Industrial Fasteners Market Size

Industrial Fasteners Market Analysis

The Industrial Fasteners Market size is estimated at USD 84.77 billion in 2024, and is expected to reach USD 108.47 billion by 2029, growing at a CAGR of 4.26% during the forecast period (2024-2029).

The market is majorly driven by the rising demand from different industries like construction, automotive, and aerospace.

• Industrial fasteners are an extensive range of components made up of metal, plastic, alloy, and other materials. They are used in many places to join or hold together two or more objects permanently or semi-permanently. Many of these are mechanical, such as nuts, bolts, studs, hinges, handles, rivets, knobs, flanges, and screws. For industrial applications, fasteners usually have a deep thread. They typically come in varied forms, such as clinched end-cap socket head cap screws, rod threaded with bar, and rolled end-cap unturned tee nuts.
• The growth of the global industrial sector, wherein the penetration of safety regulations and advanced technologies are increasing significantly, is among the significant factors driving the development of the studied market. Industries such as automotive, manufacturing, aerospace, food, and beverage, among others, have been reporting notable growth in the last few decades. For instance, according to OICA, in 2022, about 85 million motor vehicles were produced globally.
• Fasteners are extensively used in the construction industry to join multiple objects together in a non-permanent way to avoid their separation, preventing leakage of joints and transmitting loads. In recent years, the construction sector, especially in developing regions such as India, China, and Brazil, has witnessed strong growth, which is anticipated to continue to drive opportunities in the studied market. For instance, according to Odebrecht, a Brazilian company, Brazil's infrastructure construction sector's GDP is anticipated to reach USD 99.2 billion by 2025, from USD 81.3 billion in 2021.
• Further, the rapid advancement in technology in the aviation industry has led to the production of newer and more durable aerospace fasteners. The hardware helps to effectively hold the parts of commercial airplanes, military aircraft, jets, ballistic missiles, etc., and space-bound rockets.
• However, an increase in the substitution of metal fasteners for adhesives and tapes in bonding and NVH applications, majorly in the automotive industry, is expected to restrict the market growth.
• Additionally, the susceptibility of industrial fasteners, especially made of metals, to rust and corrosion, while of plastic fasteners to heat also continues to remain among the major challenges that will impact the studied market's growth during the forecast period.