Technological advancements such as surface treatments and coatings have led to the development of advanced fasteners that offer superior performance characteristics, such as higher strength, corrosion resistance, and ease of installation. These innovations drive market growth by expanding the applications of fasteners across various industries.
WILMINGTON, Del., April 2, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Fasteners Market by Product (Externally Threaded, Internally Threaded, and Non threaded), Sales Channel (Online and Offline), and End-Use (Automotive, Building and Construction, Aerospace, Machinery, Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the fasteners market was valued at $97.2 billion in 2022 and is estimated to reach $151 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.
Prime determinants of growth
The global fasteners market is experiencing growth due to several factors such as an increase in construction activities and infrastructure development. However, fluctuating raw material prices hinder market growth to some extent. Moreover, the integration of sensors and radio-frequency identification (RFID) technology offers remunerative opportunities for the expansion of the global fasteners market.
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Report coverage & details:
Report Coverage
| Details
|
Forecast Period
| 2023-2032
|
Base Year
| 2022
|
Market Size In 2022
| $97.2 Billion
|
Market Size In 2032
| $151 Billion
|
CAGR
| 4.6 %
|
No. Of Pages In Report
| 300
|
Segments Covered
| Product, Sales Channel, End-Use, And Region
|
Drivers
| Increase In Construction Activities And Infrastructure Development Surge In Demand For Automotive Application
|
Opportunity
| The Integration Of Sensors And Radio-Frequency Identification (RFID) Technology
|
Restraint
| Fluctuating Raw Material Prices
|
The non threaded segment is expected to grow faster throughout the forecast period.
By product, the externally threaded segment held the highest market share in 2022, accounting for more than one-third of the fasteners market revenue and is projected to manifest the highest CAGR of 4.4% from 2023 to 2032. This can be attributed to externally threaded fasteners such as bolts and screws that are used in automotive manufacturing and repair for assembling engines, chassis components, body panels, and interior trim. However, the non threaded is expected to be the fastest-growing segment in the fasteners market at a CAGR of 5.0%. Pins and rivets are common non-threaded fasteners used to secure two or more components together. They are often inserted into pre-drilled holes and then either expanded or deformed to create a secure joint.
The offline segment is expected to lead throughout the forecast period.
By sales channel, the offline segment held the highest market share in 2022, accounting for more than half of the global fasteners market revenue, and is expected to retain its dominance throughout the forecast period, whereas the online segment is expected to be the fastest-growing segment at a CAGR of 4.8%. Online store list fasteners on popular e-commerce platforms such as Amazon, eBay, and Shopify. These platforms offer a wide reach and provide tools for inventory management, order processing, and customer support.
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The aerospace segment is expected to grow faster throughout the forecast period.
By end-use, the automotive segment held the highest market share in 2022, accounting for more than one-fifth of the fasteners market revenue, and is projected to manifest the highest CAGR of 4.0% from 2023 to 2032. This can be attributed to the fact that in the automotive segment, fasteners play a crucial role in securing safety-critical components within the vehicle, such as seat belts, airbags, and braking systems. Properly torqued bolts and screws ensure that these components remain securely in place, providing occupants with the protection they need in the event of a collision. However, aerospace is expected to be the fastest-growing segment in the fasteners market at a CAGR of 5.4%. Fasteners are extensively employed in aerospace to join structural components together, including fuselage sections, wings, tail assemblies, and empennage. Bolts, screws, and rivets are commonly used to securely fasten these large structural elements, ensuring the overall integrity and stability of the aircraft or spacecraft.
Asia-Pacific to maintain its dominance by 2032.
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global fasteners market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe, whereas Asia-Pacific is also expected to be the fastest growing segment at a CAGR of 5.0% during the forecast period. China consumes a significant amount of fasteners for industrial production, construction, and infrastructure projects. The automotive and electronics industries are major consumers of fasteners in China. India has a significant demand for fasteners. Infrastructure projects, including roads, bridges, and buildings, drive the consumption of fasteners in the country. The automotive sector is another major consumer of fasteners in India.
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Players: -
- Arnold Magnetic Technologies
- Adams Magnetic Products, LLC
- Dexter Magnetic Technologies
- Electron Energy Corporation
- Lynas Rare Earths Ltd, Bunting
- Stanford Magnets
- TDK Corporation
- VACUUMSCHMELZE GmbH & Co. KG
- Magnequench International, LLC
The report provides a detailed analysis of these key players in the global fasteners market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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