Global Industrial Fasteners Market Is Expected To Reach Around USD 116.5 Billion in 2022
According to the report, global industrial fasteners market was valued at USD 84.9 billion in 2016, is expected to reach USD 116.5 billion in 2022 and is anticipated to grow at a CAGR of 5.4 % between 2017 and 2022.
Fasteners are used to join together the various parts of the automobile such as spot welding, soldering, nuts & bolts, washers, screws, clips, clamps among others. The global industrial fastener market is primarily driven by rapidly increasing demand from the end-use industries such as automotive, aerospace, and construction. Furthermore, strong recovery in construction and the automotive segment is sustaining growth in the developed countries. In addition, rising demand for high-value titanium fasteners in aerospace applications and light weight plastic fasteners in automotive is expected to drive the demand in near future. However, the potential threat of substitution from alternative joining technologies such as adhesives is expected to negatively impact the market growth.
In 2016, the automotive segment dominated industrial fasteners market. The automotive industry is one of the major end users of industrial fasteners market. The automotive sector utilizes several types of fasteners like stainless steel, steel, among others. Standard externally threaded fasteners product segment accounted for half of overall industrial fastener sales in 2016 and is expected to register the largest revenue gains through 2022. This product segment growth is fueled by continued strength in motor vehicle production.
Geographically, Asia-Pacific was the largest market for industrial fasteners in 2016. It accounted for more than 30% share of the total revenue of industrial fasteners market. The growth in the region is mainly attributed to the growth of major end-user industries such as automotive, aerospace and defense, shipbuilding, and railways. North America and Europe are estimated to have decent growth for industrial fasteners in near future. Furthermore, Latin America, Middle East, and Africa are projected to witness the moderate growth for industrial fasteners market owing to the rising demand form construction and automotive industry in the region within the forecast period.