Industrial Fasteners Market Size, Share & Trends Analysis Report By Raw Material, By Product (Externally Threaded, Internally Threaded, Non-Threaded, Aerospace Grade), By Application, And Segment Forecasts, 2019 - 2025

Industry Insights

The global industrial fasteners market size was estimated at USD 83.34 billion in 2018. It is anticipated to expand at a CAGR of 4.1% over the forecast period. Rise in custom fastener manufacturing coupled with product penetration of plastic variants in the automotive industry is expected to propel growth over the projected period.

Shifting manufacturing trends towards producing innovative products, such as specialty, miniature, and hybrid fasteners to tap the altering consumer demand are projected to bode well for growth. Furthermore, market participants are engaging in mergers and acquisitions to increase their production capacities, product variation, and geographical reach, thereby strengthening their position.

The U.S. is involved in high volume import and export trading in the international market. The import partners for the country include China, Taiwan, Japan, Germany, Canada, South Korea, Mexico, France, and India. The country is also a major producer of the product with the presence of players including ATF Inc.; Illinois Tool Works, Inc.; and Acument Global Technologies.

The consumers, especially from the automotive and aerospace sector, can claim compensation from the manufacturers in case of faults concerning the quality of fasteners. Hence, these products are subjected to rigorous quality checks to meet standards including ASTM, ASME, BS, DIN, and JIS, to avoid such claims.

Rising metal prices coupled with their growing demand in other application industries including construction and machine manufacturing is likely to affect raw material supply for fasteners. However, the presence of numerous suppliers with high production volumes is likely to limit the dominance of raw material suppliers.

Increasing substitution of metal fasteners by adhesives and tapes in bonding and NVH applications especially in the automotive industry is expected to hamper the growth of the industrial fasteners market. However, the irreplaceable ability of metal grade products to provide impact resistance in heavy-duty applications is expected to limit the threat of substitutes.

Raw Material Insights

In 2018, plastic fasteners accounted for a smaller share as compared to its metal counterpart owing to their low strength, and impact resistance, especially in heavy-duty applications. However, increasing demand from the automotive and aerospace industry on account of their lightweight, low cost, and superior corrosion resistance are expected to drive growth.

Plastic fasteners are manufactured using various raw materials including polycarbonate, polyurethane, polyvinyl chloride, polyacrylamide, polystyrene, polyethylene, and nylon. Polycarbonate based products are used in the electrical industry owing to their properties such as good insulation, heat resistance, and flame retardancy.

Traditionally metal fasteners lead the industry, accounting for over 90.0% market share. The products offer exceptional mechanical strength and impact resistance, in heavy-duty applications such as industrial machinery, and construction equipment, which is expected to offer the product a distinctive advantage over its counterparts.

A majority of fasteners are made of steel owing to its resilient mechanical properties. Stainless steel fasteners are mainly used in applications where the primary requirements include high tensile strength, temperature resistance, and corrosion resistance. Martensitic, ferritic, and austenitic are the various grades of stainless steel used for industrial fasteners.

Product Insights

The demand for internally threaded fasteners is likely to expand at a CAGR of 3.7% over the projected period owing to their increasing demand in construction, industrial machinery, railways, cars, and motorcycle manufacturing. Innovations in the designs to provide better performance and vibration resistance are projected to have a positive impact on the market.

Stainless steel is the most common material used for manufacturing internally threaded fasteners. Brass, alloy steel, and aluminum are the other materials used to manufacture these fasteners. A majority of the nuts are further plated or polished using chrome in order to improve its performance and durability in the end-use application.

Aerospace grade products vary significantly as compared to ordinary commercial-grade counterparts in terms of quality, performance, raw material, price, and technical specifications. For instance, commercial-grade fasteners are generally manufactured using carbon steel, whereas aerospace grade fasteners are manufactured using corrosion-resistant steel and are further heated to exceed a tensile strength of 125,000 psi to achieve desired properties.

In 2018, the non-threaded product segment accounted for 25.3% of the overall demand. These products are widely used in subflooring, decking, and roofing is expected to have a positive impact on market growth over the projected period. Furthermore, the growing demand for grommets and pins in electronics applications is likely to boost growth.

Application Insights

The product demand in industrial machinery such as construction and mining is expected to expand at a CAGR of 4.4% from 2019 to 2025. The performance of the machinery depends on the components that go into the construction of this equipment. As a result, the selection of the product is done on the basis of environmental conditions under which the machine is required to operate.

The demand for the product in lawns and gardening equipment was valued at USD 1.46 billion in 2018 and is expected to witness a CAGR of 3.2% over the projected period. Fasteners witness high demand in manufacturing these machines as they can sustain a high vibration environment. Studs, pins, and bolts are the most commonly used products for this application.

Furniture screws and nuts are designed for use on processed wood materials. These products are used to join various wood panel materials such as plywood and particleboard. The fasteners used in furniture applications can be easily mounted and removed, which makes moving the furniture convenient.

The most widely used fasteners include nuts, bolts, screws, bolts, clips, and grommets. In furniture applications, the product is used to fix handles, doors, furniture sides, and drawers together. However, the rising demand for adhesives in furniture applications, especially in stationary furniture items, is likely to hamper the demand over the projected period.

Regional Insights

In 2018, automotive application led the North America market, accounting for 29.3% of the overall market. Plastic fasteners are gaining high penetration in this segment owing to the rising production of electric vehicles in the region. The regional demand is likely to witness a CAGR of 4.0% over the projected period.

Automotive metal fasteners have been experiencing decelerating growth owing to high consumer preference towards plastic counterparts and adhesives. Increasing metal prices and growing demand for lightweight automotive components are expected to be the key factors affecting the demand over the forecast period.

Europe was the second-largest regional segment in 2018 on account of considerable product demand from the developed economies of Germany, U.K., Russia, Italy, and France. In the same year, the automotive industry accounted for a major share in terms of revenue generated in the region.

In Europe, the lawns and gardening equipment segment was valued at USD 593.1 million in 2018. Growing demand for lawnmowers and small tractors in the region is expected to grow owing to their widespread application in commercial and residential gardening. As a result, the production of this equipment is likely to grow, thus impacting the industry growth positively.

Industrial Fasteners Market Share Insights

Automotive, building and construction, marine, electrical and electronics, and OEM industries are the major end-users. Leading manufacturers in the industry are focusing more on the R&D initiatives related to the use of raw material to improve durability, strength, and temperature and pressure resistance, to alleviate the threat of new entrants.

Many companies are gaining global standard certification to sustain the competition in the market. For instance, more than 140 Taiwan companies have gained aerospace certification to manufacture aerospace fasteners within the strict quality control and certification standards such as AS9100 and NADCAP.

The competition is inclusive of factors like distribution partnerships, technological innovations, product portfolio, strategic developments, and capabilities. The key players in the market include Stanley Black & Decker, Inc.; MW Industries Inc.; Arconic; Illinois Tool Works, Inc.; and Penn Engineering & Manufacturing Corporation.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global industrial fasteners market report based on raw material, product, application, and region.

• Raw Material Outlook (Revenue, USD Million, 2014 - 2025)

  • Plastic

  • Metal

• Product Outlook (Revenue, USD Million, 2014 - 2025)

  • Externally Threaded

  • Internally Threaded

  • Non-Threaded

  • Aerospace Grade

• Application Outlook (Revenue, USD Million, 2014 - 2025)

  • Automotive

  • Aerospace

  • Building & Construction

  • Industrial Machinery

  • Home Appliances

  • Lawn and Garden

  • Motors and Pumps

  • Furniture

  • Plumbing Products

  • Others

• Region Outlook (Revenue, USD Million, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Spain

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Malaysia

    • Indonesia

    • Thailand

  • Central & South America

    • Brazil

  • Middle East & Africa

    • UAE