New York, July 25. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “North America Industrial Fasteners Market – Growth, Trends, Impact of COVID-19 and Forecast (2022 – 2027)” – https://www.reportlinker .com/p06309375/?utm_source=GNW
Due to the growth of end-user industries such as manufacturing, automotive, and construction among others, the demand for industrial fasteners has increased in the North American region.
Industrial fasteners have been one of the major components of hardware equipment or hardware devices and are designed as permanent or semi-permanent. One of the main advantages of using a semi-permanent fastener is that hardware equipment joints can be removed without damaging the fasteners. Most of the fasteners used for heavy duty hardware equipment in end user industries are made of aluminum alloys which are composed of elements such as iron, copper, manganese, magnesium and others. The presence of such elements makes it more prone to corrosion and requires coating.
Anti-corrosion coating is one of the main requirements for industrial metal fasteners in industry. Due to demand, various anti-corrosion metallic coating vendors have developed new methods to prevent corrosion for the market under study. For example, in June 2021, Greenkote announced the new Greenkote G5K coating which provides a minimum of 5,000 hours of corrosion protection against salt spray testing. The method made it possible to meet the ASTM B117 specification.
North America is home to many automotive manufacturers, electrical component manufacturers, aerospace manufacturers, and medical equipment manufacturers. For example, according to ATD’s Truck Beat (2021) report, in the first half of 2021, commercial truck sales were 231,813 units, which was up 28.5% from the first half of 2020. These trends are expected to boost the demand for industrial fasteners in the region.
Additionally, the growing use of industrial fasteners in the construction industry further supports the growth of the market studied. For example, according to the Department of Commerce (United States), in May 2022, construction spending increased slightly to 0.1% after increasing by 0.5% in February 2022.
However, factors such as the emergence of alternatives such as high-quality adhesives as well as the growing demand for durable solutions are challenging the growth of the studied market.
The COVID-19 outbreak has severely affected the North American region. This continues to negatively impact various industries as demand decreases along with several supply chain disruptions and operational challenges. Decreasing activity in end-user industries has had a negative impact on the market studied. However, the market is expected to trend upwards as the impact of COVID-19 diminishes across the North American region.
Main market trends
The automotive industry will hold a large market share
The automotive and aerospace sector is one of the major consumers of industrial fasteners due to a large number of parts involved both in the production process and in the product itself. Nuts, bolts, screws and washers are some of the most commonly used fasteners in these industries.
Due to the growing demand for commercial and passenger vehicles in the region, the demand for automotive grade industrial fasteners is increasing. For example, according to data released by StatCan in April 2022, passenger car sales in 2021 accounted for 345.35 thousand units and 1293.7 thousand units in 2021, compared to 325.49 thousand passenger car units and 1233.06 thousand light truck units in 2020.
Due to the demand, vendors are introducing various brands to meet the demand for light vehicle industrial fasteners. For example, in February 2022, MacLean-Fogg Component Solutions announced the launch of the Treadstrong brand, which comes with an e-commerce website. The brand presents wheel fasteners for light vehicles. Some of the fasteners are black lug nut for Ford F-150, black lug nut for Ford Explorer, black lug nut for Ford Mustang and black lug nut for Ford F-150.
Additionally, vendors operating in the region are also expanding their portfolio of light vehicle fastener products as their demand increases. For example, in January 2022, Auto Bolt announced its association with Pac-West Fasteners to expand its customer base on the West Coast of America. The collaboration is expected to add a strong new customer base for the company.
The United States holds a major market share
The United States is the largest economy in the North American region and has many diverse businesses centered around major buyers of fastener products including the automotive, aerospace, and military sectors. Therefore, the country is expected to remain a major consumer of industrial fasteners.
Rising public and private sector investment to upgrade the country’s infrastructure is expected to further boost the demand for industrial fasteners. For example, in November 2021, US President Joe Biden signed into law a bipartisan $1 trillion infrastructure bill, making several investments to rebuild the country’s roads, ports, bridges and railroads, between others. This will create new opportunities for market players as industrial fasteners are widely used in such construction projects to ensure safe and strong final construction.
Several players in the region are focusing on the use of new technologies and specialization to develop innovative and customized fastening solutions for a wide range of applications. Specialty fasteners are already a growing market and are commonly used in the aerospace, automotive, construction, mechanical and agricultural industries.
For example, in March 2021, an American manufacturer of load indicator fasteners, Valley Forge & Bolt, launched the new High Temp Maxbolt, which can operate in temperatures up to 650°F for a wide range of applications and with proven performance. in extended high temperature run times and thermal cycles. With a high-temperature lens and easy-to-read gauge, the new bolt performs in fast heat-cycling applications and in prolonged high-temperature situations.
Moreover, the automotive sector is another major sector driving the demand for industrial fasteners. For example, according to the Center for Automotive Research Organization, the automotive industry is one of the most organized industries in the United States. Historically, the automotive sector has contributed about 3-3.5% to overall gross domestic product (GDP). These trends are expected to create a favorable market scenario for the growth of the industrial fasteners market in the country.
The North American industrial fasteners market is moderately fragmented with local and international players having decades of experience in the industry. “Market vendors are integrating a powerful competitive strategy based on their expertise. Some of the major players operating in the market include ARaymond Industrial, Fontana Gruppo, Illinois Tool Works Inc., and LISI Group, among others.
December 2021 – Trimas Corporation announces the acquisition of TFI Aerospace. Located near Toronto, Canada, TFI is a manufacturer and supplier of specialty fasteners used in a variety of applications, primarily for the aerospace end market. The acquisition is expected to help the company further strengthen its presence in the North American region.
January 2022 – Fastenal Co., a distributor of original equipment manufacturers (OEM), maintenance, repair and operation (MRO), construction, industrial and security products, is working to accelerate the process. In 2022 and beyond, Fastenal expects its “digital footprint” sales to represent an even higher percentage of overall sales. “The company’s goal is to reach 55% by 2022, but they think it could eventually reach 85%.”
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