6th June 2019: Fasteners are industrial products that are mainly used to connect two or more constituents collectively. They are also used to close containers, bags, envelopes, and boxes. Industrial high-quality fasteners are used in a variety of applications fluctuating from maritime to construction and automobile industry.
High demand for Internally Threaded Product to Contribute in Market Growth
The major product variants of the industrial fasteners market include internally threaded, externally threaded, aerospace grade, and non-threaded products. Internally threaded fasteners segment is the largest product sector and is anticipated to maintain its dominance over the forthcoming period on account of increasing demand in industrial machinery, construction, and cars, motorcycle, and railways manufacturing.
Innovations in the designs to offer improved vibration and performance resistance, are anticipated to have an optimistic influence on the industrial fasteners. For the manufacturing of internally threaded fasteners, stainless steel is commonly used material whereas, brass, aluminum, and alloy steel are also used.
Aerospace grade is the second largest segment and is anticipated to grow high in the forecast period. For example, Carbon steel is used for manufacturing commercial grade fasteners whereas, corrosion-resistant steel is used for aerospace grade fasteners, which is heated to surpass a tensile strength of 125,000 psi to reach desired characteristics.
Aerospace grade segment is followed by a non-threaded product segment, which is anticipated to have an optimistic impact on the market given its extensive use in decking, roofing, and subflooring.
Market insights
Building and construction, automotive, electrical and electronics, marine, and OEM industries are the foremost end users. Top manufacturers in the industrial fasteners are concentrating more on the R&D initiatives associated with the use of raw material to progress strength, durability, and pressure and temperature resistance, to alleviate the threat of new participants.
Numerous companies are gaining global standard authorization to survive the competition in the market. For instance, to manufacture aerospace fasteners, more than 140 Taiwan companies have gained aerospace certification in strict quality control and certification standards such as NADCAP and AS9100.
The competition among industries is inclusive of factors like technological innovations, distribution partnerships, product portfolio, capabilities, and strategic developments. Leading players operating in the industrial fasteners market include MW Industries Inc.; Stanley Black and Decker, Inc.; Illinois Tool Works, Inc.; Penn Engineering and Manufacturing Corporation; and Arconic.
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