Press release
Demand For Steel Industrial Fasteners Used In Power Generation And Transmission To Increase At The Highest CAGR Of 5.6% - Exclusive Report by Fact.MR
The global demand observed a decline of 2.5% in 2020, and stood at 30,060 KT. Demand for polymer fasteners fell by 3.2% to 2,495 KT, whereas, that for metal fasteners experienced a decline of 2.6% to 27,564 KT.However, the overall market is set to regain traction and expand at a CAGR of around 5% through 2031.
The market intelligence study therefore includes demographics analysis so market players can plan their product and marketing strategy. It offers sales outlook in 20+ countries. It identifies the most lucrative segments to assist companies in creating winning strategies for future.
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The report offers actionable and valuable market insights of Steel Industrial Fasteners. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Steel Industrial Fasteners Market across various industries and regions.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Steel Industrial Fasteners market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Steel Industrial Fasteners
This newly published and insightful report sheds light on Market Insights of Steel Industrial Fasteners, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Steel Industrial Fasteners Market.
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Key Segments Covered in Steel Industrial Fasteners Industry Research
By Material
• Metal Steel Industrial Fasteners
• Polymer Steel Industrial Fasteners
• Industrial Plastic Fasteners
By Type
• Screws
• Nuts
• Bolts
• Washers
• Anchors
• Dowel Pins
By Application
• Chemical Grade Steel Industrial Fasteners
• Petrochemical Grade Steel Industrial Fasteners
• Transportation Grade Steel Industrial Fasteners
• Power Generation & Transmission Grade Steel Industrial Fasteners
• Construction Grade Steel Industrial Fasteners
• Mining Grade Steel Industrial Fasteners
• Agriculture Grade Steel Industrial Fasteners
• Defense Aerospace Grade Steel Industrial Fasteners
• Others
Competition landscape
To acquire access to untapped markets, top industrial fastener manufacturers are combining organic methods such as targeted product line extensions and geographic expansions. In addition, certain key players are employing inorganic tactics such as acquisitions to improve their existing portfolios, as well as consistent research spending.
• LISI Aerospace collaborated with the University of Sheffield Advanced Manufacturing Research Centre and received US$ 1.34 Mn in funding from Aerospace Technology Institute to research on newer markets in the fastener industry through the usage of advanced technologies.
• In June 2020, LISI Aerospace and Lockheed Martin signed a supply agreement for the F-35v program, with a total estimated value of US$ 60 Mn.
• Stanley Black & Decker acquired Consolidated Aerospace Manufacturing LLC (CAM) added viable products for aerospace & defence end-users to its product portfolio.
• Avantus Aerospace acquired Fastener Innovation Technology Corporation in 2020, to improve its overall product portfolio.
• Moreover, Birmingham Fasteners announced the acquisition of Steel City Bolt in 2021, which would increase the company's local manufacturing capabilities and help its customer with their fastener needs suited to diverse applications.
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Key Takeaways from Market Study
• The industrial fasteners market is anticipated to add 1.6X value by 2031.
• Metal fasteners capture a major chunk of the market and are set to create an absolute $ opportunity of over US$ 60 Bn by2031.
• Among the types, nuts has been the fastest-growing segment over others globally in the past decade.
• The market in East Asia is set to dominate market revenue in 2021, and is expected to gain 169 BPS by 2031 over 2021.
• Power generation & transmission application is poised to experience highest growth among all the applications at a CAGR of 5.6% during 2021-2031.
• Due to the COVID-19 crisis, demand for industrial fasteners was hit in 2020, which saw a decline of 2.5% over the 2nd and 3rd quarters.
Report Benefits & Key Questions Answered
• Steel Industrial Fasteners Company & brand share analysis: The report offers brand-share analysis on Steel Industrial Fasteners market to offer a more in-depth competition deep-dive. This is intended at assisting companies at proactive long-term planning.
• Steel Industrial Fasteners Historical volume analysis: Factors affecting sales in the past are analyzed in detail. The report also offers comparative analysis between growth trajectory exhibited in 2016-2020 and 2021-2031.
• Steel Industrial Fasteners Category & segment level analysis: To offer a comprehensive analysis, the market identifies leading segments and highlights chief factors enabling growth across these categories.
• Steel Industrial Fasteners Consumption by demographics: The demographic analysis is intended at providing recommendations to companies to help them create growth strategies around dynamic consumption patterns.
• Steel Industrial Fasteners Manufacturing trend analysis: Manufacturing trend analysis is the key highlight of the study. It offers vital data on strategies adopted by market players to align their manufacturing strategies as per prevailing market trends.
• Post COVID consumer spending on Steel Industrial Fasteners: The survey offers a chapter dedicated to analyzing post COVID consumer behavior. Changes in their spending pattern are carefully analyzed to offer insights into potential impact on Steel Industrial Fasteners sales.
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More Valuable Insights on Steel Industrial Fasteners Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Steel Industrial Fasteners, Sales and Demand of Steel Industrial Fasteners, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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