Industrial Fasteners Market – Snapshot
Industrial fasteners refer to the high quality fasteners which are used in a variety of applications ranging from maritime to automobile and construction industry. The term industrial fasteners and permanent fasteners are interchangeably used in this reference. These fasteners are able to withstand almost every weather and chemical element (and can last for many years without needing replacement).
Increasing demand from automotive, construction, and manufacturing industry across all the regions is expected to drive the demand for industrial fasteners over the forecast timeline. According to the Bureau of Labor Statistics and a report from Timetric’s Construction Intelligence Center (CIC), the construction industry is booming and is projected to be the fastest growing industry into 2024. The market is expected to reach almost US$ 1.2 Trillion by 2024 with a projected growth of 4.5%. The U.S. population is expected to reach 338 million by 2024 from 321.2 million in 2010, which will further result in driving the demand for residential housing, thus escalating residential construction growth over the forecast period.
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The automotive industry is expected to witness enormous growth across the world over the forecast period. This growth is attributed to the increased manufacturing of automobiles since automakers are constantly developing drive-trains and more efficient engines to reduce fuel consumption and are using emission-control technology to produce cleaner automobiles. The global volume of the automotive industry is expected to reach 95 million in 2018 and 97 million in 2018 approximately. China, India, and East Europe are projected to be emerging markets globally, thereby driving the demand for industrial fasteners over the forecast timeline.
Fluctuating prices of raw materials such as steel, copper, and aluminum have impacted the margins of manufacturers. In 2017, 1.7 billion metric tons globally which accounts to almost half of the steel produced, came from China. Steel prices have been increasing rapidly in China as compared to the global average price over the last few years. The Chinese steel price composite index increased by around 17% over the same time period from January 2017 to January 2018, while the world index increased by 11% for rebar prices. Chinese steel demand accounts for nearly 45% of global demand, and exports accounted for 27% of world steel exports in 2017, which makes China the largest steel exporter in the world. As such, recent developments in Chinese steel prices are likely to have an important effect on the development of global steel prices as a whole. This fluctuation poses a constant threat to the industrial fasteners market throughout the forecast timeline.
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The global industrial fasteners market is expected to grow steadily at a CAGR of 2.2% in terms of value over the forecast period due to the growing demand from application industries which include automotive, machinery, and construction. Strong recovery in the automotive and construction segment is projected to sustain the growth in various developed countries. Furthermore, rising demand for lightweight fasteners in the automotive industry and high-value titanium fasteners in the aerospace industry is also projected to drive the market in the coming years.
The industrial fasteners market in Asia Pacific is projected to hold the major share in the global market and is expected to expand at a CAGR of 2.6% in terms of revenue over the forecast period. The growth is attributed to economic developments in China and India which have increased the disposable income of consumers in the region, thus promoting the growth of the automotive industry. Furthermore, the developments in the maintenance and construction industry across the globe have also contributed to the growing demand for fasteners in the region.
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The major industry participants in the global industrial fasteners market are Acument Global Technologies Inc., Arconic Inc., Bulten AB, STANLEY Engineered Fastening, Fortana Group, Hilti Corporation, LISI Group, MacLean-Fogg Company, MISUMI Group Inc., Nifco Inc., Precision Castparts Corp., The SFS Group, A&G Fasteners, SA Fasteners, etc.
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