Trends on Global Industrial Fastener Market
Source: Zion Market Research
According with Zion Market Research, Global Industrial Fastener market is expected to reach USD$ 116.5 billion in 2022, and grow a CAGR of 5.4% between 2017 and 2022.
While nowadays Asia Pacific region is the largest producer and exporter of industrial fasteners in the world, Latin America is consolidating as the future market for industrial fasteners with a steady growth during the coming five years.
Brazil is seen as the most potential business sector in Latin America for industrial fasteners market. The country relatively has a high number of track bolt manufacturers. Screws, track bolts, and nuts are mostly used in automotive, construction, and mechanical industry.
The global industrial fasteners market is highly fragmented. The top four industrial fasteners producers accounted for around 45% of the global market revenue in 2016. Precision Castparts Corporation, Stanley Black & Decker Inc., Wilhelm Bollhoff GmbH & Co. KG and Nitto Seiko Co., Ltd. are recognized as the top industrial fasteners producers. Other prominent vendors in the market are Standard Fasteners Ltd., Acument Global Technologies, Kova Fasteners Pvt. Ltd., Nifco, LISI Group, ITW, Alcoa, ATF Inc. and MW Industries Inc.
In 2016, the automotive segment dominated industrial fasteners market, it is one of the major end users of this category of products. 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.