The North American industrial fasteners market is projected to grow from an estimated USD 20.70 billion in 2024 to USD 24.29 billion by 2029. (Source) The increasing demand for industrial fasteners in North America is driven by the growth of key end-user industries such as manufacturing, automotive, and construction.
The automotive, which dominates the segment by application, and aviation sectors are major consumers of industrial fasteners due to the extensive number of parts involved in both production and the final product. In the face of heightened competition, manufacturers are constantly striving to lower prices while enhancing the quality and performance of their products. Industrial fasteners play a crucial role in helping manufacturers achieve these goals by reducing vehicle weight, improving fuel efficiency, and enhancing safety.
The North American market is also poised to capitalize on the increasing demand for plastic fasteners in the coming years. Plastic fasteners are widely used in the automotive, aerospace, and electronics industries for their lightweight nature, corrosion resistance, and cost-effectiveness. The North American market presents a lucrative opportunity as manufacturers and suppliers expand their portfolios to meet the demand for lightweight, corrosion-resistant, and cost-effective plastic fasteners. Companies that can innovate and provide new plastic fastening solutions will thrive. That said, steel currently remains the leading raw material in the market.
In recent years, mergers and acquisitions (M&A) have changed the fastener industry from supply chain dynamics and the competitive landscape to market trends. While M&A activities have led to consolidation, product diversification, and global expansion, they have also increased competition in the industry. Larger companies are now competing more aggressively with each other to gain market share, leading to innovation, and improved customer offerings. Overall, M&A activities have had a profound impact on the industry, reshaping its structure, operations, and competitive dynamics.
The North American industrial fasteners market is experiencing significant growth, particularly fueled by its strong presence in the automotive and aerospace industries, as well as with the increasing adoption of plastic fasteners. Moreover, mergers and acquisitions continue to reshape the industry, driving consolidation and positioning the market for further growth and innovation in the coming years.
