Industrial Fasteners Market size is expected to cross USD 132 Billion by the end of 2035, growing at a CAGR of 5.2% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of industrial fasteners was around USD 80 Billion. The growing global production of manufactured goods can be primarily a reason for the industry growth. Thanks to their huge advantages, industrial fasteners are a key component in the production of industry. This is leading to promising growth opportunities for a market size, as the rate of industrial output increases. As an example, by 2021, there will be a rise of 8 % in the production of products within the EU compared to 2020, reaching 108%.
With the increased production of motor vehicles, it is anticipated that key players operating in the global market will have enormous revenue generation opportunities over the forecast period because of a growing demand for fasteners from vehicle manufacturers. Based on the information provided by the International Association of Vehicle Manufacturers OICA, vehicle production increased over the past few years and reached about 80 million cars in 2021 as compared to an approximate 77 million vehicles in 2020.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 5.2% |
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Base Year Market Size (2022) |
~ USD 80 Billion |
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Forecast Year Market Size (2035) |
~ USD 132 Billion |
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Regional Scope |
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Material Type (Metals, Plastics)
The metals segment in the industrial fasteners market is attributed to holding the largest share of 58% by the end of 2035. This can be propelled by the increase in freight train traffic throughout the world, because of its improved resistance and mechanical strength which are employed on railway networks. For example, from 1 bn tons in 2017, the world's freight traffic is projected to increase to 3 bn tons by 2030.
Industry (Automotive, Aerospace, Food Processing, Construction, Marine & Offshore, Power Generation, Nuclear Power Plants, Oil & Gas, Home Appliances, Paper & Pulp Processing)
The automotive segment is projected to hold the most significant share of 39% by the end of the forecast period. In the production of passenger cars, car manufacturers prefer to use industrial fasteners which are made from solid steel, iron, nickel, aluminum, plastic, and brass. Also, a key factor that has contributed to segment growth and revenue generation is the increase in the production of motor vehicles as well as increasing use of electronics in automobiles coupled with greater emphasis on producing lighter vehicles.
Our in-depth analysis of the global industrial fasteners market includes the following segments:
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Product Type |
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Material Type |
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Industry |
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APAC Market Forecast
In the Asia Pacific industrial fasteners market is projected to hold the largest revenue share of 38% by the end of 2035. The presence of a strong manufacturing network in the region, increased production of industrial fasteners as well as an increasing export of these fasteners has contributed to this growth in the region. Moreover, from January to September 2021, China exported 3.5 million tonnes of fasteners, up by 19.5% compared with the same period last year. The expansion of industries such as automobiles, industry machinery, electronics, and building is projected to increase the demand for fasteners in a variety of applications based on emerging trends in the Asia Pacific region's economy.
North American Market Statistics
The North America region is projected to hold a 25% of the global industrial fasteners market share during the forecast period. One of the main factors for market growth in North America is considered to be its high rate of industrial fasteners consumption, given that this region has an extensive manufacturing base. In addition, the use of automobile fasteners is expected to have a positive impact on industrial fasteners sales over the next few years due to increased demand for electric vehicles, and trucks in the United States.
Author Credits: Mohd Shadab, Yashika Karodiwal
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