The global fasteners market was worth USD 86.12 billion in 2020, and it is predicted to increase at a compound annual growth rate (CAGR) of 4.5% between 2021 and 2028.
A fastener is a hardware device that mechanically joins or affixes two or more objects together. In general, fasteners are used to create non-permanent joints; that is, joints that can be removed or dismantled without damaging the joining components. Welding is an example of creating permanent joints.Fasteners can also be used to close a container such as a bag, a box, or an envelope; or they may involve keeping together the sides of an opening of flexible material, attaching a lid to a container, etc. There are also special-purpose closing devices, e.g. a bread clip.Some types of woodworking joints make use of separate internal reinforcements, such as dowels or biscuits, which in a sense can be considered fasteners within the scope of the joint system, although on their own they are not general purpose fasteners. Plastic fasteners are used in the building & construction segment due to their superior strength. Corrosion resistance properties shall create huge investment in the new product development, catering to the demand for the product. Increasing consumer focus towards residential and commercial building aesthetics shall propel the industry growth in the interiors and cable management application during the forecast time period.
The report also assesses the key opportunities in the Fasteners market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global Fasteners Market has also been forecasted for the period 2021-2026, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
29-Sept-2020: Avantus Aerospace Buys Fastener Innovation and CalScrew in Back to Back Deals--
Avantus Aerospace, which makes C-Class and Composite parts for the aerospace and defense industry, acquired two California fastener manufacturers, announcing the deals in the space of just one week: Fastener Innovation Technology, in Rancho Dominguez, on Sept. 29; and California Screw Products, in Paramount, on Oct. 6.
Fasteners Market is segmented based on the type, applications, companies and regions.
By Type, Fasteners Market has been segmented into
By Application, Fasteners Market has been segmented into
The automotive industry application category dominated the market and is expected to continue to do so in the forecast period. Automotive industrial fasteners are typically made of stainless steel, iron, nickel, aluminium, plastic, and brass. The market size is being driven by an increase in vehicle production, an increase in the use of electronics in vehicles, and a shift in focus towards lightweight vehicles. In addition, companies are changing from standard to customised products, which is expected to boost market growth.
The report offers in-depth assessment of the growth and other aspects of the Fasteners Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific and Latin America.
China, India, Japan, and South Korea dominate the Asia Pacific market. The government's investments in commercial and residential construction projects are expected to improve the region's market. Due to the existence of medium- and small-scale producers in China, the country accounted for the majority of worldwide plastic fastener manufacturing. The region's product demand will be fueled by an increase in the number of aircraft deliveries and orders facilities due to newer generation aircraft demand. Asia Pacific is a major hub for aerospace fasteners manufacturers, who supply industrial fasteners to aerospace OEMs in North America and Europe.
During the projected period, the North American market is expected to grow at a rapid pace. The growth of the regional industry will be fueled by the rise in electric vehicle manufacturing in the United States, as well as the growing relevance of plastic fastening goods in the automotive sector. The existence of numerous aircraft OEMs in North America, such as Bombardier in Canada, Textron in the United States, and Boeing in the United States, will drive the market share.
Europe has the second-largest industrial fasteners market share, owing to the region's broad demand for compact tractors and lawnmowers, which is expected to expand in the commercial and residential sectors. This market share will be fueled by the production of lawn and garden equipment in this region.
Fasteners Market highlights the potential growth opportunities in upcoming years, while reviewing the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape and other key aspects in the global market. The Global Fasteners Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry. This Research Study compares the markets of Pre COVID-19 and Post COVID-19 with the impact of COVID-19 on the regional economy.
Report Attributes | Report Details |
Forecast Period 2022 to 2027 CAGR | CAGR of 4.5% over the forecast period (2022-2027) |
By Type |
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By Application |
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By Companies | Shanghai Prime Machinery, Gem-Year, Boltun, Changshu City Standard Parts, Xingyi Fasteners, Jiaxing Brother, Ningbo Jinding, Zhejiang Zhapu, Tianbao Fastener, Tong Hwei, Ruibiao, SHBC, Xinxing Fasteners |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 119 |
Customization Available | Yes, the report can be customized as per your needs |
What is the growth rate of Fasteners Market?
The Fasteners Market is growing at a CAGR of 4.5% over the next 5 years.
Who are the key players in Fasteners Market?
Shanghai Prime Machinery, Gem-Year, Boltun, Changshu City Standard Parts, Xingyi Fasteners, Jiaxing Brother, Ningbo Jinding, Zhejiang Zhapu, Tianbao Fastener, Tong Hwei, Ruibiao, SHBC, Xinxing Fasteners
What are the significant types of Fasteners Market?
Steel Type, Cooper Type, Aluminum Type, Others
What are the major end-use applications of Fasteners Market?
Automotive Industry, Machinery Industry, Construction Industry, MRO, Others
On the basis of application, Which segment is likely to hold the major share in the Fasteners Market?
Automotive Industry to hold the largest share in Fasteners market.
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SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
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EXPERT VALIDATION
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REPORT WRITING/ PRESENTATION
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