Fasteners Market to Reach $151 Billion, Globally, by 2032 at 4.6% CAGR: Allied Market Research

PORTLAND, OREGON, UNITED STATES, April 5, 2024 /EINPresswire.com/ — Allied Market Research has released a report titled “Fasteners Market by Product (Externally Threaded, Internally Threaded, and Non-threaded), Sales Channel (Online and Offline), and End-Use (Automotive, Building and Construction, Aerospace, Machinery, Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” The report indicates that the fasteners market was valued at $97.2 billion in 2022 and is projected to reach $151 billion by 2032, with a CAGR of 4.6% from 2023 to 2032.

Fasteners are crucial components in the building and construction industry, serving various applications such as joining structural elements and securing fixtures. The market is driven by the increasing construction activities globally, spanning residential, commercial, and industrial sectors. However, fluctuations in raw material prices pose a challenge to market growth. An emerging trend in the global fasteners industry is the integration of sensors and radio-frequency identification (RFID) technology, which is expected to create lucrative opportunities for market expansion from 2022 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 : https://www.alliedmarketresearch.com/request-sample/A64404

Key Growth Drivers:

The growth of the global fasteners market is propelled by factors such as the rise in construction activities and infrastructure development worldwide. However, fluctuating raw material prices hinder market growth to some extent. Additionally, the integration of sensors and RFID technology presents lucrative opportunities for market expansion.

Non-threaded Segment to Witness Faster Growth:

Among product types, the externally threaded segment dominated the market in 2022, accounting for over one-third of the market revenue. It is projected to continue leading with the highest CAGR of 4.4% from 2023 to 2032. However, the non-threaded segment is expected to witness the fastest growth at a CAGR of 5.0%. Non-threaded fasteners like pins and rivets are commonly used to secure components together, offering ease of installation and a secure joint.

Offline Sales Channel to Maintain Dominance:

The offline sales channel held the highest market share in 2022, contributing to over half of the global market revenue, and is expected to maintain its dominance throughout the forecast period. Meanwhile, the online segment is anticipated to grow at the fastest CAGR of 4.8%. Online platforms such as Amazon and eBay provide a wide reach and efficient inventory management tools for fasteners.

𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/purchase-enquiry/A64404

Aerospace Segment to Experience Rapid Growth:

In terms of end-use industries, automotive led the market in 2022, accounting for over one-fifth of the market revenue and is expected to grow at a CAGR of 4.0% from 2023 to 2032. However, the aerospace segment is projected to witness the fastest growth at a CAGR of 5.4%. Fasteners play a critical role in aerospace applications, ensuring the structural integrity and stability of aircraft and spacecraft.

Asia-Pacific to Maintain Dominance:

Asia-Pacific held the highest market share in 2022 and is expected to continue leading throughout the forecast period, driven by significant demand from countries like China and India. China’s industrial production and infrastructure projects contribute to substantial fastener consumption, while India’s infrastructure projects and automotive sector also drive demand.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/fasteners-market/purchase-options

Key Players:

Key players in the global fasteners market include Arnold Magnetic Technologies, Adams Magnetic Products LLC, Dexter Magnetic Technologies, Electron Energy Corporation, Lynas Rare Earths Ltd, Bunting, Stanford Magnets, TDK Corporation, VACUUMSCHMELZE GmbH & Co. KG, and Magnequench International LLC. These players have implemented various strategies such as new product launches, collaborations, and expansions to maintain their market presence and dominance.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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