Fasteners Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Internally Threaded, Non-threaded, Externally Threaded), By Sales Channel (Online and Offline), By End-Use (Automotive, Building and Construction, Aerospace, Machinery, Electronics, and Others), and Region Forecast 2019-2030

The global fasteners market size was valued at US$ 102.7 billion in 2023 and is anticipated to grow at a CAGR of 3.5% from 2024-2030. The automotive, construction, aerospace, and electronics industries, where dependable and long-lasting fastening solutions are essential, are the main drivers of the market. The need for specialty fasteners is further fueled by the expanding trend of lightweight materials in the aerospace and automotive industries.

However, various raw material prices and the accessibility of substitute joining technologies, including adhesives and welding, limit market expansion. There are opportunities to produce high-performance fasteners for cutting-edge uses, such as renewable energy projects and electric vehicles (EVs). Along with an increased focus on corrosion-resistant and high-strength fastening solutions, key developments in fastening technology include the emergence of customized fasteners, 3D-printed fasteners, and sustainable materials.

Key Players

The fasteners market share is inclusive of several companies such as Stanley Black & Decker, Inc., NORMA Group, Fontana Finanziaria S.p.A., Precision Castparts Corp., LISI GROUP, ARaymond, Penn Engineering, Sundram Fasteners Limited, SFS Group USA, Inc, and Trifast Plc.

Key Developments

• In April 2022, Fasteners and Fittings, Inc. (F&F), with its headquarters located in Toronto, was finally acquired by Lind Fast Solutions Group (LSG), a well-known specialized fastener distributor in North America. F&F is well known for controlling the markets for stainless steel fasteners, metric, and imperial sizes.
• In March 2022, Birmingham Fastener announced that it had acquired K-T Bolt Production, Inc. to expand its product line and improve its production capabilities. With its headquarters located in Katy, Texas, K-T Bolt Manufacturing specializes in providing closed-die forging, electropolishing, bespoke fabrication, and in-house heat treatment services.
• In January 2022, Norwegian Dokka Fasteners, a global leader in industrial fastener production, established a manufacturing plant in KlaipÄ da, Lithuania, a calculated step to strengthen its position in Europe.

Fasteners Market Segmentation

By product: Externally threaded fasteners are the leading product category in the fasteners industry. Many industries, including automotive, construction, aerospace, and machinery, employ these fasteners, which include bolts, screws, and studs. Externally threaded fasteners are widely used in a variety of applications, including mechanical assemblies and structural components, because of their strength, versatility, and ability to secure materials. Their extensive employment in crucial scenarios necessitating strong load-bearing capability and dependable fastening renders them vital in sectors like aerospace and construction that value longevity and safety above all else. They are the most widely used fastener type in a variety of industries due to their widespread use and simplicity of installation and removal.

By sales channel: The offline sales channel continues to be the market leader in the fasteners industry because of the conventional nature of procurement in construction, automotive, and manufacturing. These industries' customers prefer to acquire fasteners from distributors, wholesalers, and retail stores because of the products' instant availability, face-to-face interactions, and ability to evaluate quality before making a purchase. But the online sales channel is expanding quickly, thanks to the increased use of digital procurement systems and e-commerce platforms. Online retailers appeal to both individual consumers and small enterprises because they provide competitive pricing, wider product variety, and convenience. It is anticipated that this tendency will pick up speed, especially as more businesses move toward digital supply chains and just-in-time delivery models, which increase fasteners' visibility and accessibility.

By End Use: The automotive sector is the leading end-use sector in the market. Fasteners play a vital role in the assembly of engines, chassis, body parts, and interior components in the automotive industry. Externally threaded fasteners, such as bolts and screws, are in high demand. The industry's drive toward electric vehicles (EVs) and lightweight materials raises the requirement for specialty fasteners that are durable and able to withstand unusual strains. Another significant industry is building and construction, which is fueled by infrastructure projects that need a lot of structural fasteners. In the meanwhile, electronics needs tiny, robust fasteners for compact gadgets, and aerospace needs precise and lightweight fasteners for crucial safety applications. Every industry employs fasteners designed to meet unique performance needs, but the automobile industry dominates because of its size.