FOCUS ON FASTENERS
Metal fasteners are manufactured using stainless steel ; nylon ; aluminium ; carbon steel ; nickel ; silicon bronze ; copper ; brass ; alloy steel ; bronze and titanium . Specialty fasteners are manufactured using materials such as titanium ; brass and bronze , which offer excellent performance under varied conditions including corrosion , vibration and high impact .
“ Non-standard fasteners can be manufactured by modifying existing fastener designs , whereas the other types of nonstandard fasteners ( or specialty fasteners ) have different designs , materials and head styles compared to standard fasteners . These products see high demand from various end-use industries , as manufacturers are investing in the appearance of the final product along with focusing on durability and superior performance ,” added Grand View Research .
The analyst ’ s report confirmed that the externally threaded product segment accounted for the maximum revenue share of 48.5 % in 2020 . The segment , it confirmed , is likely to maintain its dominance over the forecast period .
“ Bolts and screws are the most commonly used types of externally threaded fasteners . These products are widely used in the automotive ; electronics ; shipbuilding ; railway and heavy equipment manufacturing industries . Internally threaded fasteners primarily include nuts and inserts . Nuts dominate the internally threaded fasteners segment and are generally used , opposite bolts , to stack two or more parts of the structure together . The most commonly used nuts are hexagonal , which find large-scale application in the construction ; industrial machinery ; railways ; car and motorcycle manufacturing industries ,” added the analyst .
Non-threaded fasteners include pins ; washers ; rivets ; hooks ; grommets ; O-rings ; clamps ; cable ties and nails . These products have numerous applications , such as incable management and wire harnessing , and are also used to secure pipe fittings in the
Fastener points on a car .
Aerospace fastening systems .
automotive and construction sectors . Plastic non-threaded fasteners are expected to see high demand in these application industries on account of their low cost and weight .
“ Aerospace-grade fasteners are classified as a separate grade from other industrial fasteners owing to their high quality . These products are required to have high durability to withstand extreme pressures and temperatures . The key criterion for the selection of aerospace-grade fasteners is their weight . Lightweight fasteners with high durability are preferred in aerospace applications ,” explained Grand View Research .
Applications and markets
According to Grand View Research ’ s analysis , the automotive application segment accounted for the largest revenue share of more than 30 % in 2020 .
“ Large-scale production of commercial and passenger vehicles across the globe has supported the growth of the segment . In addition , the growing demand for EVs is expected to increase the production of vehicles across the globe which , in turn , is likely to boost the demand for fasteners in the years to come ,” it said .
On the basis of application , the market in the report has been segmented into automotive ; aerospace ; building & construction ; industrial machinery ; home appliances ; lawn & gardens ; motors & pumps ; furniture ; plumbing products and others . The aerospace segment is estimated to register the fastest CAGR during the forecast period .
“ The aerospace industry requires huge amounts of metal fasteners , which are generally manufactured using high-strength materials with high impact resistance . The growth of the aerospace manufacturing and MRO segment is expected to propel product demand over the projected period ( up to 2028 ),” said the analyst .
According to the report , Asia Pacific dominated the global market with a revenue share of 42.7 % in 2020 . The presence of multinational and domestic players engaged in automotive , machinery and component manufacturing operations has led to product demand in this region . Major manufacturing hubs in India and China are expected to further drive the market , owing to the rapid expansion of manufacturing operations in these countries . “ The U . S . was the largest importer in the world in 2020 and is likely to witness a similar trend over the forecast period because of high
ISMR March 2022 | sheetmetalplus . com | 19