Industrial Fasteners Market By Application (Original Equipment Manufacturing, Construction, and Maintenance/Repair/Operation (MRO)), By Product Type (Standard Fasteners (External Threaded, Internal Threaded, and Non-Threaded), Aerospace-grade Fasteners, and Other Application-specific Fasteners) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2023
This report analyses the global industrial fasteners market in terms of product type, application, and geography. Based on product type, the global industrial fasteners market is segmented into standard industrial fasteners (external threaded, internal threaded, and non-threaded), aerospace-grade fasteners, and other application-specific fasteners. Similarly, on the basis of application, the market for industrial fasteners is further classified into original equipment manufacturing, construction, maintenance, repair, and operations (MRO). The geographical distribution of the global industrial fasteners market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
The steady growth in the industrial output, coupled with investments made by the governments in aviation and aerospace projects, is identified as the major factor driving the industrial fasteners market. In addition, a resurgence in the construction sector post-economic crisis is further expected to drive demand for industrial fasteners worldwide. These factors are expected to contribute to a CAGR of 5.3% during the forecast period of 2016–2023. However, issues such as lack of product differentiation resulting in price wars and profit crunching pose a moderate challenge to market growth. The industrial fasteners market is expected to reach US$ 107.3 Bn by 2023.
1.1 Report Description
Purpose of the Report
The purpose of this strategic research study titled "Industrial Fasteners Market: Growth, Share, Opportunities, and Competitive Analysis, 2016–2023" is to offer industry investors, company executives, and industry participants in-depth insights to enable them to make informed strategic decisions related to the opportunities in the industrial fasteners market.
1.1.1 Target Audience
Industry Investors
Industrial Fastener Manufacturers
Original Equipment Manufacturers
Other component manufacturers
Distributors, Retailers, and End-Users
Overall, the research study provides a holistic view of the global industrial fasteners market, offering market size and estimates for the period from 2013 to 2023, keeping in mind the above-mentioned factors.
Based on product type, the global industrial fasteners market is segmented into the following categories:
Standard Fasteners
External Threaded
Internally Threaded
Non-Threaded
Aerospace-grade Fasteners
Application-specific Fastener
In the base year 2015, standard fasteners represented the largest product segment in the global industrial fasteners market. Externally threaded fasteners, including standard screws and standard bolts, were the most dominant product sub-segment within the standard industrial fasteners segment. This is largely on account of their increasing use in automotive and construction applications. The segment accounted for over half of the global market revenue in the same year and is presumed to register gains, especially in the first half of the forecast period, but at a subdued rate as compared to that witnessed during 2010–2015.
The sluggish growth in the standard industrial fasteners market can be attributed to the expected slowdown in the production of motor vehicles and machinery shipments during the forecast period of 2016–2023. On the other hand, aerospace-grade industrial fasteners are poised to exhibit the fastest growth, largely supported by the multitude of investments made in the aerospace and defense sectors by governments across the globe.
On the basis of application, the global industrial fasteners market is categorized into the following segments:
Original Equipment Manufacturing
Construction
Maintenance and Repair Operations (MRO)
The use of industrial fasteners by automotive OEMs, industrial machinery OEMs, electrical and electronics OEMs, and aerospace OEMs collectively accounted for the majority of the global industrial fasteners market revenue share in the base year 2015. The trend shall prolong, and the segment is poised to retain its dominant position throughout the forecast period. Steady growth in the production of automotive, industrial machinery, and electronic components is driving demand for industrial fasteners for original equipment manufacturing.
On the other hand, the use of industrial fasteners for maintenance, repair, and operations is expected to witness robust growth. The growth in this segment can be largely credited to the larger share of the original equipment manufacturing segment. Thus, a steady rise in industrial output and continued growth in service revenues and government expenditure bode well for market growth in the MRO segment.
On the basis of geography, the global market for industrial fasteners is segmented into the following regions and countries:
North America
U.S.
Canada
Europe
UK
Germany
France
Russia
Rest of Europe
Asia Pacific
Japan
China
India
Rest of Asia Pacific
Rest of the World
Latin America
Middle East
Africa
As of 2015, Asia Pacific dominated the industrial fasteners market in terms of both revenue and unit shipments. Asia Pacific led the global industrial fasteners market on account of an increasing inflow of foreign funds and a resurgence in the manufacturing sector. China is the leading exporter and producer of industrial fasteners worldwide and is presumed to register strong gains in the coming years. Steady growth in the production of industrial machinery and electronic components is driving demand for fasteners in China.
In addition, dedicated investments by the government in aviation and aerospace projects are also supporting the demand for industrial fasteners in China. On the other hand, the market for industrial fasteners in North America and Europe is slowly regaining its original growth levels after the bleak market conditions prevalent during the economic recession.
Frequently Asked Questions:
The market for Industrial Fasteners Market is expected to reach US$ 107.0 Bn By 2023.
The Industrial Fasteners Market is expected to see significant CAGR growth over the coming years, at 5.3%.
The report is forecasted from 2016 to 2023.
The base year of this report is 2015.
Precision Castparts Corporation, Stanley Black & Decker Inc., Wilhelm Bollhoff GmbH & Co. KG, Nitto Seiko Co., Ltd.,are some of the major players in the global market.
