Mechanical fasteners used in industrial applications include a wide range of products, from bolts and screws to washers and clamps. Fasteners are not only used in industrial machinery, but also construction, motor vehicles, and aerospace equipment.
Thousands of companies compete in this highly fragmented global market, including big names like Stanley Black & Decker and Berkshire Hathaway.
North America and Western Europe will continue to account for large shares of the global industrial fastener market, but the massive Chinese market is also experiencing strong growth.
Industrial Fastener Industry Statistics
Here are five key insights to know about the $95 billion global industrial fasteners market, based on research by The Freedonia Group:
- Market outlook: The global industrial fasteners market is projected to increase at a compound annual growth rate of 4.7%, reaching a value of $119 billion by 2027.
- Price fluctuations: Price increases for industrial fasteners are expected to ease as the supply of materials stabilizes, but prices will remain elevated due to increased labor costs and other inflationary pressures.
- Regional trends: China and Taiwan will continue leading global production of industrial fasteners despite trade restrictions.
- Material types: In 2022, steel and stainless steel were the dominant materials, accounting for 75% of the total demand. Plastics made up 14%, while the remaining 11% was distributed among aluminum, copper-based, and other nonferrous metals.
- Top industrial fastener companies: In 2022, the five largest global suppliers of industrial fasteners were ITW, Stanley Black & Decker, Berkshire Hathaway, Nifco, and LISI.
For more information, please see the global industrial fasteners industry study by The Freedonia Group, which includes expert data related to fasteners market sizing, forecasts, regional trends, company market share, and other valuable information to support strategic decision-making.
About The Freedonia Group
The Freedonia Group, a division of MarketResearch.com, is a premier international business research company, providing clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions.
