The global Fasteners market reached a value of about USD 95.4 billion in 2021. The industry is projected to grow at a CAGR of around 4.5% in the forecast period of 2022-2027 to reach a value of about USD 124.23 billion by 2027.
The global Fasteners industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The growing activity in the automotive, electrical and electronics, aerospace, and industrial equipment sectors is driving the market for industrial fasteners. The Asia Pacific is the highest category spender by region, driving the demand for the Fasteners industry.
A fastener, also known as a fastening, is a piece of hardware that mechanically connects or affixes two or more objects. Fasteners are commonly employed to construct non-permanent junctions, which may be removed or disassembled without causing damage to the connected components. These fasteners are widely utilised components and are hardware devices that bind two or more items together. The Fasteners industry report comprises segments by application (automotive, MROs/construction, aerospace, industrial machinery, and fabricated metal products) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and Latin America).
The Asia Pacific holds the largest share in the industry as there is a massive demand in the region due to global and domestic firms involved in automotive, industrial, and component manufacturing activities. Furthermore, with a rise in demand for maintenance and repairs, increasing building activities, and the expansion of the automotive sector, the region will have the most significant need for standard fasteners. Furthermore, major manufacturing hubs in India and China are projected to propel the industry forward.
The market is driven by increased industrialisation and rapid urbanisation, particularly in emerging regions. The rise in construction activities is likely to propel the demand for fasteners which are heavily employed in various parts, thus driving the market growth. Furthermore, the developing automobile industry, particularly in the EV category, is furthering the industry's expansion. Fasteners are also found in electronic circuits to link wires and cables together, making installation and maintenance easier. They also aid in the securement of components, keeping them from being loose or damaged, further augmenting the industry's growth. Also, the need for specialty-grade fasteners has increased as commercial aircraft manufacturing has increased, leading to a boost in sales.
The global Fasteners industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Fasteners regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Stainless, carbon, and alloy are the three primary steel fasteners. Titanium, aluminum, and different alloys are other typical metal fastener construction materials. Special coatings or plating can be added to metal fasteners in various circumstances to increase their performance qualities, such as corrosion resistance. Standard coatings/platings include zinc, chromium, and hot-dip galvanising.
The market is aided by the growing popularity of plastic fasteners in the automotive and electronics sectors. This shift toward developing novel goods, including specialised, small, and hybrid fasteners, to meet changing customer demand and high-volume import and export trading in the worldwide market are accelerating market expansion. Other sorts of non-standard fasteners, which we refer to as speciality fasteners, have distinct designs, materials, and head styles than standard fasteners. These items are in great demand from various end-use sectors, as producers focus on the finished product's aesthetic and durability, and performance. As a result, the industry is witnessing growth.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The industrial fasteners industry is fiercely competitive with a massive pool of local and global manufacturers offering high-quality and customised goods. The market is capital-intensive, posing a significant challenge for local and domestic fastener makers. Many firms in the industry offer a variety of speciality goods for end-use needs like automotive, aerospace components, and machines. Distribution alliances, technical advances, product portfolios, strategic initiatives, and competencies are all part of the strategies.
1. Executive Summary
2. Fasteners Market Snapshot
2.1. Fasteners Market Outlook
2.2. Fasteners Industry Analysis by Application
2.2.4. Industrial Machinery
2.2.5. Fabricated Metal Products
2.3. Region Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East & Africa
3. Impact of Recent Events
4. Fasteners Value Chain Analysis
5. Fasteners Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Fasteners Cost Structure
9. Fasteners Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Fasteners Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Feedstock Market Analysis
13.1. Market Overview
13.2. Price Analysis
14. Industry Best Practices
14.1. Sourcing Strategy
14.2. Procurement Model
14.3. Contract Structure
14.4. Negotiation Levers
14.5. Pricing Model
14.6. Key Factors Influencing the Quotation
15. Key Supplier Analysis
15.1. ITW Fastener Products GmbH
15.2. Precision Castparts Corp.
15.3. Alcoa Corporation
15.4. Nifco Inc
15.5. Stanley Black & Decker, Inc.
The global Fasteners market size was valued at USD 95.4 billion in 2021.
As per the application provided, the Automotive segment is anticipated to lead the market between the period 2022 – 2027.
The significant demand for fasteners for various industrial applications is one of the essential drivers of the Fasteners market growth.
ITW Fastener Products GmbH, Precision Castparts Corp., Alcoa Corporation, Nifco Inc, and Stanley Black & Decker, Inc. are some of the major players in the market.
The Asia Pacific region of the Fasteners industry holds a significant share in the market.
The global Fasteners market attained a value of USD 95.4 billion in 2021, driven by increased industrialisation and rapid urbanisation, particularly in emerging regions. Furthermore, the application of the product in various end-user industries like Construction, and automobile among others, is propelling the industry's growth. Aided by the growing shift towards novel goods, including specialised, small, and hybrid fasteners and speciality fasteners, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 4.5%. The market is projected to reach USD 124.23 billion by 2027. Some of the leading players in the industry are ITW Fastener Products GmbH, Precision Castparts Corp., Alcoa Corporation, Nifco Inc, and Stanley Black & Decker, Inc.
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