Fasteners Market Expected to Reach $151 Billion by 2032

According to a new report published by Allied Market Research, titled, “Fasteners Market," The fasteners market was valued at $97.2 billion in 2022, and is estimated to reach $151.0 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.

Introduction

Fasteners encompass a broad category of devices designed to mechanically join or secure objects together. Common types include screws, bolts, nuts, rivets, washers, and nails, each serving specific purposes based on their design and application requirements. Screws, for instance, feature helical ridges known as threads, allowing them to form strong bonds when twisted into corresponding threaded holes. Bolts, on the other hand, require nuts to secure two or more components together through pre-drilled holes.

Fasteners often provide a cost-effective solution for joining materials compared to alternative methods, particularly in applications where large quantities are required. Moreover, they offer the advantage of adjustability, enabling fine-tuning of joint tightness or alignment even after initial installation.

The expansion of the construction industry drives the demand for fasteners in residential, commercial, and infrastructure projects. Similarly, advancements in the automotive sector, favoring lightweight materials and advanced manufacturing, require specialized fasteners resistant to high stress and vibration. Innovations in material science yield stronger, lighter, and corrosion-resistant fasteners, broadening their usage across sectors. Government infrastructure initiatives, especially in emerging economies, amplify the demand for fasteners in roadways, bridges, railways, and utilities. In addition, increasing industrialization and manufacturing activities worldwide drive the demand for fasteners used in machinery, equipment, and tooling.

Fasteners are used extensively in vehicle assembly processes to join different components together, including body panels, chassis, engine parts, interior trim, and electronic modules. Screws, bolts, nuts, clips, rivets, and adhesives are employed to securely fasten parts and subsystems, ensuring structural integrity, safety, and reliability of the finished vehicles. Automotive manufacturers continuously introduce new vehicle models and variants to cater to diverse consumer preferences, which drives the need for a wide range of fasteners tailored to specific vehicle designs and specifications, thereby fueling the market growth.

Market Dynamics

Surge in automotive production drives the growth of the fasteners market. This is majorly attributed to the fact that the automotive industry is one of the largest consumers of fasteners globally. As automotive production increases to meet growing consumer demand for vehicles, there is a corresponding increase in the demand for fasteners used in vehicle assembly, repair, and maintenance. Technological advancements in automotive engineering, such as lightweight materials, advanced safety features, and electric and hybrid vehicle technologies, require specialized fasteners with enhanced performance characteristics. Fastener manufacturers innovate to meet these evolving requirements, driving the market growth through product differentiation and technological advancements.

• In March 2022, Birmingham Fastener & Supply Company Inc. expanded its portfolio and manufacturing capabilities by acquiring K-T Bolt Manufacturing, Inc. This strategic move bolsters Birmingham Fastener's product range and enhances its manufacturing diversity.
• In April 2022, Birmingham Fastener & Supply Company Inc. expanded its portfolio by acquiring Champion Sales and Manufacturing, Inc., a prominent rubber gasket company headquartered in Magnolia, Texas. This strategic move bolsters Birmingham Fastener & Supply Company Inc.'s product range and manufacturing capabilities in Texas.
• In September 2022, BultenAB and Polestar announced a partnership aimed at creating a climate-neutral electric vehicle by 2030. As part of this collaboration, BultenAB will provide environmentally friendly and high-performance fasteners for the project.

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.

On the basis of product non-threaded is the fastest-growing segment in the fasteners market in the market.  Rivets are cylindrical fasteners with a head on one end, used to fasten two materials together by passing through pre-drilled holes and deforming the other end to form a second head. Rivets are commonly used in automotive, aerospace, construction, and manufacturing industries.

On the basis of sales channel offline segment is the most lucrative segment in the market. Offline sales channels offer a wide range of fasteners to accommodate different needs and applications. This includes screws, bolts, nuts, washers, rivets, anchors, and more, available in various materials such as steel, stainless steel, brass, and plastic.

Regional Analysis

Region wise Asia-Pacific dominated the fasteners market. Asia-Pacific countries, particularly China, Japan, South Korea, and Taiwan, are major manufacturing hubs for a wide range of products. Fasteners are extensively used in assembling machinery, equipment, electronics, and other manufactured goods. With the rise of the automotive industry in countries like China and India, there's a significant demand for fasteners used in vehicle assembly. Fasteners are used in various automotive components, including engines, chassis, interiors, and exteriors.

In the automotive sector, fasteners are utilized extensively in vehicle assembly, component manufacturing, and repair processes. They are used to join body panels, engine components, chassis parts, and interior fittings. High-strength bolts and self-locking nuts are crucial for ensuring safety and reliability in automotive applications. As per the Organisation Internationale des Constructeurs d'Automobiles (OICA) in 2022, about 85 million motor vehicles were produced globally. China, Japan, and Germany were the largest producers of cars and commercial vehicles in 2022.

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, Group USA, Inc., and Trifast Plc.

Key Findings of the Study

• By product, the non-threaded segment is the fastest growing segment representing 5.0% of CAGR in the market during the forecast period.
• By sales channel, the online segment is the fastest-growing segment representing a CAGR of 4.8% during the forecast period.
• By end-use, the automotive is the most lucrative segment accounting for one-fifth of the market share.
• By region, Asia-Pacific was the fastest-growing region growing during the forecast period.