Fasteners Market Share, Trends, Growth Rate, Industry Report And Forecast To 2032

Allied Market Research recently released a report titled "Fasteners Market: Global Opportunity Analysis and Industry Forecast, 2023-2032." In 2022, the fasteners market was valued at $97.2 billion and is anticipated to reach $151 billion by 2032, with a compound annual growth rate (CAGR) of 4.6% during 2023-2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 : https://www.alliedmarketresearch.com/request-sample/A64404

Key Growth Drivers:

The growth of the global fasteners market is driven by various factors, including increased construction activities and infrastructure development. However, fluctuating raw material prices pose a challenge to market growth. On the upside, the integration of sensors and radio-frequency identification (RFID) technology presents lucrative opportunities for market expansion.

Fasteners play a critical role in the building and construction industry, used for joining structural elements, attaching fixtures, and securing cladding materials. The rising construction of residential, commercial, and industrial buildings is expected to drive the demand for fasteners such as screws, bolts, nuts, and anchors. Nevertheless, fluctuating raw material prices may restrain market growth. The adoption of sensors and RFID technology is an emerging trend in the global fasteners industry, expected to create significant opportunities from 2022 to 2032.

𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/purchase-enquiry/A64404

The non-threaded segment is projected to exhibit the highest growth throughout the forecast period.

Product-wise, the externally threaded segment dominated the market in 2022, accounting for over one-third of the revenue. It is expected to register the highest CAGR of 4.4% from 2023 to 2032. This growth is attributed to the extensive use of externally threaded fasteners like bolts and screws in automotive manufacturing and repair. However, the non-threaded segment is anticipated to be the fastest-growing, with a CAGR of 5.0%. Pins and rivets, common non-threaded fasteners, are utilized to secure components together by insertion into pre-drilled holes and subsequent expansion or deformation.

Offline sales are expected to lead the market throughout the forecast period.

Regarding sales channels, offline sales dominated the market in 2022, representing over half of the global fasteners market revenue. It is forecasted to maintain dominance, while online sales are expected to grow at the fastest CAGR of 4.8%. Online platforms such as Amazon, eBay, and Shopify offer a wide range of fasteners, coupled with inventory management and customer support tools.

The aerospace segment is anticipated to grow at a faster pace during the forecast period.

In terms of end-use, the automotive segment held the largest market share in 2022, driven by the crucial role of fasteners in securing safety-critical components within vehicles. However, the aerospace segment is expected to grow at the highest CAGR of 5.4%, owing to extensive usage of fasteners in aerospace applications to join structural components like fuselage sections, wings, and tail assemblies.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/fasteners-market/purchase-options

Asia-Pacific is poised to maintain its dominance in the market by 2032.

Geographically, Asia-Pacific led the market in 2022 and is expected to continue dominating both in terms of revenue share and growth rate, with China and India being significant consumers of fasteners for various industries including automotive, electronics, and infrastructure.

Key Players and Strategies:

The report analyzes key players in the global fasteners market such as Arnold Magnetic Technologies, Adams Magnetic Products, LLC, Dexter Magnetic Technologies, Electron Energy Corporation, Lynas Rare Earths Ltd, Bunting, Stanford Magnets, TDK Corporation, VACUUMSCHMELZE GmbH & Co. KG, and Magnequench International, LLC. These players have employed various strategies including new product launches, collaborations, expansions, joint ventures, and agreements to enhance their market share and maintain dominance in different regions.

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