A new market report says that demand from the automotive, construction and manufacturing sectors will drive industrial fasteners to steady growth over the next seven years.
A new market report by Transparency Market Research (TMR) forecasts that the global industrial fasteners market will reach $104.94 billion by 2026.
Driven by demand from the automotive, construction and manufacturing sectors, TMR expects the market to grow at a CAGR of 2.2 percent during the forecasted period from 2018 to 2026, stating that the market stood at around 26.7 million metric tons in 2017.
TMR said the Asia Pacific industrial fasteners market is projected to be the highest growth region due to developing economies increasing consumers' disposable income and thus growing the automotive industry there, along with growth in the maintenance and construction industries.
The report said that the screws segment is expected to gain the largest share in the industrial fasteners market, with a total value of $21.3 billion by 2026 at a CAGR of 1.6 percent annually. In terms of application, the global figures for automotive OEM segment are expected to value $30.67 billion by 2026 at a CAGR of 2.6 percent. However, TMR notes that fluctuating prices of raw materials such as steel, copper and aluminum have impacted the margins of manufacturers and is one of the major challenges restraining the growth of the industrial fasteners market.
The report said the bolt and nut segment is expected to expand at a CAGR of 2.6 and 2.9 percent, respectively, in terms of value over the forecast period due to their increasing applications in the automotive and construction industry.
"Furthermore, growing manufacturing of medium commercial vehicles, light commercial vehicles, heavy earth moving equipment, textile machinery, machine tools, aircrafts, and utility vehicles have led to the enhanced growth of the fasteners as their sub or main assembly part," TMR said. "The market for industrial fasteners is fragmented in nature and is characterized by large competition with small and large players in the industry competing to maintain their respective positions. High tensile fasteners are majorly utilized in engineering applications which include industrial, automotive, and various other sectors."
The top companies TMR considered while studying this report are Acument Global Technologies, Arconic, Bulten AB, STANLEY Engineered Fastening, Fortana Group, Hilti Corporation, LISI Group, MacLean-Fogg Company, MISUMI Group, Nifco, Precision Castparts Corp., The SFS Group, A&G Fasteners, SA Fasteners, and others.