USA, Rockville, MD, April 19, 2022 (GLOBE NEWSWIRE) — Fact.MR, in a newly revised analysis of the industrial fasteners industry, reveals that global demand saw a 2.5% decline in 2020 and settled at 30,060 KT. Application for Polymer Fasteners fell by 3.2% to 2,495 KT, while that of metal fasteners fell by 2.6% to 27,564 KT.
However, the overall market is expected to recover and grow at a CAGR of around 5% through 2031.
Industrial fasteners are expected to experience significant growth in demand due to their high usage in electrical, automotive, and other industrial sectors. The invention of new features such as coatings on fasteners to protect them from abrasion and rust further favors industry players. According to Fact.MR, vendors will focus on lucrative markets such as the United States, China, Germany, and the United Kingdom, to name a few.
Browse the in-depth TOC on “Industrial Fastener Sales”
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While the outlook for the industry is expected to remain positive, the adoption of advanced processes such as hot-dip galvanizing, zinc and chrome coatings are expected to further broaden the growth scope for manufacturers.
According to the Fact.MR report, the world industrial fasteners market is expected to grow at over 4% CAGR through 2031.
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Key insights from market research
- Strong demand for plastic fasteners likely to be seen
- Threaded industrial fasteners to gain traction
- Demand from the automotive and building and construction sectors to drive sales
- North America to maintain its leadership position, with the United States as its epicenter
- Germany will remain in the limelight in the European industrial fasteners industry
- Asia Pacific to Show Fastest Growth in Global Industrial Fasteners Market
- China, Japan, India, France, Italy and the UK will remain lucrative markets
“With manufacturers bringing in a wider variety of externally and internally threaded industrial fasteners, they are tapping into the huge opportunities in various end-use sectors, from automotive to aerospace,” says an analyst at Fact.MR.
How are increasing requirements in building and construction increasing profit margins for manufacturers?
Industrial fasteners play a crucial role in promoting safety by joining two or more objects when it comes to building and construction. While the industry suffered a setback due to the outbreak of the deadly coronavirus in early 2020, the recovery phase has been attracting more potential players since the end of the year.
According to a report entitled “Canada – Architecture, Construction, and Engineering”, published by Select USA on September 30, 2019, the Canadian construction sector was valued at US$126.3 billion, which represents more than 7% of the product gross domestic (GDP) of Canada. as in 2019. As noted in the report, the sector purchases goods and services from all parts of the country while employing around 1.4 million people, as in 2018. This not only indicates the progressive future of the building and construction industry, but also new opportunities. await manufacturers of industrial fasteners.
According to China – Country Commercial Guide, China’s construction and architecture industry grew by 7% between 2015 and 2020, while the industry’s revenue reached about $220.8 billion in 2020.
These figures point to new growth avenues for industrial fastening suppliers around the world.
Who wins in this space?
As the global industrial fasteners space is getting tougher in terms of competition, the major players are focusing more on the frequency of product launches to seize near-term opportunities in all regions.
- Stanley Black & Decker, Inc. recently launched its new Stanley Engineered Fastening Solutions, NeoBolt® Installation Tool.
- MW Industries Inc. has released its new carbon composite disc springs, coil springs and custom Belleville disc springs for the past 5 years.
To learn more about the industrial fasteners market, you can contact our analyst at: https://www.factmr.com/connectus/sample?flag=S&rep_id=5679
Key Segments Covered by Industrial Fasteners Industry Research
- Metal industrial fasteners
- Steel Industrial Fasteners
- Stainless Steel Industrial Fasteners
- Alloy Steel Industrial Fasteners
- Copper and its alloys Industrial fasteners
- Aluminum Industrial Fasteners
- Titanium Industrial Fasteners
- Industrial fasteners in nickel and its alloys
- Polymer Industrial Fasteners
- Industrial plastic fasteners
- wood screws
- machine screws
- Thread cutting machine screw
- Sheet metal screws
- socket head screws
- Hex nuts
- Flange nuts
- Wing nuts
- preservation nuts
- Push nuts
- castle nuts
- Coupling nuts
- track bolts
- Square bolts
- plow bolts
- round bolts
- Aircraft bolts
- Shoulder bolts
- elevator bolts
- HR bolts
- HT bolts
- Lock washers
- Structural Washers
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More valuable information
In its latest report, Fact.MR offers an unbiased analysis of the industrial fasteners market, providing historical data for the period 2016-2020 and forecast statistics for the period 2021-2031. In order to understand the global market potential, growth, and scope, the market is segmented on the basis of material (plastic and metal), product type (threaded, non-threaded, and aerospace grade), and end-user ( automotive, building & construction, household appliances, aerospace and others), in seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA).
Profiled Key Companies
American Fastener Technologies Corporation, American Bolt & Screw, AF Fastener, Acument Global Technologies (Fontana Gruppo), Birmingham Fastener, Delta Fastener Corp., De Walt, Eurofast, Elgin Fastener Group, Extreme Bolt & Fastener, Ford Fasteners, HILTI, Impalabolt, ITW, Johns Manville, KD FASTENERS, LISI Group, Midwest Fastener Corp, Ningbo Qunli Fastener Manufacture Co., Nobel Precision Metal Co., Ocean State Stainless, PCC Fasteners, Penn Engineering & Manufacturing, Rahul Fasteners & Fittings, Raptor Nails & Staples, Reliable Polymer Industries, SA Bolt Manufacturers, Schaaf-GmbH, Shanghai Jianxin Hardware Co., SUNO GROUP LIMITED, Sure FAS, Sternly Black & Decker
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