the simplicity, versatility, and cost benefits of bolts have cemented their dominance compared to other product types in the industrial fasteners market.

Insights by application: Automotive Dominance: Powering Fasteners with Vehicle Production

In terms of application, the automotive segment is expected to contribute 29.6% share to the industrial fasteners market in 2024. This stems from automakers' massive consumption of an assortment of fastening solutions to manufacture modern vehicles on a large scale. Fasteners are indispensable across powertrain, chassis, interior, and body assembly stages where they combine thousands of automotive parts into finished products.

Engineered fasteners like hardened bolts, pressed nuts, and structural screws are relied upon to withstand heavy loads and severe vibrations associated with vehicle operations. Growth in electric vehicles and hybrid powertrains has similarly bolstered the demand for specialized fasteners made of high-strength, lightweight, and corrosion-resistant materials tailored for emerging automotive technologies. Expansion in global vehicle production volume, safety regulations and engine downsizing trends that drive more parts consolidation continue fueling consistent fastener uptake. Even the lucrative aftermarket sector involving vehicle repairs, refurbishment, and servicing activities ensures a steady flow of replacement fastener sales. Overall, automakers remain the single largest industrial consumer due to rapid production ramp-ups, complex designs, and global supply chains-cementing automotive's lead over other application segments within the industrial fasteners market. The segment is anticipated to maintain momentum given bullish long-term vehicle production forecasts.

Regional Insights

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North America has established itself as the dominant region in the global industrial fasteners market. The region is expected to account for 38.7% of the market share in 2024. The region is home to well-established manufacturing industries, such as automotive, machinery, aerospace, and defense, which are the key end users of industrial fasteners. Several leading fastener manufacturers, such as Acument Global Technologies, Illinois Tool Works, and Stanley Black & Decker, hail from the region and have strong production footprint and supplier network within North America. Moreover, the presence of major OEMs and their dedicated supply chain further strengthens the demand for quality fasteners. Stringent quality and specifications adopted by the industrial and automotive sectors also ensure the premium pricing for fasteners. Despite competition from Asian markets, fastener producers have been able to consistently charge higher prices backed by technological superiority and reliability. Export of specialized fasteners has additionally boosted the regional market growth.

The industrial fasteners market in the Asia Pacific region has been witnessing the fastest growth over the past few years. Countries like China, India, Japan, and South Korea have immense production facilities for the automotive, machinery, and other core industries. This has provided the necessary platform for the expansion of the industrial fastener market. End users seek to reduce production costs and opt for domestic or local fastener suppliers in Asia Pacific. This has encouraged many foreign players to set up local manufacturing units or form collaborations. As a result, the regional market has benefitted from investments in manufacturing, substantial import-export activities and job opportunities. Simultaneously, the availability of raw materials and affordable labor has kept the overall costs low. Several Chinese and Indian companies have emerged as global suppliers by leveraging these advantages. Additionally, the growing infrastructure and construction activities across Asia Pacific create supplementary demand for infrastructure-grade fasteners used in applications like bridges, tunnels, ships, etc.

Market Report Scope

Industrial Fasteners Industry News

• In March 2024, TR Fastenings launched new Plas-Tech 30-20 screws to its product range
• In 2022, Namakor Holdings acquired Duchesne Ltd. to accelerate the growth of Duchesne. Furthermore, Namakor Holdings will provide financial and human resources to support the company's expansion.
• In 2022, BECK Fastener Group launched its new product, the LIGNOLOC wooden nail, following the success of its collated wooden nails. The LIGNOLOC wooden nails feature a specially designed head, making them ideal for façade applications.
• In 2020, LISI Group signed a long-term contract with Lockheed Martin, for F-35 fasteners. This contract was expected to strengthen LISI AEROSPACE's position as a major supplier of fasteners for aerospace and military aviation.

*Definition: The industrial fasteners market refers to the manufacturing and sale of screws, nuts, bolts, and other small metal components that are used to mechanically join or affix objects together. The fasteners are made from various materials like steel, iron, aluminum, and plastics and are commonly used in machinery, equipment, vehicles, and structures used in industries like automotive, construction, mining, and shipping. The demand for industrial fasteners comes from OEMs as well as the replacement market for maintenance and repairs.

Market Segmentation

•  Raw Material Insights (Revenue, USD Bn, 2019 - 2031)
  • Metal
  • Plastic
•  Product Insights (Revenue, USD Bn, 2019 - 2031)
  • Externally Threaded
  • Internally Threaded
  • Non Threaded
  • Aerospace Grade
•  Application Insights (Revenue, USD Bn, 2019 - 2031)
  • Automotive
  • Aerospace
  • Building & Construction
  • Industrial Machinery
  • Home Appliances
  • Lawn & Garden
  • Motors & Pumps
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • Rest of Middle East & Africa
• Key Players Insights
  • Dokka Fasteners A S
  • Arconic Fastening Systems and Rings
  • Acument Global Technologies, In
  • Illinois Tool Works, Inc.
  • ATF, Inc.
  • LISI Group
  • Nippon Industrial Fasteners Company (Nifco)
  • Hilti Corporation
  • MW Industries, Inc.
  • Birmingham Fasteners and Supply, Inc.
  • SESCO Industries, Inc.
  • Elgin Fasteners Group LLC
  • Rockford Fasteners, Inc.
  • Slidematic
  • Manufacturing Associates, Inc.
  • Eastwood Manufacturing
  • Brunner Manufacturing CO., Inc.
  • Decker Industries Corporation
  • Penn Engineering & Manufacturing Corporation
  • EJOT