FOCUS ON FASTENERS
FIRM FIXTURES
We examine growth patterns , new market analysis and key drivers in global industrial fastener markets .
“ The market is characterised by the presence of numerous suppliers with high production volumes and wide product portfolios .”
A
fastener is a connective mechanism used to join and secure materials together . Fasteners attach components of furniture , electronic equipment , appliances , automobiles , aircraft , building structures etc . Sheet metal fastenings are used for a variety of applications including automotive ; telecommunications ; electronics ; white goods ; brown goods ; lighting ; home appliances ; aerospace ; construction etc .
The industrial fasteners market is highly competitive with a large pool of multi-national manufacturers offering high-grade and customised products . Competition is primarily driven by application scope . Many companies in the market provide several specialty products for end-use segments ( such as automotive , aerospace parts and machinery ).
The increased diversity of substrate materials , driven by continuously evolving end-user expectations , and the rise of industry 4.0 and IoT are major factors influencing the growth of the fastener market . Trends such as the increased focus on lightweighting in the automotive and aerospace sectors ; increased investments in industrial automation , motion control & robotics and the launch of hybrid fasteners ( featuring a blend of metal and injection-moulded plastic elements ) also impact markets for these products .
Forecast and projections
According to the latest research from analyst Grand View Research , the global industrial fasteners market size was valued at US $ 86.12- billion in 2020 and is expected to grow at a compound annual growth rate ( CAGR ) of 4.1 % from 2021 to 2028 . Increasing production of industrial machinery and components is expected to boost the penetration of industrial fasteners over the forecast period .
It valued the global industrial fastener market at US $ 90.79 billion in 2021 , with a revenue forecast of US $ 119.01 billion in 2022 . Its report also highlighted the growing production of lightweight Electric Vehicles ( EVs ) in the USA as positively influencing the demand for fasteners and substitutes , including adhesives and sealants .
The market is characterised by the presence of numerous suppliers with high production volumes and wide product portfolios . Fasteners see high demand across major sectors including automotive ; construction ; machine manufacturing ; electronics ; shipbuilding and railways . A rise in the production of commercial aircraft , owing to the increase in numbers of air passengers across the globe , has augmented demand for specialty-grade fasteners .
Material insights
“ The metal raw material segment accounted for the largest revenue share of more than 91 % in 2020 , owing to high demand for metal fasteners . High tensile strength , enhanced lifespan and the durability of metal products are factors in their popularity for industrial bonding applications ,” explained Grand View Research .
18 | sheetmetalplus . com | ISMR March 2022