FOCUS ON FASTENERS expected to witness a CAGR of 4.5 % from 2022-2027 . It is supported by rising demand from different industries such as construction , automotive and aerospace , and the growing production of industrial machinery and components .
“ The suspension of industrial operations to curb the COVID-19 impact across the globe affected product demand in 2020 . The COVID-19 pandemic has significantly hampered growth of the automotive industry across the world with disruptions in supply chain activities , interruptions in large-scale manufacturing and restrictions on travel . The pandemic also significantly impacted the construction sector , which is sensitive to economic cycles ,” commented the analyst . However , both these sectors started reporting strong recovery from 2021 which , it added , is a major factor contributing to the growth of the industrial fasteners market . Fasteners are extensively used in the construction industry to join two or more objects together in a non-permanent way , while automotive fasteners are useful for clamping parts of vehicles together to avoid their separation , preventing leakage of joints , and transmitting loads .
“ Rapid technology advances in the aviation industry have led to the production of new and more durable aerospace fasteners . The hardware helps to effectively hold the parts of commercial and military aircraft ; ballistic missiles , space-bound rockets etc . However , an increase in the substitution of metal fasteners for adhesives and tapes in bonding and NVH applications , mainly in the automotive industry , is expected to restrict market growth ,” it added .
Analyst , Transparency Market Research , valued the global industrial fasteners market at US $ 92.16 billion in 2021 and expects it to reach US $ 131.56 billion by the end of 2031 ( growing at an estimated CAGR of 3.2 %).
Strong demand across Asia
The presence of several multinational and domestic players engaged in automotive , machinery and component manufacturing operations has increased product demand across the Asia Pacific . The key manufacturing hubs across India and China are further expected to foster market growth due to the rapid expansion of manufacturing operations in these countries .
“ China is one of the largest producers and exporters of industrial fasteners in the region , owing to the presence of several small and medium-scale players . Industry players are investing in R & D and the production of plastic and specialty fasteners for applicationspecific demand by end-users and for the highly competitive market ,” explained Mordor Intelligence .
Automotive is a key industry sector for fasteners .
Aerospace rivets ( image : Shutterstock . com ).
“ In India , the demand for industrial fasteners is led by strong growth in the automotive sector . Despite the ongoing challenges of COVID-19 , the Indian automotive industry is recovering steadily and benefiting from increasing government investments and initiatives to support the sector ,” it added .
Japan is also a significant market for industrial fasteners in the Asia Pacific region . It has approximately 3,000 manufacturers that produce around JPY 1-trillion worth of fasteners annually . Over the years , strong economic growth in the region has also strengthened the market .
Trends and directions
Trends in fastener markets include an increased focus on lightweighting in the automotive and aerospace sectors and growing investments in industrial automation , motion control and robotics . There has been increasing use of novel threaded and plastic fasteners and substantial technology innovations in fastener forms and functions .
A rising wave of miniaturisation is also driving demand for micro fasteners and miniature fasteners in various types and styles . Miniature clinch fasteners offer strong , permanent and reusable fastener solutions in applications utilising ultra-thin metal sheets .
According to Transparency Market Research , companies in the industrial fastener market are focusing on novel materials such as carbon fibre and various alloys for the development of corrosion-resistant , lightweight , superconducting industrial fasteners . Hybrid fasteners are also being developed using injection-moulded plastic materials and metals that are lighter , easier to install and costeffective .
Fastener types
Fastener product segments include bolts , nuts , screws , rivets / washers and miscellaneous ( pins , nails and others ). Industrial fasteners ( including nuts , bolts and screws ) are used to join or fix two or more objects together . These products increase the durability of joined parts and can be used on different kinds of substrates such as metals and plastics . Industrial-grade products are commercially available in several forms including externally threaded , aerospace-grade and other standard fasteners .
The most widely used fasteners include nuts , bolts , screws , bolts , clips and grommets . Stainless steel is the most common material used for manufacturing internally threaded fasteners . Brass , alloy steel and aluminium are other materials used to manufacture them . Most nuts are further plated or polished using chrome to improve performance and durability in the end-use application .
Aerospace grade products vary significantly , compared to ordinary commercial-grade counterparts in terms of quality ; performance ; raw material ; price and technical specifications . For instance , commercial grade fasteners are generally manufactured using carbon steel , whereas aerospace grade fasteners are manufactured using corrosion-resistant steel and are further heated to exceed a tensile strength of 125,000 psi to achieve the required properties .
Externally threaded fasteners , a dominant segment , include critical fasteners ; machine screws ; thread forming and screw & washer assembly . There is rising usage of these products in automotive ; MRO ; machinery ;