The global fasteners market is projected to reach $151 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.6% from 2023, according to a new report from Allied Market Research. The market was valued at $97.2 billion in 2022. The report, titled “Fasteners Market by Product, Sales Channel, and End-Use: Global Opportunity Analysis and Industry Forecast, 2023-2032,” cites increased construction activities and infrastructure development as key growth drivers. However, fluctuating raw material prices may hinder market expansion.
The report identifies several technological advancements as key growth drivers for the fasteners market. For example, the development of advanced fasteners with surface treatments and coatings has allowed for higher strength, corrosion resistance, and ease of installation. These advancements have expanded the applications of fasteners across various industries.
In terms of product segmentation, the report predicts that the non-threaded segment will experience the fastest growth throughout the forecast period. Non-threaded fasteners such as pins and rivets are commonly used to secure multiple components together. These fasteners are often inserted into pre-drilled holes and then expanded or deformed to create a secure joint.
By sales channel, the offline segment held the largest market share in 2022, accounting for more than half of global revenue. The offline segment is expected to maintain its dominance through 2032. However, the online segment is projected to be the fastest-growing sales channel, with an anticipated CAGR of 4.8%. Many online stores list fasteners on popular e-commerce platforms, providing a wide reach and offering tools for inventory management and customer support.
In terms of end-use, the automotive segment held the largest market share in 2022, accounting for more than one-fifth of revenue. The report projects the automotive segment will see the highest CAGR from 2023 to 2032 at 4.0%. Fasteners play a critical role in the automotive sector, securing safety-critical components such as seat belts, airbags, and braking systems. In the aerospace segment, fasteners are extensively used to join structural components together, including fuselage sections, wings, and tail assemblies. The report anticipates the aerospace segment will experience the fastest growth throughout the forecast period, with a projected CAGR of 5.4%.
From a regional perspective, Asia-Pacific held the largest market share in 2022, accounting for more than one-third of global revenue. The region is also expected to be the fastest-growing market, with a projected CAGR of 5.0% through 2032. China is a significant consumer of fasteners for industrial production, construction, and infrastructure projects. The country’s automotive and electronics industries are major drivers of fastener consumption. India also has substantial demand for fasteners, particularly in infrastructure projects and the automotive sector.
Other key players in the global fasteners market include Arnold Magnetic Technologies, Adams Magnetic Products, Dexter Magnetic Technologies, and TDK Corporation. These companies have implemented strategies such as new product launches, collaborations, and expansions to increase their market share.
Download the report here.
