Pune, India, June 21, 2021 (GLOBE NEWSWIRE) -- The global industrial fasteners market size is projected to reach USD 106.05 Billion by 2028, exhibiting a CAGR of 4.2% during the forecast period. The increasing industrialization will bode well for the companies operating in this market. According to a report published by Fortune Business Insights, titled “Industrial Fasteners Market, 2021-2028,” the market was worth and USD 76.70 billion in 2020.
Diminished Aviation Industry to Thwart Business amid COVD-19 Pandemic
The drastic effect of the pandemic on the airline industry has been disastrous. The intense drop in air transport due to the travel restrictions, new policies, and containment measures. Lockheed Martin, The Boeing Company, Airbus, and others decreased their production rates, hence diminishing the demand for fasteners.
However, increasing building and construction activities will fuel the need for the product, subsequently aiding the overall market's growth. Variations in product offerings have allowed applications in diverse industries. The growing demand for the product has attracted several large-scale investors and numerous market entrants. The ease of availability of material used in the manufacturing of industrial fasteners will emerge in favor of market growth. Moreover, factors such as cost-effectivity and product durability, and increased reliability will contribute to the development of the market during the pandemic.
List of the Top Companies Operating in the Global Industrial Fasteners Market:
- ATF Inc. (Lincolnwood, U.S.)
- Howmet Aerospace Inc. (Pittsburg, the U.S.)
- Nifco Inc. (Yokosuka, Japan)
- MW Industries, Inc. (MWI) (Charlotte, the U.S.)
- LISI Group - Link Solutions for Industry (Grandvillars, France)
- Sesco Industries, Inc. (New York City, the U.S.)
- Birmingham Fastener and Supply Inc. (Birmingham, U.S.)
- BPF (Mumbai, India)
- Elgin Fastener Group (Wheeling, U.S.)
- Eastwood Manufacturing (Crystal Lake, U.S.)
- Other Key Players
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Metal Fasteners to Dominate the Market
Based on material, the market is organized into metal fasteners and plastic fasteners.
Based on product, the market is divided into externally threaded, internally threaded, non-threaded, and aerospace-grade.
In terms of application, the market is classified into automotive, aerospace, building & construction, industrial machinery, home appliances, lawns & gardens, motors & pumps, furniture, and others.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin American, and the Middle East and Africa.
The report on the industrial fasteners market highlights:
- Wide-ranging analysis of all the segments
- Informative data with reliable insights
- Crucial market trends
- Excellent insights into all emerging developments
- Regional facts and figures
- COVID-19 impact
Increasing Number of Company Collaborations Will Aid Industrial Fasteners Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and collaborations has made the highest impact on the growth of the market. In June 2019, TriMas Aerospace announced that it has entered into a strategic partnership with Safran and Sonaca. Through this collaboration, the company will look to expand its global customer base and subsequently boost its businesses across the world. The company also plans to increase its production capacity of blind fasteners, thereby strengthening its footprint in the market. Trimas’ collaboration with Safran and Sonaca will benefit the companies and influence the growth of the overall market in the forthcoming years. The report includes a few of the other factors that have influenced the growth of the market in recent years.
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Presence of Several Large-Scale Companies to Aid Growth in Asia Pacific
The report analyzes the ongoing market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific currently holds the highest market share. The rapidly rising industrialization, coupled with the increasing building and construction activities in several countries such as India, China, and Japan, will aid the growth of the regional market.
Besides Asia Pacific, the market in North America will also witness considerable growth in the coming years driven by increasing demand for industrial fasteners across diverse industries. The presence of several large-scale companies has emerged in favor of the growth of the regional market. As of 2019, the market in Asia Pacific was worth USD 29.50 billion, and this value is likely to increase further in the forthcoming years.
March 2020: TriMas announced the acquisition of RSA Engineered Products (RSA), a provider of highly-engineered and proprietary components for air management systems used in critical flight applications. TriMas also signed an agreement to acquire RSA in January 2020.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Industrial Fasteners Market
- Supply Chain Challenges
- Challenges & Opportunities in COVID-19 outbreak
- Steps taken by Government/Companies to overcome this impact
- Global Industrial Fasteners Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Material (Value)
- Metal Fasteners
- Plastic Fasteners
- By Product (Value)
- Internally threaded fasteners
- Externally threaded fasteners
- Non-Threaded Fasteners
- Aerospace Grade Fasteners
- By Application (Value)
- Road construction
- Eros Automotive
- Building & Construction
- Industrial Machinery
- Home Appliances
- Lawns & Gardens
- Motors & Pumps
- By Region (Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- By Material (Value)
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Building & Construction Plastic Fasteners Market Size, Share & Industry Analysis, By Application (Mold Remediation, Textile, Food industry, Healthcare & Pharmaceutical, Others) and Regional Forecast, 2021-2028
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