New York, United States , Nov. 02, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Industrial Fasteners Market Size to grow from USD 86.62 billion in 2021 to USD 146.3 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 6% during the forecast period. A fastener joins, fixes, or connects two or more things. They are often made of stainless steel and used in many industries. Most of the time, steels like carbon steel, alloy steel, and stainless steel are used to build them. They are protected from the weather by a corrosion-resistant paint or coating. Some of these businesses are in aerospace, industrial machinery, plumbing goods, motors, and pumps. Some of the main things that are likely to drive growth in the global industrial fasteners market over the next few years are the growth of the automotive and construction industries and the increase in the number of custom fasteners being made. Europe is expected to grow the fastest during the forecast period followed by North America and Asia.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The metal segment to account for the largest market size during the forecast period
Based on raw material, the industrial fasteners market is categorized into Metal and Plastic. The metal segment accounts for the largest market size during the forecast period. Metal goods are used in industrial bonding because they can be pulled apart and put back together without breaking. Metal goods are so popular because they have these qualities. Some metals used to make metal fasteners are stainless steel, nylon, aluminum, carbon steel, nickel, silicon bronze, copper, brass, alloy steel, bronze, and titanium. For equipment or machines to do their main jobs, they need to be made of materials that can handle both heavy and light work.
The internally threaded fasteners segment to account for the largest market size during the forecast period
Based on product, the industrial fasteners market is categorized into Externally Threaded fasteners, internally threaded fasteners, non-threaded fasteners, and Aerospace grade fasteners. The internally threaded fasteners segment is to hold a higher CAGR during the forecast period. Bolts and screws are the most common fasteners with threads on the outside. These goods are used a lot in making cars, electronics, ships, railroads, and heavy equipment. Internally threaded fasteners are mostly nuts, which are usually used with bolts to stack two or more parts of a structure on top of each other. The most common kind of nut is hexagonal, and it is used in a wide range of businesses, such as those that make cars, motorcycles, trains, industrial equipment, and construction equipment.
Browse key industry insights spread across 210 pages with 137 market data tables and figures & charts from the report "Global Industrial Fasteners Market Size Share, and COVID-19 Impact Analysis By Raw Material (Metal and Plastic), By Product (Externally Threaded fasteners, Internally threaded fasteners, Non-threaded fasteners, and Aerospace grade fasteners), By Application (Automotive, Aerospace, Building and Construction, Industrial Machinery, Home Appliances, and Plumbing Products) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030. ” in detail along with the table of contents.
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The automotive segment to hold a higher CAGR during the forecast period
Based on application, the industrial fasteners market is categorized into Automotive, Aerospace, Building and Construction, Industrial Machinery, Home Appliances, and Plumbing Products. The automotive segment is to hold a higher CAGR during the forecast period. The fact that cars are made everywhere globally, both for business and personal use, has helped the market grow. Also, more people are becoming interested in electric cars, which will likely lead to more cars being made worldwide. This is likely to lead to more demand for fasteners in the years to come.
Europe to hold a higher CAGR during the forecast period.
The global industrial fasteners market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. Asia-Pacific is estimated to account for the highest market share in 2022. Product demand in this region can be explained by the fact that both local and international actors are involved in producing cars, machines, and parts. Since the number of manufacturing businesses in India and China is growing quickly, it is expected that the major manufacturing centers in these two countries will continue to drive the market.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global industrial fasteners market include Arconic Fastening Systems and Rings, Acument Global Technologies, Inc., ATF, Inc., Dokka Fasteners A S, LISI Group - Link Solutions for Industry, Nippon Industrial Fasteners Company (Nifco), Hilti Corporation, MW Industries, Inc., Birmingham Fastener and Supply, Inc., SESCO Industries, Inc., Elgin Fastener Group LLC, Rockford Fastener, Inc., Slidematic Precision Components, Inc., Manufacturing Associates, Inc., Eastwood Manufacturing.
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Global Industrial Fasteners Market Size Share, and COVID-19 Impact Analysis By Raw Material (Metal and Plastic), By Product (Externally Threaded fasteners, Internally threaded fasteners, Non-threaded fasteners, and Aerospace grade fasteners), By Application (Automotive, Aerospace, Building and Construction, Industrial Machinery, Home Appliances, and Plumbing Products) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.
https://www.sphericalinsights.com/reports/industrial-fasteners-market
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