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, shifting costs for basic materials could prevent the market from growing.
Several technical advances are identified in the report as major growth factors for the market for fasteners. For instance, improved strength, resistance to corrosion, and ease of installation have been made possible by the introduction of sophisticated fasteners with surface treatments and coatings. 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. Pins and rivets, which are non-threaded fasteners, are frequently used to join several components together. To make a strong junction, these fasteners are frequently placed into holes that have already been bored and then extended or twisted.
In terms of sales channel, the offline sector accounted for over half of worldwide revenue in 2022 and had the most market share. It is anticipated that the offline market will continue to rule through 2032. With a predicted CAGR of 4.8%, the online segment is expected to develop at the quickest rate among sales channels. Fasteners are listed by numerous online retailers on well-known e-commerce platforms, giving them a broad audience as well as capabilities for customer service and inventory control.
With over one-fifth of revenue coming from end-use, the automotive industry had the biggest market share in 2022. According to the research, the automobile industry will grow at the fastest rate-4.0%-between 2023 and 2032. In the automotive industry, fasteners are essential because they hold together safety-critical parts like airbags, seat belts, and braking systems. Fasteners are widely employed in the aircraft industry to connect structural parts, such as fuselage sections, wings, and tail assemblies. With a predicted CAGR of 5.4%, the report predicts that the aerospace category will develop at the quickest rate throughout the forecast period.
Wenqi Machinery leverag advanced equipment, craftsmanship, comprehensive support, and professional service, specializes in the production of needle rollers, cylindrical rollers, dowel pins and universal joints.
Offering customization services, we have developed thousands of customized products for our clients over the years. We regularly upgrade our production equipment and processes to meet the evolving needs of our customers, fostering mutual growth.Welcome to contact us for more information!
