The global industrial fasteners market is expected to reach $109.61 billion by 2025, with the automotive sector and the non-threaded fastener segment leading the way.
A report from Fior Markets predicts a CAGR of 4.04% (2018-2025) and has picked out newer lightweight hybrid fasteners and growth in the aerospace industry as important drivers of the overall expansion.
Plastic segment to grow 6.29%
The demand for cost-effective, lightweight and corrosion-resistant fasteners from the automobile and aerospace industry anticipated to drive the plastics segment to a CAGR of 6.29% over the period. Unsurprisingly, however, it is metal fasteners that dominate the industrial fasteners market at USD $23.55 billion revenue (in 2017).
Non-threaded fasteners lead at $25.37 billion
The lucrative non-threaded segment dominates the global industrial fasteners market, so says the report, at $25.37 billion (2017). Increasing growth in the aerospace industry in Asia Pacific - as well as the rise in global satellite launches - are expected to combine to grow the sector at a CAGR of 7.18% over the period.
Automotive dominates with 28.59% share
While the automotive market is currently facing headwinds (like the shift from diesel), this report picks out the sector as dominant in the industrial fastener market with a 28.59% share, followed by construction.
Asia Pacific hoovers up 34.42%
The Asia Pacific region leads in global industrial fasteners, with 34.42%, followed by North America.
This latest report from Fior Markets, places the market slightly ahead of a previous report. Four years ago, a study by Global Industry Analysts said the market will hit US $83.3 billion by 2020. The Fior report, covering 2018-2025, said the market was around 79.83 billion in 2017, rising to that headline figure of $109.61 billion by 20205.
There's plenty more detail available in the Fior report, but you'll have to part with $4,700 in order to read it.
Image by Emilian Robert Vicol from Pixabay
