The demand for industrial fastening solutions is driven by tremendous manufacturing and construction growth in countries such as India and China
According to the latest Arizton's market research report, the industrial fasteners market size to cross USD 117 billion by 2025, growing at a CAGR of 5% during the forecast period.
Industrial Fasteners Market Growth
The growth of the industrial fasteners market is gauged by the order book of the manufacturing and machine tools industry, which is expected to present double-digit growth in coming years. The market is set to display impressive growth during the forecast period with some key trends emerging, such as the increased diversity of substrate materials driven by continuously evolving end-user expectations and the rise of Industry 4.0 and IoT. The demand for industrial fastening solutions is driven by tremendous manufacturing and construction growth in countries such as India and China, supported by favorable demographics, huge indigenous consumption, supportive regulatory, and investment environment. Fastening solutions needed by OEM, MRO, and construction sectors in the form of a large end-user base and collaboration with players in emerging countries to cater to increase in the growth of the market. Growth can be more concentrated in the real estate and residential sectors, which are majorly supported by low-interest rates and rising disposable incomes among the population.
Impact of COVID-19
The global industrial fasteners market suffered a downfall during the COVID-19 crisis as most of the economic activities were halted during Q1 and Q2 in 2020. Most of the major revenue generating end-users of construction, automotive, machinery, and aerospace manufacturing activities were affected, leading to a decline in demand for new fasteners. To practice social distancing, governments recommended a lockdown across various sectors, including industries such as the automotive, electronics, and manufacturing sectors, which affected demand in the global industrial fasteners market.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by material, type, end-users, and geography
- Competitive Landscape – 8 Key Company Profiles and 25 Other Prominent Vendors
Industrial Fasteners Market – Geographic Analysis
The demand for fasteners in Latin America is likely to be driven by expansionary investments in infrastructure and the potential synergistic demand that can bring in the form of sectors, especially automotive and power transmission. The region’s construction and infrastructural outlook are likely to pose an expansionary demand for industrial fasteners as well as spare parts. APAC hosts some of the most robust manufacturing industries including automotive, construction, chemicals, defense, and aerospace. The region is home to highly enthusiastic, tech-savvy professionals, and a hub for millennials. Millennials account for the bulk usage of tech products and target audience for robotic and automation vendors, especially in B2C segments. The high demand for tech products in APAC holds a key area of interest for vendors in the manufacturing sector and presenting high demand for vendors offering fasteners for industrial and manufacturing sectors.
The global fasteners market is highly fragmented with no major vendors taking up a significant share in the market. Vendors are mainly located near manufacturing hubs to enable collaboration on the design and development of fasteners and other assembly products. The margins are higher for vendors to make products that have specialty, custom, or critical applications. The competitive landscape for fasteners is also driven by mergers and acquisitions, and vendors with profitable production levels are always explored by larger players to outsource the manufacturing of custom or specialty fasteners. The global industrial fasteners market is currently witnessing intense competition between major players. The rapid change in market dynamics with regards to product innovation and advancement is acting as a catalyst to intensify competition among existing players.
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