About Fastener
A fastener is referred to as a hardware device which mechanically joins or affixes the two or more objects together. In general, fasteners are basically used to create the non-permanent joints which are, joints that can be dismantled or removed without damaging the components which are joined. Welding is basically an example of creating permanent joints. There are various types of material used for making different fasteners. One of such is steel fasteners, that are usually made of stainless steel, alloy steel, or carbon steel. The demand for the fastener is increasing due to the growing demand from the automotive, manufacturing, and construction industry, while factors like the presence of defective products is hampering the market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Increasing demand from the 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. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Fastener market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Alcoa Fastening Systems & Rings (United States), Stanley Black & Decker Inc. (United States), Bombardier (Canada), LISI Aerospace (United States), Boltun (Taiwan), Changshu City Standard Parts (China), Xingyi Fasteners (China), Shanghai Prime Machinery (China), Gem-Year (China) and Screw Company (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Permanent Technologies Inc. (United States), Atotech (Germany), Sundaram Fasteners Limited (India) and Penn Engineering & Manufacturing nation (United States).
Segmentation Overview
AMA Research has segmented the market of Global Fastener market by Type (Bolts, Nuts, Screws, Washers, Rivets and Others), Application (Automotive OEM, Machinery OEM, Fabricated Metal Products, Construction and Others) and Region.
On the basis of geography, the market of Fastener has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Material, the sub-segment i.e. Steel will boost the Fastener market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising demand for high-value titanium fasteners in the aerospace industry and Growing demand for specialty fasteners
Market Growth Drivers:
Increasing demand from the automotive, construction, and manufacturing industry and Developments in the maintenance and construction industry
Challenges:
Fluctuating prices of raw materials such as steel, copper, and aluminum
Restraints:
Defective products hampering the market
Opportunities:
Increased government spending in the residential, industrial and commercial construction sector especially in the Asia Pacific, African and Mexican region
Market Leaders and their expansionary development strategies
In October 2023, Brighton-Best International and Parker Fasteners announce partnership. This partnership is likely to revolutionize the fastener industry by having quicker lead times on domestic stainless sockets.Parker Fasteners, a manufacturer with a strong foothold in the domestic market, has been operational for over a decade and has earned a reputation for being customer-centric. Brighton-Best International has been in business for nearly 100 years and is known for its commitment to socket products and nationally high levels of stock.The agreement will focus on promoting the expansion of BBI’s stainless steel lines.
In October 2023, International Fastener Expo (IFE) has launched showcasing the latest innovations and trends. The event also saw the announcement of the Best Booth Award winners, with companies like Bossard, TriMas, and Hi-Tech Fasteners taking home top honors.
Key Target Audience
Manufacturers of Fastener, Suppliers of Fastener, Importers and Exporters of Fastener, Government bodies, Research Organization and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.