Australia And New Zealand Industrial Fasteners Market Growth & Trends
The Australia and New Zealand industrial fasteners market size is expected to reach USD 1.67 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.3% from 2022 to 2030. This growth can be attributed to rising commercial and residential construction activities and the growing aerospace and defense sector in Australia and New Zealand.
Industrial fasteners manufacturers are opting for new technology in the manufacturing process, which allows them to install fasteners during the stamping process. This results in low operational costs and time and provides them with a competitive edge over other manufacturers as the adoption of new technology offers them the capability to perform two operations simultaneously in the minimum possible time. It also facilitates the manufacturer to have minimum hardware requirements in the assembly line.
Players in the Australia and New Zealand industrial fasteners industry mainly compete based on product quality, product advancements, customer services, and pricing. Major companies are focusing on developing lightweight materials to cater to the increasing demand for industrial fasteners in the automobile and aerospace & defense industries. Technological development, easy availability of materials, and hassle-free manufacturing processes are resulting in high competition among players in Australia and New Zealand.
Market differentiators are the players engaged in the production and distribution of industrial fasteners with distinctive characteristics. The players focus on technological advancements in various types of metals and plastics being used for the production of industrial fasteners, including nylon, ceramics, special alloys, and carbon fiber, to maintain their dominance in the competition.
Increasing metal prices and the decelerating demand for industrial fasteners owing to their replacement by pressure-sensitive tapes, bonding sheets, and adhesives are expected to be key barriers for industrial fastener manufacturers in the market. The rising demand for adhesives in the automotive, construction, and aerospace industries for binding various materials is likely to hamper the demand for industrial fasteners over the forecast period.
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Australia And New Zealand Industrial Fasteners Market Report Highlights
- Metal segment accounted for a revenue share of 96.5% in 2021 on account of its superior characteristics like high mechanical strength, impact resistance, and less susceptibility to harsh conditions such as high temperature and pressure
- The externally threaded fastener segment is expected to witness a CAGR of 7.1% from 2022 to 2030. This is attributed to rising demand from industries like transportation, construction, and bridges and harbors. Furthermore, high investments in sectors like mining and construction are expected to drive the demand for industrial fasteners in Australia and New Zealand
- The demand was hampered owing to the global outbreak of the COVID-19 pandemic in 2020 which disrupted the construction and manufacturing activities in Australia and New Zealand, which in turn, hampered the demand for industrial fasteners in the market. Furthermore, the post-pandemic recovery of the market along with rising industrialization and urbanization would likely increase the demand for industrial fasteners
- Residential application dominated the market in 2021 and is expected to reach USD 292.9 million by 2030, owing to high investments towards residential construction in Australia and New Zealand, which in turn, is expected to increase the demand. In residential construction, industrial fasteners are primarily used for bonding/attaching and cable management applications
- Market differentiators are the players engaged in the production and distribution of fasteners with distinctive characteristics. The players focus on technological advancements in various types of metals and plastics being used for the production of industrial fasteners, including nylon, ceramics, special alloys, and carbon fiber, to maintain their dominance in the competition. Moreover, mergers & acquisitions of manufacturers and suppliers are being pursued by prominent companies to strengthen their market positions
Access Press Release@ https://www.grandviewresearch.com/press-release/australia-new-zealand-industrial-fasteners-market-analysis
Australia And New Zealand Industrial Fasteners Market Segmentation
Grand View Research has segmented the Australia and New Zealand industrial fasteners market based on raw material, product, and application:
Australia And New Zealand Industrial Fasteners Raw Material Outlook (Revenue, USD Million, 2017 - 2030)
- Plastic
- Metal
Australia And New Zealand Industrial Fasteners Product Outlook (Revenue, USD Million, 2017 - 2030)
- Externally Threaded Fasteners
- Internally Threaded Fasteners
- Non-Threaded Fasteners
- Aerospace Grade Fasteners
Australia And New Zealand Industrial Fasteners Application Outlook (Revenue, USD Million, 2017 - 2030)
- Construction
- Aerospace and Defense
- Mining
- Oil & Gas
- Automotive
- Utilities
- Bridge, Railways, and Harbors
- Other Applications
List of Key Players in Australia And New Zealand Industrial Fasteners Market
- Prendergast Fasteners PTY Ltd.
- Allthread Industries
- EJOT
- CMI Fasteners Ltd.
- South Australian Fasteners Engineers PTY Ltd.
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.
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