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The global industrial fasteners market size was valued at USD 79.54 billion in 2021. The market 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.
This information is provided by Fortune Business Insights, in its report titled, “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.”
Indiscretion in Product Demand Commenced Commotion in Supply Chain
Corporations functioning in the market of industrial fasteners are undergoing abnormality in demand. These companies perceive a restrained influx of demand for applications such as refurbishing & functioning and general industrial amenities. The companies' administration and workforce are struggling to accomplish business goals while living at primary living necessities.
Automotive manufacturing divisions had also experienced a shutdown during COVID-19, with companies either closing down their factories or decreasing their production activities, owing to labor scarcity and unavailability. With the customers emphasizing on vital products and services, the demand for automobiles deteriorated. Prime players in the automotive industry deteriorated their production rates, thus weakening the market growth.
Birmingham Fastener Declares the Procurement of K-T Bolt Manufacturing Inc.
Birmingham Fastener announced the procurement of K-T Bolt Manufacturing, Inc. located in Katy, Texas. With over 100 years of collective fastener production, this purchasing reinforces Birmingham Fastener’s product offering and industrial diversity. Most prominently, it permits the company to add teammates to the first-class staff and will produce long-term profits for consumers. In this course, the level of service it can offer to its customer pool will be enhanced.
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Surging Demand from Aerospace Industry to Fuel Market Growth
Aircraft structural hardware items utilized in aircraft constructions involve nuts, bolts, screws, washers, cables, rivets, and guides. Prompt technological progressions and surging R&D expenditure on the defense sector and increasing commercial aircraft production competency are the prime attributes navigating the aerospace fasteners market. An upsurge in the number of aircraft and rising passenger traffic across the globe will ultimately rise products’ requirement. Aerospace producers emphasize on regional extension, owing to high aircraft demand and partner with OEMs for business extension.
On the contrary, rise in the replacement of metal fasteners by tapes and adhesives in NVH and bonding applications possibly constrains the industrial fasteners market growth.
Purchases Accomplished by Prime Companies to Motivate Market Growth
The dominating players in the market incessantly root for proficient tactics to bolster their brand value as well as endorse the global market growth. One such operative strategy is procuring competitive companies and further safeguarding a lucrative benefit for both companies.
Notable Industry Developments:
List of Key Players Mentioned in the Report:
Further Report Findings
Asia Pacific 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. The region is also expected to hold the largest industrial fasteners market share during the forecast period.
In terms of application, the market is classified into automotive, aerospace, building & construction, industrial machinery, home appliances, lawns & gardens, motors & pumps, furniture, and others.
Table of Segmentation
Value (USD Billion)
By Material, Product, Application, and Region