Demand builds up for industrial fasteners

Industrial fasteners, such as nuts, bolts and screws, are seen to become even more in-demand this year through 2024, with market value expected to hit $86.2 billion in the said period. This is a CAGR of 7.6 percent from the current $55.6 billion value, per a recent forecast by 360 Research Reports.

Why nuts, bolts, screws and the like? According to the report, prices for these have gone down nowadays and so are those for the raw materials or parts they fasten, steel price for instance. Fasteners remain must-haves in reinforcing objects, not just those made of steel, but also copper, aluminum and more, as mentioned in the forecast. There is also a rising use of the mentioned fasteners in the automotive and electronics industries so whether on the end-consumer or importer side, they are types to stock up on.

As for fastener material types that dominate supply, the report says that steel variants account for 90 percent of the market share. As an IndustryStar blog explains, this is because steel fasteners, including stainless versions, are growing more popular due to their tensile strength, durability against corrosion, and them being able to be easily formed into various configurations. These qualities of steel fasteners can even be further enhanced with traditional and new protective coatings and finishes, a trend reflected by the latest ready-to-source nuts, bolts and screws from hardware manufacturers.