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2024

Fasteners Market

Fasteners Market Size, Share, Competitive Landscape and Trend Analysis Report by Product, by Sales Channel, by End-Use : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Bulk Chemicals

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Author's: Naresh Ranjit Mawlankar | Eswara Prasad
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Fasteners Market Research, 2032

The global fasteners market was valued at $97.2 billion in 2022, and is projected to reach $151 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032. The growth of the global fasteners market is majorly driven by increase in construction activities and infrastructure development. Fasteners are essential components in building and construction industry with several applications such as joining structural elements, attaching fixtures, and securing cladding materials. Increasing construction of residential, commercial, and industrial buildings is expected to propel the demand for fasteners such as screws, bolts, nuts, and anchors. However, fluctuating raw material prices is expected to restrain the growth of the fasteners market during the forecast period. The integration of sensors and radio-frequency identification (RFID) technology is the upcoming trend observed in global fasteners industry, which is expected to create lucrative opportunities to the fasteners market from 2022 to 2032.

Fasteners Market

Introduction

Fasteners encompass a broad category of hardware devices designed to mechanically affix two or more objects together securely. They serve the fundamental purpose of creating a stable connection, enabling the assembly of structures, machinery, vehicles, and more. Fasteners can be categorized based on their method of attachment, including threaded fasteners (bolts, screws, and nuts), non-threaded fasteners (rivets, pins, and clips), and adhesives.

In the aerospace industry, fasteners play a critical role in ensuring the safety and reliability of aircraft and spacecraft. Aerospace fasteners are crafted from materials such as titanium, aluminum, and nickel alloys and are designed to withstand extreme conditions such as high temperatures, intense vibrations, and immense pressure differentials. These materials offer exceptional strength-to-weight ratios and corrosion resistance, vital for maintaining structural integrity.

Fasteners are essential components in the manufacturing sector, where they are used in machinery assembly, equipment fabrication, and tooling applications. Threaded fasteners such as bolts and screws are used to secure machine parts, while rivets and pins provide structural integrity in heavy machinery and industrial equipment. The abovementioned applications are expected to possess high growth opportunities for global fasteners market during the forecast period.

Key Takeaways

  • The fasteners industry market study covers data for minimum 20 countries. The research includes a segment analysis of each country in terms of value ($million) for the projected period (2023-2032).
  • The study integrates high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of the global fasteners market and to assist stakeholders in making educated decisions to achieve their growth objectives.
  • Over 3,700 product literature, annual reports, industry statements, and other comparable materials from major industry participants were reviewed to gain a better understanding of the market.
  • The fasteners market is highly fragmented with several players, including Stanley Black & Decker, Inc., NORMA Group, Fontana Finanziaria S.p.A., Precision Castparts Corp., LISI GROUP, ARaymond, PennEngineering, Sundram Fasteners Limited, SFS Group USA, Inc, and Trifast Plc. These players have adopted key developmental strategies such as acquisitions, product launches, mergers, and expansion to strengthen their foothold in the market.

Market Dynamics

Infrastructure projects such as roadways, bridges, and highways require a vast array of fasteners for assembling steel structures, guardrails, signage, and road furniture. Fasteners used in infrastructure projects need to withstand heavy loads, vibrations, and environmental factors to ensure the safety and durability of the structures.

The construction and maintenance of railway tracks, stations, and infrastructure rely on fasteners for securing rails, sleepers, and other track components, which significantly fuel their demand. Moreover, increase in high-speed rail projects and modernization initiatives are expected to boost the demand for specialized fasteners, which are capable of withstanding the stresses and dynamic forces associated with train operations. As of May 2022, China led the world in infrastructure projects under development or execution, totaling over $5 trillion. Following China were the U.S. and India, with approximately $2 trillion worth of infrastructure projects each.

In September 2022, GAF, a subsidiary of Standard Industries and a leading manufacturer of roofing and waterproofing solutions in North America, revealed plans to construct a new manufacturing facility in Valdosta, Georgia. This facility aims to bolster the company's commercial roofing operations, particularly in the production of thermoplastic polyolefin (TPO) roofing materials. With the acquisition of 130 acres of land, GAF is poised to commence construction in the upcoming autumn season where fasteners such as bolts, nuts, and screws are gaining popularity to join structural members together, forming the framework of buildings and other structures. The anticipated completion of the plant is scheduled for the first quarter of 2024, facilitating the full-scale production of GAF's EverGuard product line.

Fluctuations in the prices of steel and aluminum directly affect the production costs of fasteners, as these materials are primary constituents of many fastener types. When raw material prices rise, fastener manufacturers may experience increased production costs and reduced profit margins unless they can pass on the cost increase to customers through higher prices.

Sharp increase in raw material prices without corresponding increases in selling prices can squeeze profit margins for fastener manufacturers, especially if they are unable to adjust prices quickly in response to market changes. Fluctuating raw material prices may necessitate renegotiations of pricing contracts between fastener manufacturers and their customers, particularly for long-term supply agreements or contracts with fixed pricing terms. Manufacturers seek to include clauses or mechanisms in contracts to adjust prices periodically based on changes in raw material costs, mitigating the risk of margin erosion due to volatile input prices.

Segments Overview

The global fasteners market is segmented into product, sales channel, end use, and region. On the basis of product, the market is classified into externally threaded, internally threaded, and non-threaded. Depending on sales channel, it is divided online and offline.  By end use, it is segregated into automotive, building and construction, aerospace, machinery, electronics, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Fasteners Market by Product

On the basis of product, the externally threaded segment dominated the fasteners market and accounting for more than one-third of the market share in the market. Screws are extensively used in externally threaded applications. They come in various types, including machine screws, wood screws, sheet metal screws, and self-tapping screws. Machine screws are commonly used with nuts or tapped holes, while wood screws are designed for use in wood or similar materials. Sheet metal screws are used to fasten metal sheets, and self-tapping screws can create their own threads in softer materials like plastic or wood.

Fasteners Market by Sales Channel

On the basis of sales channel, the offline segment dominated the fasteners market accounting for more than half of the market share.  Fasteners such as nails, screws, bolts, and nuts are extensively used in construction projects for joining structural elements, installing fixtures, and securing materials together. In-store displays showcasing various types of fasteners along with related products like tools, hardware, or construction materials. These displays serve as focal points to attract customers in fasteners industry.

Fasteners Market by End-Use

On the basis of end-use, the automotive is the most lucrative segment in the fasteners market accounting for one fifth of the market share. Fasteners secure interior trim components, such as dashboard panels, seats, consoles, and door panels, to the vehicle's interior structure. Fasteners play a crucial role in assembling the powertrain components, including the engine, transmission, and drivetrain. They secure components together, such as engine blocks, cylinder heads, transmission housings, and differential assemblies.

Fasteners Market by Region

Region wise, Asia-Pacific dominated the fasteners market growing with a CAGR of 5.0% during the forecast period. China is a significant consumer of fasteners. The country's booming automotive industry, construction sector, and machinery manufacturing contribute to the high demand for fasteners. The construction sector, driven by infrastructure projects and urbanization, drives substantial demand for construction fasteners like anchors, screws, and bolts. Additionally, India's automotive industry, one of the largest in the world, requires a diverse range of fasteners for vehicle assembly and production.

Competitive Analysis

The major players operating in the fasteners market include Stanley Black & Decker, Inc., NORMA Group, Fontana Finanziaria S.p.A., Precision Castparts Corp., LISI GROUP, ARaymond, PennEngineering, Sundram Fasteners Limited, SFS Group USA, Inc, and Trifast Plc.

Recent Key Developments in the Fasteners Market

  • As per International Fasteners EXPO 2024, plastic fasteners are being rapidly adopted in construction and building projects. This type of fastener offers builders flexibility, low weight, and cheaper prices.
  • In July 2023, Triangle Fastener Corporation (TFC) revealed its acquisition of Connective Systems & Supply, Inc. (CSS). This acquisition specifically targeted CSS's division specializing in fasteners tailored for metal building, roofing, and mechanical contractors.
  • April 2022, LindFast Solutions Group (LSG), a prominent distributor of specialty fasteners in North America, finalized its acquisition of Fasteners and Fittings, Inc. (F&F), headquartered in Toronto. F&F is renowned for its dominance in the imperial, metric, and stainless steel fasteners market.
  • In March 2022, Birmingham Fastener revealed its acquisition of K-T Bolt Manufacturing, Inc., aiming to broaden its range of products and enhance manufacturing capabilities. K-T Bolt Manufacturing, headquartered in Katy, Texas, specializes in custom fabrication, in-house heat treating, closed-die forging, and electropolishing services.
  • In January 2022, Norwegian Dokka Fasteners, an international leader in industrial fastener manufacturing, made a strategic move to enhance its presence in Europe by launching a manufacturing facility in KlaipÄ—da, Lithuania.
  • According to Odebrecht, a Brazilian company, Brazil's infrastructure construction sector is projected to grow, with its GDP expected to increase from $81.3 billion in 2021 to $99.2 billion by 2025. The fasteners such as bolts, nuts, screws, and anchors are commonly used to join steel beams, concrete panels, wooden frames, and other construction materials.

Historic Trends of the Fasteners Market

  • In 1798, Eli Whitney invented the first milling machine, revolutionizing the production of standardized interchangeable parts, including fasteners.
  • In 1836, the first recorded U.S. patent for a machine specifically designed to make screws was granted. This patent marked a significant advancement in manufacturing technology, as it allowed for the mass production of fasteners screws with greater efficiency and precision than manual methods.
  • In 2000, the fastener industry saw significant advancements with the introduction of advanced coatings and surface treatments aimed at enhancing the corrosion resistance and durability of fasteners.
  • In 2010, smart fasteners were embedded with sensors for real-time monitoring of tension, stress, and other factors during installation and operation.
  • In 2017, the demand for fasteners grew significantly in renewable energy infrastructure, such as wind turbines and solar panel installations, which fostered innovation in corrosion-resistant and high-strength fasteners suitable for outdoor environments.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fasteners market analysis from 2022 to 2032 to identify the prevailing fasteners market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the fasteners market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global fasteners market trends, key players, market segments, application areas, and market growth strategies.

Fasteners Market Report Highlights

Aspects Details
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Market Size By 2032

USD 151 billion

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Growth Rate

CAGR of 4.6%

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Forecast period

2022 - 2032

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Report Pages

300

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By Product
  • Internally Threaded
  • Non threaded
  • Externally Threaded
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By Sales Channel
  • Online
  • Offline
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By End-Use
  • Automotive
  • Building and Construction
  • Aerospace
  • Machinery
  • Electronics
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, South Korea, Australia, Rest of Europe)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
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Key Market Players

Stanley Black & Decker, Inc., Fontana Finanziaria S.p.A, PennEngineering, Sundram Fasteners Limited, Trifast plc, Precision Castparts Corp, NORMA Group, Lisi Group, LLC, SFS Group USA, Inc, Araymond

Analyst Review

According to the opinions of various CXOs of leading companies, the global fasteners market was dominated by the Automotive segment.  Fasteners are essential in assembling the engine and transmission components. They secure items such as cylinder heads, engine blocks, crankshafts, connecting rods, and transmission casings. High-strength fasteners are often used due to the extreme temperatures and pressures in these areas.

Fasteners are gaining ground in the emerging economies such as India, China, and Brazil, due to growing construction industry and to meet the increasing demand for reliable & efficient solutions. For instance, according to Odebrecht, a Brazilian company, Brazil's infrastructure construction sector's GDP is anticipated to reach $99.2 billion by 2025, from $81.3 billion in 2021.

In July 2023, Commercial Metals Company made a strategic move by acquiring EDSCO Fasteners LLC from MiddleGround Capital. EDSCO Fasteners is a prominent manufacturer of anchoring solutions. Its product portfolio includes a specialized range of anchor cages, fasteners, and bolts crafted mainly from rebar. These solutions are instrumental in securely fastening high-voltage electrical transmission poles to concrete foundations, catering to the growing demand for metal fasteners in fasteners industry.

Author Name(s) : Naresh Ranjit Mawlankar | Eswara Prasad
Frequently Asked Questions?

The global fasteners market was valued at $97.2 billion in 2022, and is projected to reach $151.0 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.

Asia-Pacific is the largest region in the fasteners market.

Automotive is the leading end-use of fasteners market.

An increase in construction activities and infrastructure development and automotive industries are the upcoming trends of the fasteners market in the world.

The top companies to hold the market share in Fasteners Stanley Black & Decker, Inc., NORMA Group, Fontana Finanziaria S.p.A., Precision Castparts Corp., LISI GROUP, ARaymond, PennEngineering, Sundram Fasteners Limited, SFS Group USA, Inc, and Trifast Plc.

Fluctuating raw material prices are the restraint of fasteners market.

The externally threaded segment dominated the fasteners market and accounting for more than one-third of the market share in the market.

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Fasteners Market

Global Opportunity Analysis and Industry Forecast, 2023-2032