As per a revised report published by an ESOMAR-certified market research and consulting firm, the industrial fasteners market is anticipated to surpass US$ 98 Bn in 2021 and expand at a CAGR of around 5% over the next ten years.
Market intelligence study, analyses that industrial fastener demand is set to register strong growth owing to escalating demand from the transportation industry, especially automotive and railways. Automotive offers a wide application scenario, and every automobile consumes, on an average, nearly 50 kg to 90 kg of fasteners. A plethora of automobile manufacturers are partnering with coating & fastener manufacturers to develop custom-suited automotive fasteners.
Fastener surfaces can get damaged if they are subjected to too much moisture. Usage of optimum finish could control friction and prevent moisture build-up on a bolt or screw. Electrodeposited zinc, nickel, epoxy electro coatings, and hot dip galvanization are some of the choices that are being considered by fastener manufactures to cater to the demanding applications of automakers.
Key Takeaways from Market Study
- The industrial fasteners market is anticipated to add 1.6X value by 2031.
- Metal fasteners capture a major chunk of the market and are set to create an absolute $ opportunity of over US$ 60 Bn by2031.
- Among the types, nuts has been the fastest-growing segment over others globally in the past decade.
- The market in East Asia is set to dominate market revenue in 2021, and is expected to gain 169 BPS by 2031 over 2021.
- Power generation & transmission application is poised to experience highest growth among all the applications at a CAGR of 5.6% during 2021-2031.
- Due to the COVID-19 crisis, demand for industrial fasteners was hit in 2020, which saw a decline of 2.5% over the 2nd and 3rd quarters.
“Targeted acquisition and capacity expansion to remain commercial voice of key market players,” says a Senior Research Analyst
Vital Players Adopting blend of Organic & Inorganic Strategies
Key players are hinging their fortunes on targeted expansions, strategic collaborations, and product launches in the market space to substantially increase their presence. Major players are on an acquisition spree and are focusing majorly on improving their geographic presence and generate revenues from untapped markets.
These insights are based on a report on Industrial Fasteners Market by Fact.MR.