Market Trends of North America Industrial Fasteners Industry
This section covers the major market trends shaping the North America Industrial Fasteners Market according to our research experts:
Automotive Industry to Hold Significant Market Share
- The automotive and aviation sector is among the major consumer of industrial fasteners owing to a large number of parts involved in both the production process and the product itself. Nuts, bolts, screws, and washers are among the most used fasteners across these industries.
- Owing to the increasing demand for commercial and passenger vehicles in the region, demand for automotive-grade industrial fasteners is increasing. For instance, according to data published by StatCan in April 2022, the sale of passenger cars in 2021 accounted for 345.35 thousand units and 1293.7 thousand units in 2021, compared to 325.49 thousand units of passenger cars and 1233.06 thousand units of light trucks in 2020.
- Owing to the demand, vendors are introducing various brands to address the demand for industrial fasteners for lightweight vehicles. For instance, in February 2022, MacLean-Fogg Component Solutions announced the launch of the Treadstrong brand, which is accompanied by an e-commerce website. The brand showcases wheel fasteners for lightweight vehicles. Some of the fasteners are a black wheel Lug nut for Ford F-150, Black Wheel Lug Nut for Ford Explorer, a Black wheel lug nut for Ford Mustang, and a Black Wheel lug Nut for Ford F-150.
- Furthermore, the vendors operating in the region are also expanding their fasteners product portfolio for lightweight vehicles as their demand has been increasing. For instance, 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 new and strong customer base for the company.
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United States to Hold Major Market Share
- The United States is the largest economy in the North American region and has many varied companies centered around the main purchasers of fastener products, including the automotive, aerospace, and military sectors. Hence, the country is expected to remain a major consumer of industrial fasteners.
- Increasing investment by the public and private sectors to modernize the country's infrastructure is expected to drive the demand for industrial fasteners further. For instance, in November 2021, US President Joe Biden signed a USD 1 trillion bipartisan infrastructure bill into law, making several investments to rebuild the country's roads, ports, bridges, and rails, among others. This will create new opportunities for the players in the market as industrial fasteners are extensively used in such construction projects to ensure a safe and strong final construction.
- Several players in the region are focusing on utilizing new technologies and specialization to develop innovative and customized fastening solutions for a wide range of applications. Special fasteners are already a growing market and are commonly used in the aerospace, automotive, construction, mechanical, and agricultural industries.
- For instance, in March 2021, a US-based manufacturer of load-indicating 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 cycling. With a high-temperature lens and easy-to-read gauge, the new bolt operates in rapid thermal cycle applications and in prolonged high-temp situations.
- Furthermore, the automotive sector is another major sector that is driving the demand for industrial fasteners. For instance, according to the Center for Automotive Research Organization, the auto industry is one of the highly organized industries in the United States. Historically, the auto sector has contributed about 3 - 3.5 percent to the overall Gross Domestic Product (GDP). Such trends are expected to create a favorable market scenario for the growth of the industrial fasteners market in the country.
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