Industrial Fasteners Market Size, Share & Industry Analysis, By Material (Metal Fasteners, and Plastic Fasteners), 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, 2019-2026

The global industrial fasteners market Size was valued at USD 80.36 billion in 2018 and is projected to reach USD 121.02 billion by 2026, exhibiting a CAGR of 5.3% during the forecast period.

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Industrial fasteners mainly refer to high-quality fasteners that are used in construction, automobile, aerospace, and marine industries. Growing machinery, motor vehicles, and other durable goods production is likely to support the overall fasteners market growth owing to economic expansion and a rise in investment expenditure. Most of the fasteners need to withstand weather and chemical substances. Increasing needs for bolts, nuts, screws, rivets, nails, washers, and studs shall foster the industry growth in the near future. The growing construction industry along with rapid industrialization in India, China, Thailand, and Vietnam may surge the growth in the market of industrial fasteners.

MARKET TRENDS

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Fastener Manufacturers are Cutting Energy Use While Restructuring Production

BUMAX, a Swedish high strength stainless steel fasteners manufacturing company, announced that it will be reducing its energy consumption by 50% which is used for electricity and heating at its Ashammar facility. This will significantly reduce the carbon emission and further streamline BUMAX’s production. The company has reduced its 12,000 square meters’ facility’s carbon emission from the heat by 62% since 2011.

MARKET DRIVERS

Growth in the Building & Construction Industry is Driving the Market

Increasing demand for commercial and residential housing projects and government spending on infrastructure activities shall foster the construction market growth. Fasteners 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 industry requires strength and precision. Stainless steel, alloy steel, and carbon steel are the different fastener types used in the construction sector. Common types of construction and building fasteners include nuts, bolts, washers, screws, and rivets. Each infrastructure project requires various types of fasteners to ensure safe and strong final construction. Most of the fasteners are manufactured using carbon steel as it offers affordability, strength, and workability. Whereas, stainless steel is most preferred material for construction fasteners owing to its ability to resist heat, corrosion, and strength.

Plastic fasteners are used in building & construction purposes owing to their superior strength and corrosion resistance properties shall create huge investment in the new product development, catering to the demand. Increasing consumer focus towards residential and commercial buildings aesthetics shall propel the industry growth in the interiors and cable management application during the forecast time period.

Growing Demand from Aerospace Industry To Drive The Market Growth

Aircraft structural hardware items used in the aircraft constructions include hardware such as nuts, bolts, rivets, screws, fasteners, cables, washers, and guides. Rapid technological advancements, along with increasing R&D spending on 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 along with growing passenger traffic globally will eventually increase the need for aerospace fasteners. Aerospace fasteners producers are focusing on regional expansion due to the high aircraft demand and to partner with OEMs for business expansion. Titanium fasteners are mostly used in the aircraft body as it provides relative heat resistance, lightweight, and to work in harsh climatic environments. Also, superalloys have high versatility and surface integrity at temperature resistance making it suitable for use in the manufacturing of aircraft engines, landing gears, and superchargers.

MARKET RESTRAINT

The emergence of Alternatives May Hinder the Market Growth

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

SEGMENTATION

By Material Analysis

Metal Fastener Segment Shall Dominate the Industrial Fasteners Market

Based on material, the market of industrial fasteners is classified into the metal fastener and plastic fastener. The metal fasteners 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 other which require a sliding bond or releasable. Non-permanent fasteners include quick-release clamps and couplers which are intended to remove a specified pin allowing relative movement of fastened parts. The metal fasteners should be strong to bear the significant loads, where they are manufactured either by casting or powder-metallurgical procedures.

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

By Product Analysis

Internally Threaded Fasteners to Gain Impetus During the Forecast Period

Based on the product, the market of industrial fasteners is classified into externally threaded, internally threaded, non-threaded, and aerospace-grade. The internally threaded fasteners segment is expected to dominate the market owing to growing construction, automotive, and industrial machinery industries demand. The internally threaded bolt is a fastener type having an internal thread that is similar to a nut., while, a nut is an internally threaded product which is intended for its use in male screw or external threads. Stainless steel is commonly used material for producing internally threaded fasteners. Aluminum, brass, and alloy steel are the other materials that are used for manufacturing these fasteners.

Aerospace-grade fasteners segment may show significant gains up to 2026. Aerospace fasteners are used in aircraft assembly and manufacturing processes. They are primarily required to join various aerostructure components, as they are assembled in different manufacturing locations. OEMs such as Embraer, Boeing, Bombardier, and Airbus are increasing their manufacturing capacity to meet the growing demand for new aircraft deliveries.

By Application Analysis

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Automotive to Account for the Major Share during the Forecast Period

In terms of application, the market of industrial fasteners is segmented into automotive, aerospace, building & construction, industrial machinery, home appliances, lawns & gardens, motors & pumps, furniture, and others. The automotive application 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 fasteners. Increase in vehicle production, rise in usage of electronics in vehicles, and shift in focus towards lightweight vehicles are the key attributes driving the automotive fasteners market size. Also, producers are shifting from standard to customized fasteners, which is likely to foster the growth in this market. Most of the automakers are focusing on applying aluminum and plastic fasteners which will reduce the vehicle weight. Growing demand for lightweight fasteners, along with government mandates for emission reduction and fuel economy with rise in disposable income are the attributes boosting passenger cars demand.

Furniture nuts and screws are designed to be used on processed wood materials. These products are used to join different wood panel materials such as particleboard and plywood. The fasteners used in the furniture are easily removed and mounted, making the furniture more convenient while moving. The most widely used fasters in the furniture are nuts, screws, bolts, and clips. These are mainly used to fix handles, furniture sides, doors, and drawers.

REGIONAL ANALYSIS

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Asia Pacific market size, driven by China, India, Japan and South Korea is expected to dominate the market during the forecast period, owing to government investments in the commercial and residential sectors. 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 a number of aircraft deliveries and orders facilities owing to newer generation aircraft demand shall fuel the product demand in the region. Asia Pacific is a major hub for aerospace fasteners manufacturers which are supplying fasteners to aerospace OEMs based in North America and Europe.

The North America market may show a significant growth rate during the forecast period. The rise in electric vehicle production in the U.S., coupled with plastic fasteners is gaining importance in the automotive sector 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. shall drive the North America aerospace fasteners market share. Besides, improvement in the advanced manufacturing technologies accompanied with increasing spending in the research and development may drive the market.

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

KEY INDUSTRY PLAYERS

Key Players are Forming Strategies to Maintain Their Competition in the Market

The global industrial fasteners market share is moderately fragmented with key players operating in the industry are Arconic, Nifco, ATF, Inc., Elgin Fastener Group, Eastwood Manufacturing, and Sesco Industries. Building & construction, home appliances, automotive and aerospace are the major end-use industries where leading players are focusing on R&D spending to improve product’s durability, temperature, pressure resistance, and strength. Also, manufactures are expanding their business to gain competency in the industry and alleviate new entrants’ threat. Market participants face strong competition with the international and regional players with large distribution network, regulatory expertise, and suppliers. Moreover, companies are signing agreements, contracts, and strategic partnerships with other market leaders to enhance their business in the existing market. For instance, Arconic is a leader in aerospace fasteners where the company had signed a contract agreement with Airbus worth USD 1 billion in 2015 for producing high-tech, multi-material aerospace fastening systems. This contract will strengthen Alcoa’s (later renamed Arconic) market position in A320neo and A350 XWB. Also, the company will emphasize its position on the existing A330 aircraft.

LIST OF KEY COMPANIES PROFILED:

• Arconic


• ATF Inc.


• Nifco


• MW Industries, Inc. (MWI)


• LISI Group - Link Solutions for Industry


• Sesco Industries, Inc.


• Birmingham Fastener and Supply Inc.


• BPF


• Elgin Fastener Group


• Eastwood Manufacturing


• Other Key Players

KEY INDUSTRY DEVELOPMENTS:

• July 2019 – Auveco, company offering body hardware and specialty fastener for the automotive aftermarket acquired W&E Sales Company providing specialty hand tools and autobody fasteners to the automotive aftermarket. This acquisition will strengthen both the company’s global network reach.


• June 2018 – Auveco acquired Marli Manufacturing, a supplier of automotive aftermarket mechanical components, such as engine head bolts, oil drain gaskets & plugs, intake manifold bolts, and other specialty fasteners and fittings which will further expand both the company’s business portfolio in the fasteners market.

REPORT COVERAGE

The industrial fasteners market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

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Report Scope & Segmentation