Industrial Fasteners Market Size, Share & COVID-19 Impact Analysis, By Material (Metal and Plastic), By Product (Externally Threaded, Internally Threaded, Non-Threaded, and Aerospace Grade), By Application (Automotive, Aerospace, Building & Construction, Industrial Machinery, Home Appliances, Lawns & Gardens, Motors & Pumps, Furniture, and Others), and Regional Forecast, 2022-2029

The global industrial fasteners market size was USD 79.54 billion in 2021 and is projected to grow from USD 82.56 billion in 2022 to USD 110.91 billion by 2029, exhibiting a CAGR of 4.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with products experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 6.76% in 2020 as compared to 2019.

Industrial fasteners mainly refer to high-quality fastening products used in construction, automobile, aerospace, and marine industries. Growing machinery, motor vehicles, and other durable goods production are likely to support the overall market growth due to economic expansion and high investment expenditure. Increasing needs for bolts, nuts, screws, rivets, nails, washers, and studs will foster industry growth in the near future. The growing construction industry and rapid industrialization in India, China, Thailand, and Vietnam may propel market growth.

COVID-19 IMPACT

Irregularity in Product Demand Can Cause Disruption in Supply Chain

Companies operating in the market are experiencing irregularity in demand. These companies witness a moderate influx of demand for applications such as repairing & operations and general industrial services. The companies' management and workforce are struggling to meet business targets while surviving on basic livelihood needs.

Automotive manufacturing facilities also faced a shutdown during COVID-19, with companies either shutting down their facilities or reducing their capabilities due to workforce shortage and availability. With the consumers focusing on essential products and services, the demand for automobiles declined. Key players in the automotive industry reduced their production rates, thereby diminishing the industrial fasteners market share.

The effect of the pandemic on the airline industry was catastrophic. The dramatic drop in air transport due to the pandemic and containment measures threatened air transport feasibility. Lockheed Martin, The Boeing Company, Airbus, and others reduced their production rates, thereby shrinking the product demand. The shutdown of airports and public transportation resulted in spare pins’ diminished order at service stations and repair facilities.

A few of the market players have shifted their production teams to different sites and countries to minimize the impact of COVID-19 on production. BAUMAX has moved its production to Sweden due to the pandemic. The company also supported the production of breathing machines and ventilators by providing the manufacturers with a cost-effective product.

LATEST TRENDS

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Manufacturers are Cutting Energy Use While Restructuring Production May Create Huge Opportunities in Industry

By using less energy for electricity and heating, companies are aiming to reduce their carbon footprint and environmental impact. For instance, in March 2020, BUMAX, a Swedish high-strength stainless steel fasteners manufacturing company, announced that it would be reducing its energy consumption by 50%, which is used for electricity and heating at its Ashammar facility. This will significantly reduce carbon emissions and further streamline BUMAX’s production. The company reduced its 12,000 square meter facility’s carbon emission from the heat by 62% since 2011.

DRIVING FACTORS

Growth in Building & Construction Industry is Driving Industrial Fasteners Market Growth

Increasing demand for commercial and residential housing projects and government spending on infrastructure activities will foster the construction market growth. They are used in the construction industry to join two or more objects together in a non-permanent way. Building & construction fasteners are used in heavy-duty applications to join materials together, as the sector requires strength and precision. Stainless steel, alloy steel, and carbon steel are different fastening types used in the construction sector. Common types of building construction products include nuts, bolts, washers, screws, and rivets. Each infrastructure project requires various types of fastening products to ensure safe and robust construction. Most of the products are manufactured using carbon steel as it offers affordability, strength, and workability. Whereas, stainless steel is the most preferred material for construction, owing to its ability to resist heat, corrosion, and strength, thereby boosting the demand for industrial fasteners.

Plastic fasteners are used in the building & construction segment due to their superior strength. Corrosion resistance properties shall create huge investment in new product development, catering to the demand for the product. Increasing consumer focus on residential and commercial building aesthetics shall propel the industry growth in the interiors and cable management application during the forecast period.

Growing Demand from Aerospace Industry to Drive Market Growth

Aircraft structural hardware items used in aircraft construction include nuts, bolts, rivets, screws, cables, washers, and guides. Rapid technological advancement and increasing R&D spending in the defense sector and growing commercial aircraft production capacity are the key attributes driving the aerospace fasteners market. An increase in the number of aircraft and increasing passenger traffic globally will eventually increase the products’ needs. Aerospace producers focus on regional expansion due to high aircraft demand and partner with OEMs for business expansion.

Titanium fasteners are primarily used in the aircraft body as they provide relative heat resistance, are lightweight, and work in harsh climatic environments. Also, superalloys have high versatility and surface integrity, making them preferably used to manufacture aircraft engines, landing gears, and superchargers.

RESTRAINING FACTORS

Emergence of Alternatives May Hinder Market Growth

An increase in the substitution of metal fasteners for tapes, adhesives, and bonding applications may restrict the market growth. The automotive fasteners market is mainly hindered by the emergence of alternatives such as welding and auto parts' clinching. Automobile sales variations along with fluctuating economies may challenge the overall industry growth. Currently, most automotive fastening product manufacturers are facing a lot of challenges. Some specifications and restrictions need to be followed by the manufacturers as the manufacturing method is difficult. However, the increasing availability will neutralize and create new avenues in the overall industry with increasing OEMs and aftermarket sales.

SEGMENTATION

By Material Analysis

Metal Fastener Segment Shall Dominate Market Due to Better Resistance and Mechanical Strength

Based on material, the market is classified into metal and plastic.

The metal segment may dominate the overall market share in the forecast timeframe. They are of two types, one producing a permanent bond including nuts & bolts, screws, rivets, clamps, and retaining rings, and the other which requires a sliding adhesive or releasable non-permanent fastening products including quick-release clamps and couplers which are intended to remove specified pins allowing relative movement of fastened parts. The metal products should be strong to bear the significant loads, where they are manufactured either by casting or powder-metallurgical procedures.

Metals offer better resistance and mechanical strength in construction equipment and industrial machinery, which is likely to drive the market demand. Companies are offering a wide range of metal and plastic products to their end-use customers to benefit in the value chain and gain competency. For instance, Auto-Fasteners Ltd offers automotive OEMs a cost-effective and flexible approach to the product supply. The company provides metal fasteners, including mild steel, stainless steel, aluminum, carbon steel, brass, and copper. Also, the company offers plastic fastening products such as polypropylene, PVC, polyurethane, polyethylene, polystyrene, and polyamide.

By Product Analysis

Externally Threaded Fasteners to Gain Impetus During Forecast Period Due to Increase in Vehicle Sales

Based on product, the market of industrial fasteners is classified into externally threaded, internally threaded, non-threaded, and aerospace grade.

The externally threaded segment is expected to dominate the market, owing to an increase in the number of vehicle production. Studs are externally threaded, and are preferred for aerospace applications as the configuration is stronger than bolt.

The internally threaded segment may witness significant gains, owing to growing construction, automotive, and industrial machinery industries' demand. Stainless steel is a commonly used material for producing internally threaded products. Aluminum, brass, and alloy steel are the other raw materials that are used for manufacturing these products.

The aerospace grade segment may show significant gains up to 2028. Aerospace fastening products are used in aircraft assembly and manufacturing processes. They are primarily required to join various aero structure components, as they are assembled in different manufacturing locations. OEMs, such as Embraer, Boeing, Bombardier, and Airbus, increase their manufacturing capacity to meet the growing demand for new aircraft deliveries.

By Application Analysis

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Automotive to Account for Major Share during Forecast Period Due to Increase in Lightweight Vehicles 

In terms of application, the market is classified into automotive, aerospace, building & construction, industrial machinery, home appliances, lawns & gardens, motors & pumps, furniture, and others.

The automotive segment dominated the market and may continue its dominance during the forecast timeframe. Stainless steel, iron, nickel, aluminum, plastic, and brass are preferably used to make automotive and industrial fasteners. An increase in vehicle production, rise in usage of electronics in vehicles, and shift in focus toward lightweight vehicles are the key attributes driving the market size. Also, producers are shifting from standard to customized products, which is likely to foster growth in the market.

Most automakers are focusing on applying aluminum and plastic fastening products, which will reduce the vehicle weight. Growing demand for lightweight industrial fasteners and government mandates for emission reduction and fuel economy with a rise in disposable income are the attributes surging the passenger car demand.

Furniture nuts and screws are designed for the use of processed wood materials. These products are used to join different wood panel materials such as particleboard and plywood. The fastening products used in the furniture are easily removed and mounted, making the table more convenient while moving where nuts, screws, bolts, and clips are widely used products. These are used primarily to fix handles, furniture sides, doors, and drawers.

REGIONAL INSIGHTS

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The Asia Pacific market is driven by China, India, Japan, and South Korea, and is expected to reach a favorable growth rate during the forecast period. Government investments in commercial and residential construction projects will boost the market in the region. China accounted for the major share in the global plastic fastener production on account of the presence of medium-scale and small-scale manufacturers in the country. An increase in the number of aircraft deliveries and order facilities due to newer generation aircraft demand shall fuel the region's product demand. Asia Pacific is a major hub for aerospace fasteners manufacturers supplying industrial fasteners to aerospace OEMs based in North America and Europe.

The North American market may show a significant growth rate during the forecast period. The rise in electric vehicle production in the U.S. coupled with plastic fastening products is gaining importance in the automotive sector, which shall drive the regional industry growth. The presence of various aircraft OEMs, such as Bombardier in Canada, Textron in the U.S., and Boeing in the U.S., will drive the North American market share. Also, improvement in advanced manufacturing technologies accompanied by increasing spending on research & development will drive the market of industrial fasteners.

Europe accounts for the second-largest market share due to the widespread demand for small tractors and lawnmowers in the region, which is likely to grow in the commercial and residential sectors. Production of lawns & garden equipment shall fuel this market share in this region. Moreover, Europe is a major manufacturing hub of passenger vehicles that shall further augment the industrial fasteners market growth.

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In Brazil, the government has taken initiatives to build buildings, thereby increasing the product demand. The rise in building and construction activities in the country will further surge the demand for industrial fasteners. Rapid growth in aerospace, automotive, and industrial machinery industries on account of rapid development in South Africa, Saudi Arabia, and other countries will augment the market growth. The industry consists of local wholesalers, distributors, and manufacturers of imported and locally manufactured products, which is likely to boost the overall market growth.

KEY INDUSTRY PLAYERS

Key Players Adopt Strategies to Maintain their Position in the Market

The global market share is moderately fragmented, with key players operating in the industry such as Howmet Aerospace, NIFCO, LISI Group, MW Industries Inc., and BPF. Other key players include Stanley Black & Decker, Sesco Industries Inc., Eastwood Manufacturing, and others. Building & construction, home appliances, automotive, and aerospace are the major end-use industries where leading players focus on R&D spending to improve product durability, temperature, pressure resistance, and strength. Also, manufacturers are expanding their business to gain competency in the industry and alleviate new entrants’ threats.

Market participants face intense competition from the international and regional players with extensive distribution networks, regulatory expertise, and suppliers. Moreover, companies are signing agreements, acquisitions, contracts, and strategic partnerships with other market leaders to enhance their existing market. For instance, in June 2020, LISI Aerospace and Lockheed Martin signed an agreement for the supply of industrial fasteners for the F-35v program of aircraft with a total value of USD 60 billion. This agreement will strengthen LISI Aerospace’s market position as a major supplier in the military and aerospace industries.

LIST OF KEY COMPANIES PROFILED:

• Howmet Aerospace Inc. (U.S.)


• ATF Inc. (U.S.)


• Nifco Inc. (Japan)


• MW Industries, Inc. (MWI) (U.S.)


• LISI Group - Link Solutions for Industry (France)


• Sesco Industries, Inc. (U.S.)


• Birmingham Fastener and Supply Inc. (U.S.)


• BPF (India)


• Elgin Fastener Group (U.S.)


• Eastwood Manufacturing (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• April 2022- Birmingham Fastener announced the acquisition of Champion Sales and Manufacturing, Inc. This acquisition strengthens Birmingham Fastener’s waterworks product offering and manufacturing diversity.


• September 2021- LINC Systems, LLC, an industrial fastener and industrial packaging distribution platform of Center Rock Capital Partners, announced that it acquired Air-O Fasteners. The acquisition will increase the company’s presence in the Western U.S.


• January 2021- LISI Aerospace extended its contract with the Boeing Company. Under the contract, LISI Aerospace will continue to provide close to 6,000 different part numbers in support of all Boeing commercial programs.


• September 2020- Avantus Aerospace, a C-Class and composite parts manufacturer for the defense and aerospace industry, acquired Fastener Innovation Technology Corporation (FIT) in Rancho Dominguez, California. This will enhance the company’s aerospace and defense business.


• February 2020 - TriMas entered into a strategic partnership with Airbus, France through the addition of newly qualified fastener products. The growth of the Airbus business supports TriMas Aerospace’s strategy to expand its global customer base in commercial and defense aerospace applications.

REPORT COVERAGE

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The market report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, materials, products, and applications. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years.

This report includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities.

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