Global Industrial Fasteners Market at an Estimated US$92.6 Billion by 2027 is an Opportunity Too Big to Ignore
It is a rough weather forecast for Industrial Fasteners in the immediate to short-term period with the manufacturing industry expected to be severely impacted by the virus-led recession. The market will however grow in the post crisis period to reach a projected global market size of US$92.6 billion by 2027.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Industrial Fasteners market. Report segmentation include Raw Material (Metal, Plastic); Product Type (Externally Threaded, Internally Threaded, Non Threaded, Aerospace Grade); and Application (Automotive, Industrial Machinery, Aerospace, Building & Construction, Home Appliances, Motors & Pumps, Plumbing Products, Lawn & Garden, Other Applications).
10 June 7:47 A.M., California/Marketwire/ - According to the new market research report, it is a rough weather forecast for Industrial Fasteners in the immediate to short-term period with the manufacturing industry expected to be severely impacted by the virus-led recession. The market will however grow in the post crisis period to reach a projected global market size of US$92.6 billion by 2027. An indication of the grim state of affairs is the fact that global manufacturing PMI is already declining and will fall to an estimated all-time low of 35.4 points in 2020 as compared to 53.8 in 2019. This indicates severe contraction of manufacturing activity including new orders, production, employment, supplier deliveries, inventories, customers' inventories, commodity prices, order backlog, new export orders, and imports. Business investment confidence is tumbling amidst poor demand, falling profits, liquidity crunch and a reeling global economy. The US economy will shrink by -5. 9% while the Chinese economy will fall to a devastating 1. 2%. As aerospace & automotive industries, the two largest end-use markets bite the dust, industrial fasteners will feel the pain.
The importance of fasteners can be put into perspective by the fact that these tiny components comprising screws, nuts, bolts, pins and hinges, play a big role in providing support and mobility to equipment and machines. Securing essential joints is vital and fastener failure and breakage can result in machine and structural failure and damage to property and life. After this period of hiatus, growth trends in the market during the pre-COVID-19 period will gradually re-emergence as the economy begins to normalize. These trends will include increasing use of novel threaded and plastic fasteners; technology innovations in fastener forms and functions; rising wave of miniaturization drives demand for micro fasteners and miniature fasteners in myriad types and styles; popularity of miniature clinch fasteners with the ability to offer strong, permanent and reusable fastener solutions in applications utilizing "ultra-thin" metal sheets; focus on light weighting in the automotive and aerospace sectors and the ensuing interest in plastic fasteners; increased investments in industrial automation, motion control & robotics; rise of innovative fastener materials as alternatives to traditional all-metal fasteners and launch of hybrid fasteners featuring a blend of metal and injection-molded plastic elements; popularity of titanium fasteners in the aerospace sector. R&D investments in fastener technology will recover steadily supported by the evolving needs of new generation products and need for new assembly line solutions. Higher commercial value of features such as component disassembly in end-products will help replace traditional joining methods such as adhesives, rivets, and welding with fasteners. Asia-Pacific including China is a major market led by factors such as rising public sector investments in defense, infrastructure and aerospace in countries such as China, Malaysia, South Korea and India; growing foreign direct investments in the manufacturing sector in key Asian economies; and rise of the region as the global production hub of electrical and electronic components, automobiles and industrial machinery.
Key Competitors Covered in the Report
Acument Global Technologies
Atlas Bolt & Screw Company LLC
Earnest Machine Product Company
Federal Screw Works
Gem-Year Industrial Co. Ltd.
Illinois Tool Works Inc.
KAMAX Holding GmbH & Co. KG
Marmon Holdings Inc.
Nitto Seiko Co. Ltd.
Precision Castparts Corp.
STANLEY Engineered Fastening
Sundram Fasteners Ltd.
Wilhelm Bollhoff GmbH & Co. KG
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 4728. Among this pool, 851 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 142 unique participations, a total of 64 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
Director, Corporate Communications
Global Industry Analysts, Inc.