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Fastener Market Overview (2024–2030)

The global fastener market was valued at USD 95.81 billion in 2023 and is expected to grow at a CAGR of 4.8% from 2024 to 2030, reaching USD 133.03 billion by the end of the forecast period. Fasteners are essential hardware components used to mechanically join two or more objects temporarily or permanently. The growing construction sector, increasing demand for lightweight vehicles, and the expansion of aerospace and industrial applications are primary factors driving the market’s growth.

Market Dynamics

1. Construction Sector Driving Demand

The construction industry plays a pivotal role in the fastener market, with fasteners used extensively in bridges, buildings, walls, and roofs. Government investments in infrastructure projects, along with rising urbanization and housing developments, are boosting the need for durable fasteners such as bolts, nuts, and screws. Construction fasteners, typically made from stainless steel and carbon steel, undergo stringent quality checks to ensure strength and corrosion resistance.

2. Automotive and Aerospace Demand Boosting Market Growth

Fasteners are crucial in the automotive and aerospace sectors for assembling lightweight components, meeting safety regulations, and improving fuel efficiency. The automotive industry accounts for the largest revenue share (30.2%) in 2023. As the production of lightweight vehicles and electric cars increases, customized and hybrid fasteners—which combine metal with plastic elements—are gaining popularity. In aerospace, fasteners play a vital role, as each aircraft requires thousands of bolts, rivets, and washers to meet strict safety standards.

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3. Technological Advancements and Hybrid Fasteners

With the development of hybrid fasteners (plastic-metal combinations), manufacturers are focusing on producing lightweight and corrosion-resistant products. These fasteners offer improved durability, which is critical in industries such as automotive and industrial machinery. However, increasing metal prices and the shift toward plastic fasteners are posing challenges for traditional metal fastener manufacturers. Plastic fasteners are gaining traction due to their low cost, light weight, and superior chemical resistance, especially in automotive applications.

4. Challenges for Metal Fasteners

The market faces barriers as adhesives and automotive tapes are increasingly used as alternatives to mechanical fasteners, especially in electric vehicle (EV) manufacturing. Additionally, rising raw material prices are impacting metal fastener manufacturers. To maintain competitiveness, companies are investing heavily in research and development (R&D) to create advanced fasteners that meet evolving industry standards.

Segment Analysis

By Raw Material

Metal Fasteners:
- Accounted for 91.2% of the market share in 2023.
- Common materials: stainless steel, bronze, cast iron, and titanium.
- Known for high mechanical strength, they are widely used in construction, automotive, and aerospace applications.
Plastic Fasteners:
- Fastest-growing segment with a CAGR of 5.4% from 2024 to 2030.
- Key advantages: lightweight, corrosion resistance, and cost-efficiency.
- Used extensively in automotive applications, driven by the need for energy-efficient vehicles.

By Application

Automotive Industry:
- Holds 30.2% of the total market and is expected to grow at a CAGR of 3.8%.
- High production volumes in Asia Pacific are driving demand.
- Fasteners such as bolts, nuts, and screws are essential for vehicle assembly.
Aerospace Industry:
- Aerospace-grade fasteners are forecast to grow at the highest CAGR of 5.9%.
- Stringent safety requirements drive demand for specialized fasteners such as castle nuts and rivets.
- Growing aircraft production and passenger traffic globally are fueling market expansion.
Building & Construction:
- Used for joining materials in non-permanent applications such as subflooring, decking, and roofing.
- Stainless steel fasteners are preferred for construction projects due to their heat and corrosion resistance.

By Product Type

Externally Threaded Fasteners:
- Accounted for 48.4% of the market in 2023, with bolts and screws dominating this category.
- Widely used in the automotive and construction sectors.
Non-threaded Fasteners:
- Held a 25.3% revenue share in 2023, with applications in decking, roofing, and other construction activities.
Aerospace-grade Fasteners:
- Expected to experience the highest growth, driven by increasing aircraft production and demand for high-performance fasteners.

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Regional Insights

North America:
- The U.S. is one of the largest importers of fasteners, with demand driven by the automotive, aerospace, and industrial machinery sectors.
- The region is also witnessing consolidation among manufacturers through mergers and acquisitions to strengthen product portfolios.
Asia Pacific:
- Expected to witness rapid growth, fueled by the increasing production of automotive vehicles and infrastructure projects in countries such as China, India, and Japan.
- The region’s automotive sector significantly influences fastener demand, with rising investments in electric vehicles.
Europe:
- Home to several aerospace OEMs and luxury car manufacturers, driving demand for customized and lightweight fasteners.
- Countries like Germany, France, and the UK are key markets in the region.

Competitive Landscape

Key players in the market are focusing on product innovation, mergers, and strategic alliances to enhance their market position. Major developments include acquisitions to expand manufacturing capabilities and partnerships with OEMs for regional growth. Notable market participants include:

Arconic Fastening Systems and Rings
Hilti Corporation
LISI Group
Birmingham Fasteners and Supply, Inc.
Nippon Industrial Fasteners Company (Nifco)

Recent mergers, such as LINC Systems’ acquisition of Air-O Fasteners and Birmingham Fastener’s acquisition of Champion Sales and Manufacturing, reflect the industry’s focus on diversification and regional expansion.

Conclusion

The fastener market is poised for steady growth, driven by demand from the construction, automotive, and aerospace industries. While rising metal prices and the growing use of plastic fasteners pose challenges, technological advancements and hybrid fastener development present new opportunities. Companies that invest in R&D, digital marketing strategies, and sustainable manufacturing practices will be well-positioned to capitalize on emerging market trends.

Market Summary

2023 Market Size: USD 95.81 billion
2030 Market Size: USD 133.03 billion
CAGR (2024–2030): 4.8%
Key Drivers: Construction growth, aerospace innovation, hybrid fasteners
Challenges: Metal price volatility, shift toward plastic fasteners

Key questions answered in the Fastener Market are:

What is Fastener?
What was the Fastener market size in 2023?
What is the growth rate of the Fastener Market?
Which are the factors expected to drive the Fastener market growth?
What are the different segments of the Fastener Market?
What growth strategies are the players considering to increase their presence in Fastener?
What are the upcoming industry applications and trends for the Fastener Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Fastener Market?
What segments are covered in the Fastener Market?
Who are the leading companies and what are their portfolios in Fastener Market?
What segments are covered in the Fastener Market?
Who are the key players in the Fastener market?

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Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by Different Segment | 2024-2030
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
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