Study #: 3759 | Published: 09/2019 | Pages: 167 | Individual User License: US$ 4,900

US demand for industrial fasteners is expected to increase 2.7% per year through 2023 to $16.5 billion. Because fasteners are used in the manufacture and repair of a vast array of durable goods, the market is mature and gains will largely stem from pricing growth. Additionally, because OEMs are the largest market for fasteners by far, an expected improvement in durable goods manufacturing will support demand gains.

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.

Key Findings in the Industrial Fasteners Study:

Growth in Aerospace-Grade Fasteners to Fly Past Standard-Grade

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.

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

Motor Vehicle & Machinery Production Will Generate Significant Fastener Demand

Motor vehicles and machinery utilize a significant number of fasteners, and through 2023, these two markets will account for more than 40% of all additional fastener sales. 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 Waning

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.

Study Coverage

This Freedonia industry study analyzes the $14.4 billion US 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.


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Table of Contents

EXECUTIVE SUMMARY

OVERVIEW

Key Findings

Cyclicality & Historical Demand Volatility

Pricing

Industrial Fastener Demand by Material

Technological Trends

Competitive Joining Technologies

Adhesives

Welding

Mechanical Joining

Legal & Regulatory Environment

Standards-Setting Organizations & Regulations

Tariffs

Supply & Demand

US Production & Trade

Imports by Source

Exports by Destination

PRODUCTS

Key Findings

Industrial Fastener Demand by Grade

Standard-Grade Fasteners

Supply & Demand by Threading Type

Externally Threaded Standard-Grade Fasteners

Externally Threaded Standard-Grade Fasteners: Demand by Fastener Type

Externally Threaded Standard-Grade Fasteners: Suppliers

Internally Threaded Standard-Grade Fasteners

Internally Threaded Standard-Grade Fasteners: Demand by Fastener Type

Internally Threaded Standard-Grade Fasteners: Suppliers

Nonthreaded Standard-Grade Fasteners

Nonthreaded Standard-Grade Fasteners: Demand by Fastener Type

Nonthreaded Standard-Grade Fasteners: Suppliers

Application-Specific Standard-Grade Fasteners

Application-Specific Standard-Grade Fasteners: Demand by Fastener Type

Application-Specific Standard-Grade Fasteners: Suppliers

Standard-Grade Fasteners: Market Share

Aerospace-Grade Fasteners

Supply & Demand by Threading Type

Externally Threaded Aerospace-Grade Fasteners

Internally Threaded Aerospace-Grade Fasteners

Nonthreaded Aerospace-Grade Fasteners

Aerospace-Grade Fasteners: Market Share

MARKETS

Key Findings

Industrial Fastener Demand by Market

Original Equipment Manufacturing (OEM)

Demand by Application

Motor Vehicles

Machinery

Aerospace Equipment

Fabricated Metal Products

Electrical & Electronic Products

Furniture & Wood Products

Other OEM Applications

Maintenance & Repair Operations (MRO)

Demand by Sector

Services

Industrial

Public & Institutional

Construction

INDUSTRY STRUCTURE

Key Findings & Industry Composition

Market Share

Product Development

Manufacturing

Marketing & Distribution

Cooperative Agreements

Mergers & Acquisitions

List of Industry Participants

APPENDIX

Scope

Definitions

Abbreviations

Freedonia Methodology

Study-Specific Methodology

Related Studies & Reports

Macroeconomic Assumptions

Economic Environment

Construction Expenditures

Motor Vehicle Production

Manufacturers' Shipments


List of Tables

OVERVIEW

Table 2-1 | Industrial Fastener Price Deflator by Grade, 2008 - 2023 (2012=100)

Table 2-2 | Industrial Fastener Demand by Material, 2008 - 2023 (million dollars)

Table 2-3 | Industrial Fastener Materials: Description, Applications, & Advantages & Disadvantages

Table 2-4 | Adhesives for Joining: Advantages & Disadvantages

Table 2-5 | Industrial Fastener Supply & Demand, 2008 - 2023 (million dollars)

Table 2-6 | US Industrial Fastener Imports by Source, 2008 - 2018 (million dollars)

Table 2-7 | US Industrial Fastener Exports by Destination, 2008 - 2018 (million dollars)

PRODUCTS

Table 3-1 | Industrial Fastener Demand by Grade, 2008 - 2023 (million dollars)

Table 3-2 | Standard-Grade Industrial Fastener Supply & Demand by Treading Type, 2008 - 2023 (million dollars)

Table 3-3 | Externally Threaded Standard-Grade Fastener Demand by Type, 2008 - 2023 (million dollars)

Table 3-4 | Externally Threaded Standard-Grade Fasteners: Product Descriptions, Advantages, & Disadvantages

Table 3-5 | Internally Threaded Standard-Grade Industrial Fastener Demand by Type, 2008 - 2023 (million dollars)

Table 3-6 | Internally Threaded Standard-Grade Fasteners: Product Descriptions & Advantages

Table 3-7 | Nonthreaded Standard-Grade Industrial Fastener Demand by Type, 2008 - 2023 (million dollars)

Table 3-8 | Nonthreaded Standard-Grade Industrial Fasteners: Product Descriptions, Advantages, & Disadvantages

Table 3-9 | Application-Specific Standard-Grade Industrial Fastener Demand by Application, 2008 - 2023 (million dollars)

Table 3-10 | Aerospace-Grade Fastener Supply & Demand by Threading Type, 2008 - 2023 (million dollars)

Table 3-11 | Externally Threaded Aerospace-Grade Industrial Fastener Demand by Type, 2008 - 2023 (million dollars)

Table 3-12 | Internally Threaded Aerospace-Grade Industrial Fastener Demand by Type, 2008 - 2023 (million dollars)

Table 3-13 | Nonthreaded Aerospace-Grade Industrial Fastener Demand by Type, 2008 - 2023 (million dollars)

MARKETS

Table 4-1 | Industrial Fastener Demand by Market, 2008 - 2023 (million dollars)

Table 4-2 | OEM Industrial Fastener Demand by Application, 2008 - 2023 (million dollars)

Table 4-3 | Motor Vehicle OEM Industrial Fastener Demand by Vehicle Type, 2008 - 2023 (million dollars)

Table 4-4 | Machinery OEM Industrial Fastener Demand, 2008 - 2023 (million dollars)

Table 4-5 | Aerospace Equipment OEM Industrial Fastener Demand, 2008 - 2023 (million dollars)

Table 4-6 | Fabricated Metal Product Industrial Fastener Demand, 2008 - 2023 (million dollars)

Table 4-7 | Electrical & Electronic Product Industrial Fastener Demand, 2008 - 2023 (million dollars)

Table 4-8 | Furniture & Wood Product Industrial Fastener Demand, 2008 - 2023 (million dollars)

Table 4-9 | Other OEM Industrial Fastener Demand, 2008 - 2023 (million dollars)

Table 4-10 | MRO Industrial Fastener Demand by Sector, 2008 - 2023 (million dollars)

Table 4-11 | Services Industrial Fastener Demand, 2008 - 2023 (million dollars)

Table 4-12 | Industrial MRO Fastener Demand, 2008 - 2023 (million dollars)

Table 4-13 | Public & Institutional Industrial Fastener Demand, 2008 - 2023 (million dollars)

Table 4-14 | Construction Fastener Demand by Building Type, 2008 - 2023 (million dollars)

INDUSTRY STRUCTURE

Table 5-1 | Selected US Industrial Fastener Sales by Company, 2018 (million dollars)

Table 5-2 | Selected Cooperative Agreements

Table 5-3 | Selected Mergers & Acquisitions

APPENDIX

Table 6-1 | Relevant NAICS & SIC Codes

Table 6-2 | Relevant HS Codes

Table 6-3 | Abbreviations Used in This Report

Table 6-4 | Macroeconomic Indicators, 2008 - 2023 (billion 2012 dollars)

Table 6-5 | Construction Expenditures, 2008 - 2023 (billion dollars)

Table 6-6 | Motor Vehicle Production, 2008 - 2023 (thousand units)

Table 6-7 | Manufacturers' Shipments, 2008 - 2023 (billion dollars)


List of Figures

EXECUTIVE SUMMARY

Figure 1-1 | US Industrial Fastener Market

OVERVIEW

Figure 2-1 | Key Trends in the Industrial Fastener Market

Figure 2-2 | Industrial Fastener Demand, 2004 - 2018 (million dollars)

Figure 2-3 | Industrial Fastener Price Deflator by Grade, 2005 - 2018 (2012=100)

Figure 2-4 | Industrial Fastener Demand Share by Material, 2018 (billion dollars)

PRODUCTS

Figure 3-1 | Industrial Fastener Product Trends

Figure 3-2 | Standard-Grade Industrial Fastener Demand Share by Threading Type, 2018 (billion dollars)

Figure 3-3 | Standard-Grade Industrial Fastener Demand by Threading Type, 2004 - 2018 (million dollars)

Figure 3-4 | Externally Threaded Standard-Grade Industrial Fastener Demand by Type, 2004 - 2018 (million dollars)

Figure 3-5 | Internally Threaded Standard-Grade Industrial Fastener Demand by Type, 2004 - 2018 (million dollars)

Figure 3-6 | Nonthreaded Standard-Grade Industrial Fastener Demand by Type, 2004 - 2018 (million dollars)

Figure 3-7 | Application-Specific Standard-Grade Industrial Fastener Demand by Application, 2004 - 2018 (million dollars)

Figure 3-8 | Standard-Grade Industrial Fastener Market Share by Company, 2018 (billion dollars)

Figure 3-9 | Aerospace-Grade Industrial Fastener Demand by Threading Type, 2004 - 2018 (million dollars)

Figure 3-10 | Aerospace-Grade Industrial Fastener Market Share by Company, 2018 (billion dollars)

MARKETS

Figure 4-1 | Industrial Fastener Markets

Figure 4-2 | Industrial Fastener Demand Share by Market, 2018 (billion dollars)

Figure 4-3 | OEM Industrial Fastener Demand, 2004 - 2018 (million dollars)

Figure 4-4 | Motor Vehicle OEM Industrial Fastener Demand, 2004 - 2018 (million dollars)

Figure 4-5 | Machinery OEM Industrial Fastener Demand, 2004 - 2018 (million dollars)

Figure 4-6 | Aerospace Equipment OEM Industrial Fastener Demand, 2004 - 2018 (million dollars)

Figure 4-7 | Fabricated Metal Product Industrial Fastener Demand, 2004 - 2018 (million dollars)

Figure 4-8 | Electrical & Electronic Product Industrial Fastener Demand, 2004 - 2018 (million dollars)

Figure 4-9 | Furniture & Wood Product Industrial Fastener Demand, 2004 - 2018 (million dollars)

Figure 4-10 | Other OEM Industrial Fastener Demand, 2004 - 2018 (million dollars)

Figure 4-11 | MRO Industrial Fastener Demand by Sector, 2004 - 2018 (million dollars)

Figure 4-12 | Construction Industrial Fastener Demand by Building Type, 2004 - 2018 (million dollars)

INDUSTRY STRUCTURE

Figure 5-1 | Industrial Fastener Market Share, 2018 (billion dollars)

Figure 5-2 | US Industrial Fasteners: Leading Supplier

Figure 5-3 | US Industrial Fasteners: Second Leading Supplier

Figure 5-4 | US Industrial Fasteners: Third Leading Supplier

Figure 5-5 | US Industrial Fasteners: Fourth Leading Supplier

APPENDIX

Figure 6-1 | Annual Growth in Real GDP, 2000 - 2018, Compared to 1980 - 2005 Average (percent)


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