The engineered fastener are type of hardware devices or tools which are used to connect parts or objects together permanently, semi permanently or non-permanently. The most common types of fasteners used in various industries include nuts, nails, bolts, screws, studs, rivets among others.
The engineered
fastener market is segmented into by
material, by product, by type, by industry, and by region. Engineered fasteners
are used in almost every type of machine or motor to fix the part of the
machines accurately and safely. These fasteners also find their use in consumer
electronics such as mobile phones, laptops among others.
The use of fastener in the aerospace industry is critical and
hence, strict standards are to be followed by the manufacturers for the
fasteners used in the aerospace industry. Fasteners are also widely used in
automobiles and their spare parts. The rise in EV vehicles market will support
and strengthen the engineered fastener market in the forecast period. The
alternatives such as clinching is the restraining factors of the market. The
substitutes such as adhesives and bonding also restrict the use of fasteners in
certain specific application.
Market Dynamics
DRIVER: Positive demand from thriving automotive industry
The automotive industry is continuously evolving with some key
technological changes such as autonomous driving, electrification, and
connectivity. The vehicles designed and developed today have complex designs
and include more electronic parts for better durability and performance. The
engineered fasteners are an important part of automotive development, as they
give the unit compactness and strength. Hence, as the manufacturing of the
vehicles is increasing, the demand for engineered fastener will also increase.
Moreover, every part of the whole model of automotive is fixed, joint, and
placed using various types of engineered fasteners.
These fasteners can be standard, or custom made according to the
automotive manufacturer’s needs. Besides, the global market for electric
vehicles is growing rapidly as many countries are now adopting sustainable
means of transport. According to an article published in Feb 2022, by Economic
Times, the global electric vehicle (EV) sales saw a tremendous rise in 2021, as
compared to earlier years, wherein around 6.5 million units of EV’s were sold
globally. The number of units sold is anticipated to rise in coming years. The
EV market is growing worldwide, which will also support the growth of
engineered fastener market.
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RESTRAINT: Availability of alternatives could hamper the market
growth
In recent years, an increased use of substitute products such as
tapes, adhesives is seen, which can hamper the engineered fastener market
growth. Besides, metal fasteners can be replaced by welding, in industries such
as aerospace and automotives which can degrade the growth of fastener market in
the industry.
The plastic fasteners are replaced by tapes and adhesive in
applications such as home appliances and construction. However, to overcome
this situation some of the fastener manufacturers are providing customization
solutions which will significantly contribute to the growth of the market.
OPPORTUNITY: Customized fastener for aerospace and automotive
industry
The aerospace and automotive designs are complex, and the
manufacturing of these designs is time consuming. The aircraft constitutes of
aircraft engines, landing gears, supercharges apart from the overall hardware
construction, which needs superior quality engineered fasteners.
The increasing research and development of commercial aircrafts
along with defense aircrafts are attributing to the increased use of customized
engineered fastener in the industry. The complex joints and fixing in the
aircraft design need different grade of fasteners which are customized and
specially built for the aerospace industry. Besides, the constant design
developments in the automotive industry and custom designs especially used in
the sports edition and special editions are driving the demand for custom
engineered fasteners. Hence, the market opportunity for customized fasteners in
these two industries is wide and can be captured by the manufacturers.
CHALLENGE: Shortage of raw materials
The fasteners are built with different materials such as steel,
chrome, aluminum among others. Due to the increased use of these metals in
various industries and impact of COVID-19 on global supply chains, there is a
shortage of such materials.
Steel is used in making of every tool, device, cars,
automobiles, spare parts, home appliances, among others, which results in the
demand and supply gap. The demand for steel is always rising due to its nature
of non-corrosiveness and robustness. The increased demand for steel, often
leads to the shortage globally, which could affect the manufacturing of
engineered fasteners.
“Metal Fasteners to dominate the engineered fastener market”
Metal fasteners can find their applications in almost all
industries such as construction, automotive, aerospace, industrial machinery,
manufacturing, and home appliances among others. The metal fasteners are made
up of metals such as steel, aluminum, chrome, brass, copper, nickel, and
titanium.
The metal used in the fastener depends upon the application and
the properties required by respective fastener. For instance, the titanium
fasteners are used in aerospace industry, similarly copper is used for marine
industry due to its high resistance to saltwater corrosion.
Moreover, the metal fasteners provide better resistance and
mechanical strength to the equipment used in industries such as construction,
manufacturing, power and oil and gas. All these factors are driving the demand
of metal fasteners worldwide.
Key Market Players
Stanley Black & Decker, Inc. (US), LISI GROUP (France),
Nifco Inc. (Japan), Würth Group (Germany), Illinois Tool Works Inc. (US), and
Alcoa Corporation (US) are a few key players in engineered fastener market.
“Aerospace industry to register the highest CAGR in the forecast
period”
The aerospace industry application is expected to register the
highest CAGR during the forecast period. The fasteners in aerospace industry
are majorly used for aircraft assembly and manufacturing processes of the
aircraft carriers. The fasteners used in the aircraft require high-strength
materials with high-impact resistance. These fasteners are also required to be
lightweight, hence, metal fasteners are used which are made of titanium metal.
The expected growth of global aerospace industry is expected to fuel the
engineered fastener market in the forecast period.
“Engineered fastener market in Asia Pacific to grow at the
highest CAGR”
The growing population, rising urbanization, rising income
level, and expanding construction industry in emerging economies such as China
and India are the key factors driving the growth of the Asia Pacific engineered
fastener market. Moreover, increased government investments in commercial and
residential construction sector will boost the engineered fastener market in
the region.
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