FOCUS ON FASTENERS
the growing population , high investments in the construction sector and rising demand for industrial fasteners in the automotive and aerospace sectors . Infrastructure development is one of the key parameters to be considered while tracking the regional development of the market ,” said the analyst .
“ The market for industrial fasteners is characterised by intensive technological developments that produce advanced , lightweight products for automotive and other industrial applications . With the enhancement in technology , the rising demand for hybrid fasteners ( which incorporate a combination of injection-moulded plastic components with metal elements ) is expected to drive the market ,” it added .
Companies manufacturing fasteners require significant capital investment owing to the high production volumes and stringent specifications concerning testing and labelling . Industrial fasteners such as bolts , screws , nuts , studs and rivets are manufactured and distributed by different participants . Companies invest significantly in R & D activities , leading to dynamic market conditions .
“ The market growth stage is medium , and the pace of growth is accelerating . The market is fragmented and highly competitive , with
Image : Shutterstock . com . various large and small-scale manufacturers in China , Taiwan , Thailand and Japan . Significant development of commercial construction , coupled with the rising demand for green building materials in the region , has triggered market growth , improving competition in the market ,” outlined Grand View Research .
“ Metal fasteners accounted for the largest market share of 91.15 % in 2023 . This includes various materials such as stainless steel , bronze , cast iron , superalloys and titanium . High mechanical strength is expected to be an important factor triggering their growth over the forecast period ,” continued the analyst .
According to Grand View Research , externally threaded fasteners accounted for the highest revenue share of 48.08 % in 2023 . Bolts and screws , it said , are the most widely utilised type of externally threaded fasteners . Non-threaded fasteners accounted for the second-largest revenue share in 2023 and were expected to grow significantly over the forecast period . Rising demand for nonthreaded fasteners in the construction industry for various applications ( such as subflooring , decking and roofing ) is expected to positively impact growth over the projected period ( 2024- 2030 ).
“ Aerospace-grade fasteners are expected to expand at the fastest CAGR of 6.0 % from 2024 to 2030 . These fasteners vary significantly from ordinary commercial-grade fasteners in terms of quality , performance , raw material , price and other technical specifications . The most commonly used aerospace nuts include fibre inserts and castle nuts . Internally threaded fasteners accounted for a significant share of the market . Stainlesssteel is the most common material used for manufacturing internally threaded industrial fasteners , followed by brass , alloy steel and aluminium . Innovations in the designs of internally threaded fasteners to provide better performance and high impact and vibration resistance are projected to impact growth positively ,” added the analyst .
The industrial fasteners ’ market in Asia- Pacific accounted for the largest revenue market share , with 44.05 % in 2023 , explained Grand View Research . Economic growth in Asia has increased the need for improved public infrastructure such as roads , harbours , airports and rail transportation networks . Furthermore , a substantial increase in mergers & acquisitions , integration activities and site relocations has boosted industrial development in the region . This has resulted in increased construction of industrial and infrastructure activities in emerging nations such as India , Vietnam , Thailand and Malaysia .
Trends and developments
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 . Electric vehicle supplychain opportunities include the manufacture of housings and enclosures to protect battery packs and electric drive components ; precision fastening and mounting systems ; cooling systems ; connectors and cabling .
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 .
In general , a major challenge faced by fastener manufacturers is the fluctuation of raw material prices . Metal fastener replacement by plastic fasteners , automotive tapes and adhesives are also key barriers for metal fastener manufacturers . Plastic fastener
Image : Shutterstock . com .
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