Global Industrial Fastener Market is forecasted to grow at a stable CAGR around ~4% during the forecast period 2018 to 2026.

Industrial Fastener Market 2019-2026

Fasteners are industrial products that are used to connect two or more components. Fasteners are also used to shut a container such as a box, bag, or an envelope. Some of the commonly used industrial fasteners include bolts, screws, rivets, clips, nuts, washers, and pins. Fasteners are employed to join together the different elements of the automobile such as soldering, spot welding, washers, nuts & bolts, clips, clamps, and screws among others. Securing essential joints is vital as fastener failure or breakage can result in machine and structural failure could to fatal rising damage to property or life.

Rising demand of the automotive industry all around the world will Fuel Market for the forecast period

The global Industrial Fasteners Market is primarily driven by the rising need to travel, which is growing demand for automobiles across the globe. The rising population coupled with the disposable income of people are also boosting the demand for automotive in various regions. The rise in demand is enabling the OEM to grow to manufacture of vehicle which is directly impacting the market for industrial fasteners all around the world. As the rise in sales in Europe, Asia, and America are the major contributors to the growth.

For instance, in 2019, EU demand for heavy-duty trucks went up by 5.3%, despite the slowdown in July, August and September months. This growth was largely driven by the United Kingdom (+16.0%), France (+9.2%) and Germany (+8.2%). At the same time, heavy-truck registrations decreased in Italy (-6.7%) and Spain (-1.4%). The EU market for new vans expanded by 4.4% to reach 1.6 million vehicles registered in total. Each of the EU’s major markets did well during the first nine months of the year: Germany (+11.2%), Italy (+6.9%), France (+5.9%), the United Kingdom (+4.5%) and Spain (+1.9%).

The fluctuating cost of raw materials will Hinder the Market Progress

Prices of raw materials such as Cooper, steel, and Aluminum impacts the margins of manufacturers. Hence, the fluctuating prices of raw materials are the major hindrance for the industrial fasteners market in the forecast period. For instance, China is the largest exporter for the steel in the world and the rising prices of China steel from couple of years and therefore has a threat for raw materials fluctuation prices.

Automotive OEM application dominates the Industrial Fastener market

By Product, the global Industrial Fastener market is segmented into Bolts, Nuts, Screw, Washers, Rivets, and Others. Bolts have the dominant position in the Industrial Fastener market due to the growing use in the OEM such as automotive, mobile manufacturing and others. And also, will be growing in the forecast period with higher CAGR.

By Application, the global Industrial Fastener Market is segmented into Automotive OEM, Machinery OEM, Fabricated Metal Products, Construction, and Others. Automotive OEM has higher dominance in the application segment of Industrial Fastener market due to the rise in the demand for the cars all around the world coupled with the rise population and desire to travel.

Asia-Pacific accounts for the major share in Industrial Fastener Market

DMI segments the global Industrial Fastener market into – North America, South America, Europe, Asia-Pacific (APAC), and the Middle East and Africa.

Asia-Pacific accounted for the largest share of the market in 2018 due to the significant increase in the industrialization & urbanization which rises the need for transportation and logistics in the region. Technological advancements coupled with increasing automotive and construction industries are some of the prominent factors influencing market growth in Asia Pacific region. China continues to be the world’s largest vehicle market with the Chinese government expecting that automobile output will reach 30 million units by 2020 and 35 million by 2025.  According to the China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018.  This included 23.79 million passenger vehicles, down 4.08% from 2017, and 4.38 million commercial vehicles, an increase of 5.05%.

Highly Concentrated Competitive Market with Few Major Contributors

The global Industrial Fastener market is highly competitive. Key market players include – Acument Global Technologies, Stanley Black & Decker Inc., Precision Castparts Corporation, Nitto Seiko Co., Ltd., and Wilhelm Bollhoff GmbH & Co. KG. Other key players in the market include Standard Fasteners Ltd., Nifco, Kova Fasteners Pvt. Ltd., ITW, LISI Group, ATF Inc., Alcoa, and MW Industries Inc. Key players are adopting strategies such as investing in R&D, new product launches, development of new technologies, and enhancing the old technology & software to stand out as strong competitors in the market.

Industrial Fastener Market Taxonomy:

By Product

• Bolts
• Nuts
• Screw
• Washers
• Rivets
• Others

By Application

• Automotive OEM
• Machinery OEM
• Fabricated Metal Products
• Construction
• Others

 

About: DataM Intelligence

DataM Intelligence was established on an elemental idea of publishing Advanced Market Research Reports with precise data points & utmost accuracy that will accelerate the decision making in designing disruptive solutions. This aids us in providing the detail scenario of the present and future of the market.

For more insights, please visit: https://www.datamintelligence.com/