Industrial Fasteners Global Market Report 2023
Major players in the industrial fasteners market are Arconic Corporation, Acument Global Technologies Inc., Dokka Fasteners AS, LISI Group, Nippon Industrial Fasteners Company (Nifco) Inc., Hilti Corporation, MW Industries Inc.
New York, July 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Fasteners Global Market Report 2023" - https://www.reportlinker.com/p06457660/?utm_source=GNW
, Stanley Black & Decker Inc., ATF Inc., Birmingham Fastener Inc., Sesco Industries Inc., Brunner Manufacturing Co. Inc., Decker Industries Corporation, Eastwood Manufacturing Inc., and Illinois Tool Works Inc.
The global industrial fasteners market is expected to grow from $84.95 billion in 2022 to $90.32 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The industrial fasteners market is expected to reach $110.6 billion in 2027 at a CAGR of 5.2%.
The industrial fasteners market consists of sales of industrial fasteners and their types such as bolts, nuts, screws, rivets, nails, washers, and studs.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Industrial fasteners are a broad category of devices and tools used to permanently or semi-permanently connect two or more components/parts together. They are robust and secure, and are commonly used to promote safety by connecting joints.
Asia-Pacific was the largest region in the industrial fasteners market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in industrial fasteners report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of industrial fasteners are externally threaded, internally threaded, non-threaded, and aerospace grade.Metal fasteners are a type of industrial fasteners that are used to join multiple components, whether they’re made from sheet metal, plastics, or some other material.
The various raw materials include metal and plastic. These are used in various applications such as automotive, aerospace, construction, industrial machinery, plumbing products, and others.
Increasing demand for construction activities is expected to propel the growth of the industrial fasteners market going forward.Construction refers to an activity of putting together various elements to create a structure for a specific location, using a detailed design and plan.
Industrial fasteners provide shear strength and corrosion resistance capabilities of fastener tools such as bolts, nuts, screws, rivets, nails, washers, and studs that are used in construction, as a result, increasing demand for construction increases the demand for industrial fasteners market. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to US Census Bureau, The value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2 percent. Therefore, an increasing demand for construction activities is driving the growth of the industrial fasteners market.
Product innovations are a key trend gaining popularity in the industrial fasteners market.Major companies operating in the industrial fasteners sector are focused on developing and launching new innovative products to strengthen their position in the market.
For instance, in March 2021, Valley Forge & Bolt, a US-based manufacturer of industrial fasteners launched a new High Temp Maxbolt.This product helps to reduce downtime, premature wear, and catastrophic joint failures in critical industries such as processing, mining, and energy.
This is featured with a high-temperature lens, and an easy-to-read gauge, the new bolt that is suitable in rapid thermal cycle applications and in prolonged high-temp situations.
In April 2022, LindFast, a US-based distributor of specialty fasteners, acquired Fasteners and Fittings for an undisclosed amount.This acquisition will strengthen and expand both companies’ already significant capabilities in the North American fastener market.
Further, with this acquisition, LindFast would benefit significantly from F&F’s strong market position in Canada to meet and exceed its customers’ expectations in the Canadian market. Fasteners and Fittings Inc. is a Canada-based manufacturer of specialty fasteners.
The countries covered in the industrial fasteners market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The industrial fasteners market research report is one of a series of new reports that provides industrial fasteners market statistics, including industrial fasteners industry global market size, regional shares, competitors with an industrial fasteners market share, detailed industrial fasteners market segments, market trends, and opportunities, and any further data you may need to thrive in the industrial fasteners industry. This industrial fasteners market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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