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.

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.