Industrial Fasteners Market Size Worth $119.01 Billion by 2028 - Grand View Research, Inc.
SAN FRANCISCO, July 18, 2022 /PRNewswire/ -- The global industrial fasteners market size is anticipated to total USD 119.01 billion by 2028, showcasing growth at a CAGR of 4.1% during the forecast period, according to a new report by Grand View Research, Inc. The rising demand for machinery across various industries for mechanization and utilization purposes is propelling the market growth.
Key Industry Insights & Findings from the report:
- By raw material, the metal raw material segment accounted for 91% of the total market revenue share in 2020 due to the rising demand for metal fasteners.
- Plastic fasteners are emerging as a lucrative segment in the automotive and electronics industry.
- Based on product, the externally threaded segment accounted for 48.5% of the total market revenue share in the year 2020. The market is anticipated to continue gaining traction during the forecast period.
- By application, the automotive segment accounted for 30% of the total market revenue share in 2020. As the demand for commercial and passenger vehicles is growing, the segment is driving the market growth.
- The market in the Asia Pacific accounted for a maximum revenue share of 42.7% in the year 2020. The growth in the region is attributed to the presence of prominent key players operating in the automotive and machinery manufacturing industries.
- The market in Europe is expected to exhibit growth at a CAGR of 4.3% during the forecast period.
Read 300-page market research report for more Insights, "Industrial Fasteners Market Size, Share & Trends Analysis Report By Product (Externally Threaded, Non-threaded), By Raw Material (Plastic, Metal), By Application (Automotive, Aerospace), And Segment Forecasts, 2021 - 2028", published by Grand View Research.
Industrial Fasteners Market Growth & Trends
The advancements in the fastening materials and dimensions are becoming key factors for their rising demand in the global industrial machinery industries. Rising demand for commercial and passenger vehicles is propelling the demand for industrial fasteners in automotive manufacturing. Moreover, the emergence of electric vehicles is boosting the automotive manufacturing industry. Hence, the automotive segment is dominating the market accounting largest revenue share of the overall market. In addition to that, the availability of a wide variety of product portfolios of fasteners is driving its demand across the globe.
Manufacturers are now focusing on reducing the overall weight of machines to make products lightweight and easily accessible. This has expected to develop the fastening technology, creating opportunities for players to manufacture substitutes for lightweight fasteners.
Market participants are indulging in acquisitions, product development, market expansion, and investments in research and development to fuel the market growth during the forecast period. Business strategies coupled with technology is the key factor being used by manufacturers to enhance market growth and production capacity.
Industrial Fasteners Market Segmentation
Grand View Research has segmented the global industrial fasteners market based on raw material, product, application, and region:
Raw Material Outlook (Revenue, USD Million, 2017 - 2028)
- Metal
- Plastic
Product Outlook (Revenue, USD Million, 2017 - 2028)
- Externally Threaded
- Internally Threaded
- Non-threaded
- Aerospace-grade
Application Outlook (Revenue, USD Million, 2017 - 2028)
- Automotive
- Aerospace
- Building & Construction
- Industrial Machinery
- Home Appliances
- Lawn & Gardens
- Motors & Pumps
- Furniture
- Plumbing Products
- Others
Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Spain
- Asia Pacific
- Japan
- China
- India
- South Korea
- Thailand
- Indonesia
- Malaysia
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
List of Key Players of the Industrial Fasteners Market
- Arconic Fastening Systems and Rings
- Acument Global Technologies, Inc.
- ATF, Inc.
- Dokka Fasteners AS
- LISI Group - Link Solutions for Industry
- Nippon Industrial Fasteners Company (Nifco)
- Hilti Corporation
- MW Industries, Inc.
- Birmingham Fastener and Supply, Inc.
- SESCO Industries, Inc.
- Elgin Fastener Group LLC
- Rockford Fastener, Inc.
- Slidematic Precision Components, Inc.
- Manufacturing Associates, Inc.
- Eastwood Manufacturing
- Brunner Manufacturing Co., Inc.
- Decker Industries Corporation
- Penn Engineering & Manufacturing Corporation
- EJOT
- Illinois Tool Works, Inc.
- Stanley Black & Decker, Inc.
- KOVA Fasteners Pvt. Ltd.
- Standard Fasteners Ltd.
- Precision Castparts Corp.
Check out more market studies published by Grand View Research:
- Ammunition Market - The global ammunition market size is expected to reach USD 29.68 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.2% from 2022 to 2030. Increasing investments in defense equipment by militaries on account of the rise in geopolitical tension across the globe are anticipated to drive the demand for ammunition in the estimated time.
- Aluminum Casting Market - The global aluminum casting market size is expected to reach USD 135.20 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.0% from 2022 to 2030. Rising demand for lightweight vehicles is anticipated to propel market growth as the product is used in manufacturing various auto components.
- Vibration Control System Market - The global vibration control system market size is expected to reach USD 7.93 billion by 2030, registering a CAGR of 6.2% over the forecast period, according to a new report by Grand View Research, Inc. Growing adoption of vibration control systems in healthcare applications is expected to drive market growth over the forecast period.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
Share this article