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U.S. Fastener Demand At 2.7% CAGR Through 2023

U.S. Fastener Demand At 2.7% CAGR Through 2023
October 28
17:43 2019

U.S. demand for industrial fasteners is expected to increase 2.7% per year through 2023 to $16.5 billion, according to Industrial Fasteners, a new report by the Freedonia Group. Gains will largely stem from pricing growth supported by an expected improvement in durable goods manufacturing.

Competitive pressure from alternative joining technologies, while still a factor in the market, is expected to have only a minimal effect on fastener use going forward.

“Much of the shift toward lightweighting has already occurred in easily adaptable applications, so further technological development will be necessary before fasteners see competition in applications where they are more difficult to replace,” according to Freedonia Group.

Growth will be strongest in aerospace-grade fasteners, the report found.

Rising production of aircraft, and the widespread use of expensive fasteners in their manufacture for both civilian and military use will cause demand for associated fastening products to grow. Military aerospace equipment will register particularly strong gains through 2023, the fastest of any major market segment, because of a sharp increase in military spending, which has been a priority of the Trump administration, according to the report.

Increasing demand from end users beyond aerospace equipment for stronger, better performing fasteners will also support rapid gains, Freedonia Group found.

Motor vehicles and machinery markets will account for more than 40% of all additional fastener sales through 2023. Demand for fasteners will be supported by:

  • strong gains in light truck (a byproduct of changing consumer preference for SUVs) and medium and heavy vehicle production;
  • a rebound in machinery production following a long period of decline.

Competition from alternative fastening technologies is waning, the group stated.

The maturity of the fastener industry makes it susceptible to competition from alternative joining technologies. In some instances, manufacturers have replaced fasteners with adhesives and welding to shorten assembly time and, in the case of motor vehicles and some machinery, to reduce equipment weight.”

However, “much of this change has already occurred, and while equipment engineers continue to look for additional ways to improve productivity or reduce weight, the further adoption of other fastening systems to achieve these goals is slowing,” the report found.

Industrial Fasteners analyzes the $14.4 billion U.S. industrial fasteners market. It presents historical demand data (2008, 2013, 2018) and forecasts (2023) by product (standard-grade or aerospace-grade), physical design (externally threaded, internally threaded, nonthreaded), and market (OEM, maintenance and repair operations, construction). The study also evaluates company market share and competitive analysis on industry competitors, including Agrati, Arconic, Berkshire Hathaway, Hilti, Illinois Tool Works, LISI, Stanley Black & Decker, and TriMas.

The 167-page report (study #3759) is available for purchase at $4,900. Web:

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