What is Global Industrial Fasteners Market?
The Global Industrial Fasteners Market is a vast and dynamic sector that plays a crucial role in various industries worldwide. Industrial fasteners are essentially hardware devices used to join two or more objects together. They come in various shapes, sizes, and materials, and are used in a wide range of applications, from small-scale domestic projects to large-scale industrial manufacturing. The global market for these essential components is substantial and continues to grow, driven by the increasing demand from various end-use industries such as automotive, construction, and electronics, among others. The market's value stood at a whopping US$ 73770 million in 2022, and it is projected to reach an impressive US$ 113710 million by 2029. This represents a compound annual growth rate (CAGR) of 6.3% during the forecast period from 2023 to 2029. Despite the market's vastness, it is interesting to note that the top four global manufacturers hold only about a 10% share, indicating the market's highly competitive nature and the presence of numerous players. In terms of product types, steel fasteners dominate the market, accounting for about 90% of the total share. This is primarily due to steel's superior strength, durability, and resistance to wear and tear, making it the material of choice for most industrial applications.
Steel Type, Cooper Type, Aluminum Type, Other in the Global Industrial Fasteners Market:
The Global Industrial Fasteners Market is segmented into various types based on the material used, including Steel Type, Copper Type, Aluminum Type, and Others. Steel fasteners are the most widely used, accounting for about 90% of the market share. This is primarily due to the material's superior strength, durability, and resistance to wear and tear. Steel fasteners are used in a wide range of applications, from construction and automotive to electronics and machinery. Copper fasteners, on the other hand, are known for their excellent conductivity and are commonly used in electrical applications. Aluminum fasteners are lightweight and resistant to corrosion, making them ideal for use in applications where weight and corrosion resistance are critical factors. Other types of fasteners include those made from materials such as plastic, brass, and titanium, each with its own unique properties and applications. Despite the dominance of steel fasteners, the market for other types of fasteners is also growing, driven by the increasing demand from various end-use industries.
Automotive Industry, Electric & Electronics, Machinery Industry, Construction Industry, MRO (Maintenance, repair, and operations), Others in the Global Industrial Fasteners Market:
The Global Industrial Fasteners Market finds its application in various sectors such as the Automotive Industry, Electric & Electronics, Machinery Industry, Construction Industry, MRO (Maintenance, repair, and operations), and Others. In the automotive industry, fasteners are used in the assembly of vehicles, from securing the engine components to the body parts. The electric and electronics industry also heavily relies on fasteners for the assembly of various electronic devices and components. In the machinery industry, fasteners are used to assemble and maintain various types of machinery. The construction industry uses fasteners in a wide range of applications, from building structures to installing fixtures. The MRO sector uses fasteners for various maintenance, repair, and operations tasks. Other sectors that use fasteners include aerospace, marine, and furniture, among others. The demand for fasteners in these sectors is driven by factors such as the increasing production of vehicles, the growing construction activities, and the rising demand for electronic devices, among others.
Global Industrial Fasteners Market Outlook:
The global Industrial Fasteners market, valued at US$ 73770 million in 2022, is expected to reach a staggering US$ 113710 million by 2029. This indicates a promising compound annual growth rate (CAGR) of 6.3% during the forecast period of 2023-2029. Interestingly, despite the vastness of the market, the top four global manufacturers only hold a share of about 10%, suggesting a highly competitive market with numerous players. The largest segment of the market is the Steel Type product, which holds a commanding share of about 90%. The dominance of steel fasteners can be attributed to their superior strength, durability, and resistance to wear and tear, making them the preferred choice for most industrial applications.
| Report Metric | Details |
| Report Name | Industrial Fasteners Market |
| Accounted market size in 2022 | US$ 73770 in million |
| Forecasted market size in 2029 | US$ 113710 million |
| CAGR | 6.3% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Würth, PCC, ITW, Alcoa, Araymond, LISI, STANLEY, Fontana Gruppo, Shanghai PMC (Nedschroef), NORMA, Aoyama Seisakusho, KAMAX, Agrati Group, Meidoh, NAFCO, Gem-Year, Bulten, Boltun |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
