Fasteners Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Fasteners market reached a value of about USD 95.4 billion in 2021. The industry is projected to grow at a CAGR of around 4.5% in the forecast period of 2022-2027 to reach a value of about USD 124.23 billion by 2027.

The global Fasteners industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The growing activity in the automotive, electrical and electronics, aerospace, and industrial equipment sectors is driving the market for industrial fasteners. The Asia Pacific is the highest category spender by region, driving the demand for the Fasteners industry.

Industry Definition and Segmentation

A fastener, also known as a fastening, is a piece of hardware that mechanically connects or affixes two or more objects. Fasteners are commonly employed to construct non-permanent junctions, which may be removed or disassembled without causing damage to the connected components. These fasteners are widely utilised components and are hardware devices that bind two or more items together. The Fasteners industry report comprises segments by application (automotive, MROs/construction, aerospace, industrial machinery, and fabricated metal products) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and Latin America).

The Asia Pacific Region is Driving the Growth of the Industry

The Asia Pacific holds the largest share in the industry as there is a massive demand in the region due to global and domestic firms involved in automotive, industrial, and component manufacturing activities. Furthermore, with a rise in demand for maintenance and repairs, increasing building activities, and the expansion of the automotive sector, the region will have the most significant need for standard fasteners. Furthermore, major manufacturing hubs in India and China are projected to propel the industry forward.

The market is driven by increased industrialisation and rapid urbanisation, particularly in emerging regions. The rise in construction activities is likely to propel the demand for fasteners which are heavily employed in various parts, thus driving the market growth. Furthermore, the developing automobile industry, particularly in the EV category, is furthering the industry's expansion. Fasteners are also found in electronic circuits to link wires and cables together, making installation and maintenance easier. They also aid in the securement of components, keeping them from being loose or damaged, further augmenting the industry's growth. Also, the need for specialty-grade fasteners has increased as commercial aircraft manufacturing has increased, leading to a boost in sales.

Best Procurement Practices

The global Fasteners industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Fasteners regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Stainless, carbon, and alloy are the three primary steel fasteners. Titanium, aluminum, and different alloys are other typical metal fastener construction materials. Special coatings or plating can be added to metal fasteners in various circumstances to increase their performance qualities, such as corrosion resistance. Standard coatings/platings include zinc, chromium, and hot-dip galvanising.

Growing Shift Towards Speciality Fasteners, Further Driving the Procurement of Fasteners

The market is aided by the growing popularity of plastic fasteners in the automotive and electronics sectors. This shift toward developing novel goods, including specialised, small, and hybrid fasteners, to meet changing customer demand and high-volume import and export trading in the worldwide market are accelerating market expansion. Other sorts of non-standard fasteners, which we refer to as speciality fasteners, have distinct designs, materials, and head styles than standard fasteners. These items are in great demand from various end-use sectors, as producers focus on the finished product's aesthetic and durability, and performance. As a result, the industry is witnessing growth.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Fasteners Industry Report

• ITW Fastener Products GmbH
• Precision Castparts Corp.
• Alcoa Corporation
• Nifco Inc
• Stanley Black & Decker, Inc.

Market Landscape

The industrial fasteners industry is fiercely competitive with a massive pool of local and global manufacturers offering high-quality and customised goods. The market is capital-intensive, posing a significant challenge for local and domestic fastener makers. Many firms in the industry offer a variety of speciality goods for end-use needs like automotive, aerospace components, and machines. Distribution alliances, technical advances, product portfolios, strategic initiatives, and competencies are all part of the strategies.

Key Initiatives by Companies

• In the primary quarter of 2017, Stanley Black & Decker, a global diversified industrial firm, completed the $1.95 billion cash purchase of Newell Brands' tools division.