December 16, 2022 08:11 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Global Industrial Fasteners Market is valued at USD 87.10 Billion in 2021 and is projected to reach a value of USD 109.57 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 3.90% over the forecast period 2022-2028. Nuts
One of the most significant economic areas is the industrial fasteners business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers and their current situation and future prospects. It also details the global drivers of the demand for industrial fasteners, including rising investment requirements, developing technology, and new laws.
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According to Vantage Market Research, some of the key factors anticipated accelerating the industrial fasteners market growth over the forecast period. One of the main factors propelling the industrial fasteners market is the rise in fastener consumption in the construction sector. Steel fasteners have a considerable standard of endurance and longer corrosion resistance. Thus the demand for machine designs utilizing stainless steel fasteners and bolts is also rising.
We forecast that the automotive category in industrial fasteners market sales will account for more than 60% of total sales by 2028. Automotive OEM is a significant market for industrial fasteners. Over the last few years, the sector has been driven by high manufacturing quantities of automotive cars across Asia Pacific.
Asia Pacific region dominates the market throughout the projection period. The automobiles, mechanical components, telecommunications, and construction industries dominate the regional market for industrial fasteners. The need for better urban facilities, such as motorways, harbors, bridges, and train line transportation networks, has expanded due to the region's economic expansion, which is expected to drive the market there.
Presence of Active Market Players in Developing Nations to Boost Market Growth
With numerous participants, the industrial fasteners industry is fragmented. The emergence of several local players is anticipated to increase competition over the next few years. Manufacturers in the industrial fasteners market emphasize the material aspect and innovative designs for better grip. Many businesses are working hard to satisfy customer requests in line with current trends. To stop corrosion of the surface kind, they are launching novel goods like nano-laminated metallic-coated fasteners.
Expansion of construction and automobile industries Drive the Market Growth
The growing demand for industrial fasteners and the rising breadth of the construction and automotive industries are some of the key factors anticipated to propel the global market for industrial fasteners. Additionally, the market is anticipated to be driven shortly by developments in this sector's technology, increased urbanization and industrialization, and rising demand for fasteners in the aerospace sector.
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Top Players in the Global Industrial Fasteners Market
For Additional Information on Industrial Fasteners Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Industrial Fasteners Market
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Top 10 Players Generates More Than 45% of the Global Industrial Fasteners Market Revenue
The report also found that the largest players in the Industrial Fasteners market are technology providers such as Acument Global Technologies Inc., Arconic Inc., Bulten AB and STANLEY Engineered Fastening. These companies are expected to benefit from increased demand for their products and services and growing investments in new products. Other major players include 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, and SA Fasteners. . As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Automotive Category in Industrial Fasteners Market to Generate Over 70% Revenue
Industrial Fasteners are an expensive investment. Vantage Market Research has analyzed the market for Industrial Fasteners to understand its current state and potential future growth factors. For better understanding, based on the aircraft type, the industrial fasteners market is divided into product type, end uses and distributional channel.
During the forecast period, the market for industrial fasteners is anticipated to experience the highest CAGR for the automotive category. The increased use of industrial fasteners in the automotive industry automobile manufacturers are always developing new drive-trains and more efficient engines to reduce energy consumption. They are using greenhouse gas technology to build cleaner automobiles.
On the other hand, aerospace category is anticipated to grow significantly over the forecast period. Aerospace is a significant application category in the global market, using large quantities of prime-grade fasteners. As the quantity used in the manufacture of an aircraft, the aerospace sector is regarded as an important market for industrial fasteners.
Global Industrial Fasteners Market Segmentation
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Industrial Fasteners Market Forecast Report (2022-2028).
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