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SAN FRANCISCO , May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Industrial Fasteners - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE What's New for 2022?
Edition: 18; Released: May 2022 Executive Pool: 11345 Companies: 367 - Players covered include Bulten AB; Earnest Machine Product Company; Federal Screw Works; Gem-Year Industrial Co., Ltd.; Howmet Aerospace Inc.; Illinois Tool Works, Inc.; Infasco; KAMAX Holding GmbH & Co. KG; LISI Group; LISI Aerospace; LISI Automotive; MacLean-Fogg Company; Marmon Holdings Inc.; Atlas Bolt & Screw Company LLC; MNP Corp.; Nippon Industrial Fasteners Company (Nifco); Nitto Seiko Co., Ltd.; Nucor Corporation; Precision Castparts Corp.; Cherry Aerospace; SPS Technologies; STANLEY Engineered Fastening; Sundram Fasteners Limited; TR Fastenings; Whitesell Group; and Others. Coverage: All major geographies and key segments Segments: Raw Material (Metal, Plastic); Product Type (Externally Threaded, Internally Threaded, Non Threaded, Aerospace Grade); Application (Automotive, Industrial Machinery, Aerospace, Building & Construction, Home Appliances, Motors & Pumps, Plumbing Products, Lawn & Garden, Other Applications) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; Australia ; India ; South Korea ; Rest of Asia-Pacific ; Latin America ; Argentina ; Brazil ; Mexico ; Rest of Latin America ; Middle East ; Africa .
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Amid the COVID-19 crisis, the global market for Industrial Fasteners estimated at US$71.5 Billion in the year 2022, is projected to reach a revised size of US$87 Billion by 2026, growing at a CAGR of 4.6% over the analysis period. Metal, one of the segments analyzed in the report, is projected to grow at a 4.3% CAGR, while growth in the Plastic segment is readjusted to a revised 6.4% CAGR. The industrial fasteners market is facing lingering effects of the COVID-19 pandemic that led to an unfavorable environment for market participants and end-use industries. Industrial fasteners are anticipated to witness a tough phase over the short-term owing to supply chain concerns, economic uncertainty and adverse effect of the pandemic on end-use industries.
While fasteners makers are looking forward to resumption of business activity following the disruptive pandemic, majority of fastener manufacturers and distributors are struggling with supply chain glitches. The post-pandemic phase is a challenging scenario marked by notable shortages of raw materials along with basic components. These concerns are adversely affecting fastener manufacturers and end-use industries. The steel fastener industry in North America may face profitability crisis, which could eventually result in capacity shortage. On the other hand, supply chain issues are affecting the oil & gas industry and could lead to product shortages and postponement or cancellation of drilling contracts. Supply chain disruptions also affected the fastener industry in Europe in 2020. While the scenario coerced various automakers in Spain to suspend production, several players in the UK announced furloughs. In addition, supply chain challenges brought the pharmaceutical and biomedical industries in Italy to standstill. Industrial fastener crisis made various countries such as France to report significant decline in demand as well as hampered progress related to numerous construction projects.
Global demand for industrial fasteners is dampened by postponement of activities in the oil & gas industry along with dwindling manufacturing growth and cancellation of construction projects. In addition, continuing staff shortages are affecting automotive manufacturing plants and coercing various players to significantly cut capacity. These factors are responsible for weak demand for fasteners across various industry verticals. The universal impact of the pandemic on the supply chain has led to disruptions across manufacturing hubs like China , port congestions and extended lead times. While authorities are making efforts to ease port congestion, there are concerns pertaining to ongoing pandemic and rising demand due to several initiatives that is pushing lead times.
Despite the challenges, the market will nevertheless gain from continuous expansion of primary application industries including automotive and construction. Rapid industrialization and impressive growth of the automotive industry owing to rising demand for vehicles globally has set a perfect stage for growth of the industrial fasteners market. Increasing use of fasteners like cable ties, thread lockers and socket screws for production of automobile parts, including engine, chassis, suspension system, wheels and molding, is expected to bolster the market growth. Industrial fasteners are also benefitting from increasing uptake of mild fastener options in the automotive industry. Global demand for fasteners is anticipated to be augmented by increasing number of construction activities and rising investments to modernize the infrastructure, mainly across developing nations. Factors such as favorable macroeconomic scenario along with increasing demand for machinery, durable goods and automobiles are expected to play a vital role in ensuring future expansion of the industrial fasteners market. The market growth is anticipated to be also favored by technological advances and increasing shift of the manufacturing industry towards emerging technologies like the Internet of Things and the Industry 4.0 trend.
The market is slated to receive a major impetus from the metal segment that is forecast to showcase an impressive growth rate due to increasing automation and the IoT and Industry 4.0 trend in the manufacturing sector. These technology trends are boosting the demand for metal fasteners. The implementation of IIoT enables facility operators to ensure effective control over equipment while driving efficiency and cost savings. The approach enables users to capture and manage significant data volumes associated with plant floor across facilities. The data can be analyzed to gain meaningful and strategic insights into operations to improve plant performance and product quality while enabling preventive maintenance. The increasing uptake of emerging technologies for automation and growing complexity of the supply chain are likely to boost global demand for metal fasteners. By material, the industrial fasteners market is led by stainless steel that represents the extensively used material for fastener production. Stainless steel boasts favorable properties and presents a durable and appealing material for industrial fasteners. The immense popularity of stainless steel can also be attributed to the corrosion-resistant nature of the material.
The global industrial fastener industry is characterized by a high degree of fragmentation, and as a result typifies intense competition. While product quality continues to be a prominent strategy towards leadership, competitive pricing and service offerings are increasingly being considered as 'differentiating' elements, particularly for standard fasteners which form a vital category of industrial fasteners. The manufacturing process for these fasteners differs from manufacturer to manufacturer and as such standard fasteners are characterized by low level of product differentiation, making price wars inevitable. Since these low-end fasteners are used in higher quantities over specialist fasteners, manufacturers often engage in drastic price reductions in order to secure high order volumes. This also means that manufacturers are unable to transfer any inflation in prices of raw materials such as steel, copper or other alloys to end-users for fear of losing out the order. Low margins along with a need to adhere to increasingly complex standards are driving small and niche players towards consolidation. Mergers and acquisitions are a common phenomenon, as are strategic alliances with other parts/component manufacturers. In a way to increase competency in the global market, market players have been focusing on improving services, and developing revolutionary and sophisticated fasteners. South East Asia continues to be a major source for standard fasteners globally, while North America and Western Europe tend to be the favorites in case of specialty fasteners. Of late, fastener manufacturers in the Western world are voicing their concerns against the increasing inflow of cheap imports from Asian nations, specifically from China and Taiwan .
The market is modestly capital intensive, which acts as an entry barrier for new players. With international players making efforts to increase their global footprint and augment their market shares, small companies face challenges in competing with these large players, particularly in terms of quality, functionalities, services, and features. In the forthcoming years, the launch of novel products with sophisticated technologies and features is likely to increase competition in the market. More
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