Industrial Fasteners Market Size Projected to Rise Lucratively during 2021 to 2028: Grand View Research Inc.

 Industrial Fasteners Market Growth & Trends

The global industrial fasteners market size is expected to reach USD 119.01 billion by 2028, registering a CAGR of 4.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing mechanization and growing utilization of machinery in industrial applications are expected to drive the product demand during the forecast period.

Wide product portfolio and commercial availability of application-specific bonding fasteners have propelled the market growth. In addition, innovations in dimension and materials used in fastening products have augmented their demand in industrial machinery manufacturing. Developments in fastening technology to reduce the overall weight of the machine are expected to introduce substitute products for fasteners, which is likely to have a positive impact on the market growth.

The automotive application segment accounted for the largest revenue share of the market in 2020 and is expected to continue its dominance over the forecast period. The growing demand for Electric Vehicles (EVs) is expected to boost automotive production across the globe, which, in turn, will support market growth.

Key players, such as Decker Industries Corp., Acument Global, and Dokka, are acquiring production facilities as a part of business strategies to enhance their scope of operations. Moreover, technological advancements in the products are considered by these players to increase product penetration in industrial manufacturing applications.

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Industrial Fasteners Market Report Highlights

• The demand for plastic fasteners in Europe is expected to expand at a CAGR of 4.3% over the forecast period, owing to the increasing product penetration in the automotive industry to replace metal fasteners
• Externally threaded fasteners held the highest market share in China on account of their high demand from the industrial machinery manufacturing and consumer appliances application segments
• The product demand in the building and construction sector in Germany was significant in 2020; however, it is likely to get affected due to the rising substitution by adhesives and sealants
• Globally, automotive applications accounted for the largest revenue share in 2020. The segment is expected to further ascend owing to the rise in production of EVs
• Manufacturers are aiming to achieve optimum business growth by implementing strategies including acquisition, joint venture, capacity expansion, new product development, promotion of key product brands, and significant investments in R&D

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Industrial Fasteners Market Segmentation

Grand View Research has segmented the global industrial fasteners market on the basis of raw material, product, application, and region:

Industrial Fasteners Raw Material Outlook (Revenue, USD Million, 2017 - 2028)

• Metal
• Plastic

Industrial Fasteners Product Outlook (Revenue, USD Million, 2017 - 2028)

• Externally Threaded
• Internally Threaded
• Non-threaded
• Aerospace-grade

Industrial Fasteners Application Outlook (Revenue, USD Million, 2017 - 2028)

• Automotive
• Aerospace
• Building & Construction
• Industrial Machinery
• Home Appliances
• Lawn & Gardens
• Motors & Pumps
• Furniture
• Plumbing Products
• Others

Industrial Fasteners Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • Spain
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Thailand
  • Malaysia
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa

List of Key Players of Industrial Fasteners Market

• Arconic Fastening Systems and Rings
• Acument Global Technologies, Inc.
• ATF, Inc.
• Dokka Fasteners AS
• LISI Group - Link Solutions for Industry
• Nippon Industrial Fasteners Company (Nifco)
• Hilti Corporation
• MW Industries, Inc.
• Birmingham Fastener and Supply, Inc.
• SESCO Industries, Inc.
• Elgin Fastener Group LLC
• Rockford Fastener, Inc.
• Slidematic Precision Components, Inc.
• Manufacturing Associates, Inc.
• Eastwood Manufacturing
• Brunner Manufacturing Co., Inc.
• Decker Industries Corporation
• Penn Engineering & Manufacturing Corporation
• EJOT
• Illinois Tool Works, Inc.
• Stanley Black & Decker, Inc.
• KOVA Fasteners Pvt. Ltd.
• Standard Fasteners Ltd.
• Precision Castparts Corp.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.