The versatility of fasteners has led to their usage across multiple fields, whether for construction, automobiles, aerospace, electrical, medical or defense. Changes in the material of the fasteners further widens the scope of their application. The Asia Pacific region is predicted as the fastest growing sector for the fasteners industry, followed by North America.
Fasteners are items of hardware designed to join two objects in a non-permanent manner such that the joint can be dismantled without damaging the individual components. They provide an alternative to complicated engineering designs or permanent joining techniques such as welding.
The global market for industrial fasteners was recorded as USD 84.9 billion in 2016 and is projected to reach USD 116.5 billion by 2022. Regardless of which country or its economic and developmental status, demand for fasteners can be witnessed throughout.
Factors driving the fasteners industry include:
Developing countries such as India, China, Thailand, Indonesia, and Brazil are growing at a rapid rate, urbanizing their rural areas and matching global standards. Apart from the rural areas, the cities are growing with more expensive electronics and automotive industry growth.
Construction of new homes and offices, machines used to build roads and highways, vehicles for transportation and even electric appliances and furnishings within the home all depend on fasteners. Industrial machines, manufacturing units, and farms also use fasteners.
While the developing world has a straightforward need for fasteners, developed countries are not far behind. Though the developed countries would not have as much construction needs, maintenance and repair needs would still require fasteners. Countries in the regions of North America and the European Union have recorded a comparatively higher demand for aerospace fasteners.
High levels of quality control are maintained in the manufacturing of fasteners, since the fasteners are further used in essential service. The requirements for high-quality, low-weight and specialized fasteners at economical rates encourages healthy competition in the industry.
Corrosion resistant fasteners are safer for medical purposes, while low-weight fasteners increase efficiency for the automotive industry. New innovations in the field of fasteners target expanding the market by using different materials.
Fasteners are used in multiple government fields of high importance. The government’s department of defense makes use of fasteners in military equipment across all 3 branches: Army, Navy and Air Force. Surveillance equipment, vehicles, and arms require fasteners of the highest quality. Apart from the department of defense, fasteners play a role in scientific and technical research and development, and medical care.
The applications of fasteners already cross several industries; however, in the future, even more, applications are likely to come up. The growth in popularity of 3D-printers will also lead to an increase in the use of fasteners, including in home-settings apart from industrial usages. Due to the easy use of fasteners such as nails, screws, and bolts, even people without any formal industrial training can utilize fasteners.
Considering the wide applications of fasteners across industries, the market and scope is expected to grow considerably. Whether it is construction or manufacturing, electronics or automobiles, the use of fasteners is multi-fold. Developing nations in the Asia Pacific region are expected to drive the market, while developed nations in North America and Europe would have the most demand for fasteners in cases of maintenance and innovations.