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The global industrial fasteners market size is projected to reach USD 121.02 billion by the end of 2026. The increasing industrialization will bode well for the companies operating in this market. According to a report published by Fortune Business Insights, titled “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 market was worth USD 80.36 billion in 2018 and will exhibit a CAGR of 5.3% during the forecast period, 2019-2026.
Industrial fasteners are products that are widely used in diverse industry verticals including construction, automobile, aerospace & defense and others. They possess the ability to resist several weather conditions as well as high corrosion resistance. Fasteners are similar to bolt but improved properties. The increasing construction activities and subsequently rising demand for bolts, screws, nuts, and rivets will open up a huge potential for the companies operating in the market. Recent advancements in manufacturing techniques for industrial fasteners will create several opportunities for growth. The presence of several large scale companies across the world will constitute an increase in the overall market size in the coming years. Moreover, rapid industrialization in several countries will create several platforms for market growth. Applications in manufacturing domains across major industries such as aerospace have boded well for the market in recent years.
Shimtech Industries Acquisition of Fastener Technologies Will Have a Positive Impact on Market Growth
Due to the increasing demand for industrial fasteners, there is healthy competition in the global market. As a result, several companies are looking to adopt strategies that will help them gain a competitive edge and subsequently strengthen their position on the global stage. It is observed that company mergers and collaborations are a growing trend among major companies across the world. In December 2019, Shimtech Industries announced that it has completed the acquisition of Fastener Technology Corp. Through the acquisition of Fastener Technology, Shimtech will gain access to the company’s range of high strength fasteners. Shimtech’s latest acquisition will not just benefit the company, but will have a direct impact on the growth of the overall market in the coming years.
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Market is Moderately Fragmented; Major Companies are Looking to Adopt Newer Strategies
The global industrial fasteners market is moderately fragmented in nature. There numerous companies operating across the world. This is mainly due to the massive demand for the product and increasing applications across diverse industry verticals. With a bid to establishing a competitive edge, companies are looking to adopt newer strategies that will help them acquire a wider consumer area. It is observed that company mergers and acquisitions are becoming popular among major companies across the world.
List of top companies profiled in this report:
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The global market is segmented on the basis of:
Value (USD Million)