Industrial Fasteners Market Outlook:
Industrial Fasteners Market size was estimated at USD 92.6 billion in 2024 and is projected to surpass USD 144.9 billion by the end of 2037, rising at a CAGR of 3.6% during the forecast period, 2025 to 2037. In 2025, the industry size of industrial fasteners is estimated at USD 95.4 billion.
The market is driven mainly by the growth of the downstream sectors, such as automotive, aerospace, and energy infrastructure, and government-supported investments in domestic supply chain capacity are adding momentum to this. In 2024, for example, the Department of Energy awarded grants to help reshore the production of critical materials and components, which is enabling manufacturers to scale capacity without relying on foreign equivalents. According to the U.S. Census Bureau and USITC, U.S. exports of industrial base-metal fasteners grew from about $3.3 billion in 2019 to $4.13 billion in 2021—a 17% increase fueled by increased global demand and assembly line expansion.
On the supply side, the availability of raw materials, steel wire rods, and/or alloy metals is still key, and increased domestic steel production and new fastener production capacity are leading to volumes available. The U.S. BLS Producer Price Index (NAICS 332912) for wire products was 342.5 in May 2025 and is up from 339.4 in January, indicating cost pressures. And as part of the new HS-based export index that was developed in December 2024, fasteners are included. R&D investment will continue under federal initiatives and is focused on corrosion resistance and further automation improvements.
Industrial Fasteners Market - Growth Drivers and Challenges
Growth Drivers
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Growth in renewable energy and power generation: The transition to clean energy around the world is a growing demand for industrial fasteners, particularly in the area of wind and solar renewables. According to IRENA (International Renewable Energy Agency), the global capacity of renewable energy has reached 3.871 GW (GW = gigawatt) in 2024, with onshore wind and solar some of the biggest areas of growth. On average, each onshore wind turbine requires around 20,001 fasteners to build, and offshore wind turbines may require as many fasteners or more because of the extreme environmental exposure. Fasteners used in any renewable installation must be able to withstand corrosion, fatigue, and UV exposure. IRENA projects that this sector will see a 7.9% CAGR for fasteners used in the renewable energy field up to and through 2030, particularly in countries like China, the U.S., and Germany.
-
Expansion in automotive and EV manufacturing: The automotive sector, of course, is a major consumer of industrial fasteners, accounting for over 31% of global demand in 2024. The transition to electric vehicles (EVs) has markedly increased the demand for lightweight, high-performance fasteners used in battery assembly, chassis, and e-powertrain systems. According to the IEA (International Energy Agency), global EV production hit 14.3 million units in 2023, a 36% year-on-year increase in production, prompting suppliers to improve available options where fastening point corrosion resistance and vibrational proof methods are easier to source. The EV-promoting environment should spur the fastener market up, especially in Asia and Europe, where EV production is projected at over 26% CAGR pre-2030. The fastener industry is receiving attention from companies like LISI Automotive and Stanley Black & Decker for increased fastener market share in this area.
1. Global Industrial Fasteners Demand Analysis (2013–2023)
Market Growth & Segmentation
|
Sector |
Market Share (2023) |
CAGR (2013-2023) |
Key Driver |
|
Automotive |
36% |
3.2% |
EV production surge |
|
Construction |
26% |
2.9% |
Infrastructure boom |
|
Aerospace |
13% |
4.6% |
Lightweight demand |
|
Machinery |
19% |
2.5% |
Industrial automation |
|
Others |
11% |
1.8% |
Niche applications |
Consumption Trends & End-Use Applications
|
Industry |
Demand Growth (2013-2023) |
2023 Consumption (kT) |
Key Trend |
|
Automotive |
+41% |
8,501 |
EV fastener innovation |
|
Construction |
+29% |
6,201 |
Modular building rise |
|
Aerospace |
+36% |
2,901 |
Composite fasteners |
|
Machinery |
+23% |
4,801 |
Robotics adoption |
Competitive Pressures & Pricing
|
Factor |
Impact |
Data |
|
Asian dominance |
61% global supply share |
China + India export $43B (2023) |
|
Price pressure |
21-31% cost undercut |
EU SMEs down 16% since 2018 |
|
Raw materials |
Steel price +51% (2021-22) |
19% production cost hike |
Innovation & Future Outlook
|
Trend |
Projection |
2030 Forecast |
|
Aerospace |
6.6% CAGR |
$19B segment value |
|
Automation |
301% robotics adoption |
42% cost reduction |
2. Industrial Fasteners Trade Dynamics & Market Impact (2019–2024)
Import/Export Data (2019–2024, USD Billion)
|
Year |
Top Exporter |
Top Importer |
Value |
Key Driver |
|
2019 |
China |
USA |
10.9 |
Automotive boom |
|
2020 |
Germany |
China |
8.3 |
Medical equipment |
|
2021 |
USA |
EU |
9.6 |
Infrastructure revival |
|
2022 |
Japan |
Southeast Asia |
7.8 |
Factory relocations |
|
2023 |
Italy |
Middle East |
5.4 |
Oil & gas projects |
Key Trade Routes (2023)
|
Route |
Value |
Share of Global Trade |
|
China-to-USA |
$12.5B |
23% |
|
Germany-to-EU |
$8.8B |
16% |
|
Japan-to-ASEAN |
$6.2B |
12% |
Challenges
-
Volatile raw material prices: The industrial fasteners industry is heavily reliant on steel, aluminum, titanium, and other alloys. The price variability of these materials can greatly reduce production margins and consistency. For example, the price of global steel increased more than 41% in 2021 and has mostly stabilized, but the ongoing geopolitical tension and supply chain issues continue to be a major concern for producers. The World Bank observes that trade barriers and rising energy expenses are raising the Metals and Minerals Price Index through 2024, therefore making it challenging for producers to create long-term pricing plans.
-
Technological obsolescence and limited standardization: Many fastener companies are still behind the curve in using digital and automation technologies, even if smart manufacturing has lately grown. The World Economic Forum suggests that only 25% of Europe's fastener-producing SMEs had proposed Industry 4.0 solutions in 2023. In addition, the lack of standardization across products, particularly in aerospace and automotive sectors, makes it difficult to achieve interoperability and increases rework and certification costs. As products grow in complexity (e.g., electric vehicle and renewable energy applications) inability to meet highly detailed and specific technical requirements creates a competitive disadvantage.
Industrial Fasteners Market Size and Forecast:
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
3.6% |
|
Base Year Market Size (2024) |
USD 92.6 billion |
|
Forecast Year Market Size (2037) |
USD 144.9 billion |
|
Regional Scope |
|
Industrial Fasteners Market Segmentation:
Material Segment Analysis
The steel segment is predicted to gain the largest market share of 45.2% during the projected period by 2037, due to the availability of higher-strength and durability-rated solutions, as well as low production costs as compared to performance, so automotive and construction manufacturers continue to use steel. The World Steel Association confirms that steel is flexible, with a high yield strength-to-weight ratio, and is recyclable, ensuring continued demand in the future. The development of newer alloys of high-strength steels will continue to support steel market share within the agriculture and residential building segments.
Application Segment Analysis
The automotive segment is projected to account for the most significant growth by 2037, capturing 40.1% of the industrial fasteners market share. This growth is primarily driven by the increasing global automotive production and the shift toward electric vehicles (EVs), which is creating a growing demand for lightweight, high-strength fasteners. Legislative policies that facilitate greater adoption of EVs and the integration of more advanced fastener materials continue to propel this growth. As the Department of Energy emphasizes, "The transition to advanced materials will further improve vehicle efficiency and sustainability and further market growth" is one explanation for the industry's expansion.
Our in-depth analysis of the global market includes the following segments:
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Segment |
Subsegment |
|
Material |
|
|
Application |
|
|
Product Type |
|
Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Industrial Fasteners Market - Regional Analysis
Asia Pacific Market Insights
By 2037, the Asia Pacific market is expected to hold 44.2% of the industrial fasteners market share due to increasing construction, automotive, infrastructure, and electronics sectors, along with a trend toward lightweight plastic/specialty fasteners. Locally driven trends that will shape the industry in APAC include advanced development of materials, applicable quality standards (the Bureau of Indian Standards in India), and sustainability directives. Public sector incentives, along with R&D investment, including support for green manufacturing initiatives and supply-chain resilience, will support fastener industry prospects across APAC.
By 2037, China is projected to hold the highest share of industrial fastener revenue in APAC. Among the countries in APAC, China has a robust manufacturing base, the ongoing urbanization trend, and more recently, approaches to infrastructure demand driven by the Belt & Road strategy – all favouring demand for fasteners. China continues to support its fastener producers through government policy authorities like the National Development and Reform Commission (NDRC), the China Petroleum and Chemical Industry Federation (CPCIF), and ChemChina, which facilitates domestic production of eco-friendly fasteners. Ecological manufacturing is set to undergo further adoption, with over 1 million firms in their citizenship reported by the China Petroleum Industry Federation as of 2023. Government-led investment in R&D, along with export incentives and economies of scale, also ensures China's dominance in the regional fastener market opportunities.
India is projected to grow at the fastest CAGR of markets in APAC from 2025-2037. A more modest annual growth forecast for India is 6%+, with the fastest CAGR among APAC peer nations. Rapid urbanization in India, expansion of infrastructure projects, and development of a fast-growth emerging economy automotive sector underpinned by the "Make in India" initiative will help to propel the demand for fasteners. The Bureau of Indian Standards (BIS) also recently mandated certification to industry standards for industrial fasteners, ensuring the quality of fasteners available while also supporting SME compliance through the gradual phase-in of certification.
North America Market Insights
The North America market is expected to hold 27.2% of the industrial fasteners market share, and is expected to reach USD 36.6 billion at a CAGR of 4.4% from 2025. The growing sports and automotive demand for new fasteners from the automotive, aerospace, and construction industries is are factor influencing growth. The U.S. currently holds the majority of the North American market fastener share at over 79% in 2024. High-performance light fasteners create new products and new materials with materials such as composites and titanium.
The industrial fasteners market in the U.S. was valued at USD 20.7 billion in 2024, and is projected to grow at a 4.6% CAGR through 2037. The growth trajectory is supported by solid automotive and aerospace manufacturing, as well as federal incentives such as the CHIPS and Science Act, along with over USD 1.3 trillion in infrastructure investment. Reshoring is also supporting market growth, adding to prospective demand, supporting the expected increase in global electric vehicle (EV) production, and the respective demand for precision fasteners. According to the U.S. Census Bureau, base metal fastener exports increased by 6.3% versus standard time last year in 2024.
Canada’s industrial fasteners market size was USD 4.4 billion in 2024 and is forecasted to grow at a CAGR of 3.9% through 2037. The expanding automotive sector and substantial investments in clean energy infrastructure are driving demand for fastening systems in Canada. Supportive trade policies and geographical proximity to U.S. manufacturers provide advantages to the Canadian fasteners market. Canada’s circular economy agenda net-zero goals are providing a breeding ground for local manufacturers, product innovation in fastening systems, EV applications, and aerospace assembly components systems.
Europe Market Insights
The European market is expected to hold 20.1% of the market share due to automotive, aerospace, and construction demand. Germany leads revenue share by 31%, with France (19%) and the UK (16%) following. Sustainable demand is being stimulated by proposals for sustainable alternatives such as the European Green Deal, which allocated €2.2 billion on initiatives to use more lightweight and recyclable materials in 2023. Emerging trends toward automation and Industry 4.0 deployment are also expected to accelerate market growth, with a projected 9% CAGR between 2025 - 2037.
Germany will continue to dominate Europe’s industrial fasteners market and have a 31% share of revenue by 2037. Germany's manufacturing economy is still driven by the automotive and industrial machinery industries. The Federal Ministry for Economic Affairs (BMWK) has announced that it has allocated €3 billion for Industry 4.0 advances in the upcoming year (2025). Demand for high-performance fasteners will climb 13% until 2030, according to Fraunhofer ICT's forecast, supported by automated processes and green manufacturing initiatives.
In Poland, the industrial fasteners market turnover will experience the fastest growth in Europe, with 9.6% CAGR, due to Poland's access to €1.3 billion of EU recovery funding for further modernization of its manufacturing sector. Investment from foreign direct investment with Poland's investment strategy (€801 million investment in 2024) in the automotive sector and continued investment in offshore wind energy projects will support steady global and local project demand in Poland, also contributing to overall site manufacturing footing. With Poland's mindset firmly focused on expanding on its existing infrastructure and commitment toward Industry 4.0 will also continue to act as a certainty to continued growth opportunities for its existing markets. With Poland's overall provincial components, it may take several years for Poland's fastener market to become well-restricted if innovative designs and applications expand.
Country-Specific Insights of Industrial Fasteners in Europe
|
Country |
Market Size (2024) |
Budget Allocation |
Key Trend |
|
Italy |
€1.9bn |
6% industrial budget |
Automotive sector growth |
|
Spain |
€1.2bn |
4.6% eco-budget |
Solar energy expansion |
|
Netherlands |
€951m |
7% R&D spend |
Hydrogen infrastructure |
|
Poland |
€701m |
3.9% industrial budget |
Manufacturing boom |
Key Industrial Fasteners Market Players:
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
The global industrial fasteners market is a highly fragmented international market with competition stemming from innovation, vertical integration, and expansion strategies. Major players such as Stanley Black & Decker and ITW use acquisitions and product innovation to dominate parts of the market. Japanese manufacturers like Nifco, Topura, and Meidoh have established long-standing OEM relationships with automotive customers, producing quality fasteners. European companies such as LISI and Bulten are using sustainability & lightweighting in areas of aerospace applications and electric vehicles (EVs). Manufacturers in India and Malaysia are gaining market share through export capabilities because their output is quality-competitive & cost-competitive. But companies are also developing and will continue to develop through automation innovations, smart fasteners, and ESG board compliance to meet emerging industrial fastener demands along with reshoring initiatives and digital manufacturing possibilities in North America, Europe, and Asia-Pacific.
Some of the key players operating in the market are listed below:
|
Company Name |
Country of Origin |
Estimated Market Share (2024–2025) |
|
Stanley Black & Decker, Inc. |
USA |
7.8% |
|
Illinois Tool Works Inc. (ITW) |
USA |
7.3% |
|
Hilti Corporation |
Liechtenstein |
6.4% |
|
Nippon Industrial Fasteners Company (Nifco Inc.) |
Japan |
5.8% |
|
LISI Group |
France |
5.5% |
|
Bulten AB |
Sweden |
xx% |
|
Fontana Gruppo |
Italy |
xx% |
|
TR Fastenings (Trifast plc) |
United Kingdom |
xx% |
|
Bharat Forge Ltd. |
India |
xx% |
|
Bossard Group |
Switzerland |
xx% |
|
MacLean-Fogg Company |
USA |
xx% |
|
PANDROL Australia Pty Ltd. |
Australia |
xx% |
|
Tong Heer Fasteners Co., Bhd. |
Malaysia |
xx% |
Here are a few areas of focus covered in the competitive landscape of the market:
Recent Developments
- In May 2025, BASF launched more than 250 biomass-balanced coatings under the R-M eSense and Glasurit Eco Balance brands. In 2024, these "green" products significantly moved the circular economy and low-carbon car refinishing solutions forward, and delivered about 8.1 million kg of COâ‚‚ savings, with a target of saving 10 million kg in 2025.
- In September 2024, BASF also introduced clearcoats based on ChemCycling at the Automechanika show. These coatings provide OEMs and refinishers the ability to remain stable and meet sustainability goals and regulations by using recycled feedstocks. The product delivers high-performance finishes with a lowered environmental impact for industrial and automotive applications, all in concert with the industry's significant momentum towards using recycled-content materials.
- Report ID: 4430
- Published Date: Jun 30, 2025
- Report Format: PDF, PPT
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