The global screw fastener market is experiencing significant growth and is expected to grow considerably in the next few years. Joining objects together is a common occurrence in the construction or manufacturing industries. These industries employ many ways of joining, such as welding for metals and gluing for wood. But both of these ways are not always feasible due to their permanent nature and the high level of effort they require. Thus, to join metal, wood, and similar materials, screw fasteners are extensively used. They are inserted into objects via threads that wrap around them. These threads prevent them from slipping away and, hence, securing the joints. Metals and wood have different properties, so they require screw fasteners made of steel, copper, and aluminum. Moreover, they are a very common component in most industries such as automotive, machinery, construction, infrastructure, & manufacturing, and major players in the screw fastener industry adopt advanced technologies to manufacture the best and most productive products to sustain the competition in the screw fastener market.
Market Scope and Structure Analysis
Description
A screw fastener consists of a head and a body. The head is used for driving the screw into an object with the help of a screwdriver and on the other end, it has a tapered body surrounded by threads. This tapered end helps it to easily dig into the surface and the thread enables it to stay secured in place.
COVID-19 Impact Analysis
- The COVID-19 pandemic ceased the production of various products in the screw fastener industry, which is attributed to the global lockdown. This has hampered the growth of screw fastener market in the years and a similar trend is expected to be seen in the first half of 2022.
- The major demand for screw fastener was previously noticed from giant manufacturing countries, including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for screw fastener.
- Further, the long-term impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Screw fastener manufacturers can afford a lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
- Screw fastener manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
Rise in number of the manufacturing facilities in the developing countries such as China and India, has positively influenced the screw fasteners market. This is anticipated to increase the demand for screw fasteners. Further, the boost in the construction industry, especially for the construction of mass timber houses, is expected to drive demand in the screw fasteners market. Furthermore, the furniture industry is witnessing a rise due to the increase in disposable income of the public in general. This trend is boosting demand in the screw fastener market. In addition, the electronics industry is one of the major industries that uses screw fasteners, and due to the rise in the electronics industry, the demand for screw fasteners market is likely to increase. However, the fluctuating prices of the raw materials used for the manufacturing of screw fasteners is one of the restraining factors hindering the growth of the screw fastener market. Contrarily, technological developments in screw fastener products, such as the adoption of light-weight and durable materials boost the durability of the screw fasteners as well as result in lowering their price. This is expected to create lucrative opportunities for the growth of the screw fastener market during the forecast period.
Market Trends
- Key players are investing heavily in order to improve the capabilities of their products. This helps them stand apart from their competitors. For instance, in June 2020, the UK-based screw fastener manufacturer, TR Fastenings, made a significant investment in its range of fasteners for sheet metal. This strategic move is a result of growth in customer enquiries related to this product.
- Similarly, competitors in the screw fastener market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in March 2021, Alcoa Inc. a leading manufacturer of fastener, acquired Republic Fastener Manufacturing Corporation as well as Van Petty Manufacturing from the Wood Family Trust. Both of the companies are involved in aerospace fastener manufacturing businesses and are based in California, U.S. This move will enhance the product portfolio along with expansion of market share.
- Moreover, expansion of manufacturing capabilities assists in gaining a significant market share for screw fastener products and competing with other major manufacturers. For instance, in February 2019, India based Bigboltnut announced a major expansion worth $3 million by 2022. The facility is expected to improve the service offerings for screw fastener consumers in the region.
Key Benefits of the Report
- This study presents the analytical depiction of the screw fastener industry along with the current trends and future estimations to determine the future investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the screw fastener market share.
- The current market is quantitatively analyzed to highlight the screw fastener market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed screw fastener market analysis based on competitive intensity and how the competition will take shape in coming years.
Screw Fastener Market Report Highlights
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