FastenersASIA May 2024

Industry news

Fasteners market to reach $151bn by 2032 Allied Market Research has published a report, titled “Fasteners market by product (externally threaded, internally threaded and non threaded), sales channel (online and offline), and end-use (automotive, building and construction, aerospace, machinery, electronics and others): global opportunity analysis and industry forecast, 2023-2032”. According to the report, the fasteners market was valued at $97.2bn in 2022 and is estimated to reach $151bn by 2032, growing at a CAGR of 4.6 per cent from 2023 to 2032. chassis components, body panels and interior trim. However, the non-threaded segment is expected to be the fastest growing in the fasteners market at a CAGR of 5 per cent. Pins and rivets are common non threaded fasteners used to secure two or more components together. They are often inserted into pre-drilled holes and then either expanded or deformed to create a secure joint. The is experiencing growth due to factors such as an increase in construction activities and infrastructure development. However, fluctuating raw material prices hinder market growth to some extent. The integration of sensors and radio-frequency identification (RFID) technology offers opportunities for the expansion of the global fasteners market. By product, the externally threaded segment held the highest market share in 2022, accounting for more than a third of the fasteners market revenue, and is projected to manifest the highest CAGR of 4.4 per cent from 2023 to 2032. This can be attributed to externally threaded fasteners such as bolts and screws that are used in automotive manufacturing and repair for assembling engines, By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than a third of the global fasteners market revenue. The region is also expected to be the fastest growing, at a CAGR of 5 per cent during the forecast period. China consumes a significant amount of fasteners for industrial production, construction and infrastructure projects. The automotive and electronics industries are major consumers of fasteners in China. India also has a significant demand for fasteners. Infrastructure projects, including roads, bridges and buildings, drive the consumption of fasteners in the country. Allied Market Research www.alliedmarketresearch.com Strategic focus on industrial services and products global fasteners market By sales channel, the offline segment held the highest market share in 2022, accounting for more than half of the global fasteners market revenue, and is expected to retain its dominance throughout the forecast period, while the online segment is expected to be the fastest growing at a CAGR of 4.8 per cent. Online stores list fasteners on popular e-commerce platforms such as Amazon, eBay and Shopify. These platforms offer a wide reach and provide tools for inventory management, order processing and customer support. By end-use, the automotive segment held the highest market share, with more than a fifth of the fasteners market revenue, and is projected to manifest the highest CAGR of 4 per cent from 2023 to 2032. This can be attributed to the fact that in the automotive segment, fasteners play a crucial role in securing safety-critical components within the vehicle, such as seat belts, airbags and braking systems. Properly torqued bolts and screws ensure that these components remain securely in place. However, aerospace is expected to be the fastest growing segment, at a CAGR of 5.4 per cent. Fasteners are extensively employed in aerospace to join structural components together. Bolts, screws and rivets are commonly used to securely fasten these large structural elements, ensuring the overall integrity and stability of the aircraft or spacecraft.

in Ohio, Indiana and Kentucky. The company’s sales staff provide expert service and support, augmented by the company’s website. It is a 100 per cent employee-owned company, with 240 employee-owners. The company’s history dates back to 1855, and until 12 years ago it principally supplied independent hardware stores. The business started to change when, through acquisitions, it entered the industrial services field. “Bostwick-Braun has a remarkable, and in many ways, unequalled history,” said Mr Richichi. “A business doesn’t survive and grow over nearly 170 years without evolving. We will continue to provide cus tomers with an extensive line of quality products by employee-owners who are committed to great customer service.”

services to industrial customers. These companies and their key product offer ings include: • Columbus Fasteners Corp (CFC) – fasteners, anchors, struts, and other construction and industrial supplies • Wayne Fasteners, Inc – fasteners, power tools, metal working tools, abrasives and band saw blades • EBN Industrial Supply – general construction and industrial supplies, including a wide variety of fastener and metal working tools • JMC Sales & Engineering – metalworking tools, tooling accessories, saw blades, customised blades, and an authorised Lennox Welding Center • MSI – Power tools and accessories, ladders and other general industrial supplies Collectively, Bostwick-Braun Industrial companies distribute 125,000 stock keeping units from 13 warehouses

Bostwick-Braun, headquartered in Toledo, Ohio, USA, announced in March that House-Hasson Hardware of Knoxville, Tennessee, USA, had made a formal purchase offer for its hardware division, including its related inventory and warehouses. This transaction follows the company’s decision to concentrate 100 per cent of its focus on its industrial distribution markets. “Selling our hardware division enables us to focus all our energies on Bostwick Braun Industrial,” said CEO Pete Richichi. “We serve thousands of industrial customers in four states and sell nationally through our website. This transaction will deepen our industrial customer relationships and expand our product offerings.” Primarily serving manufacturers, con struction companies and metalworking shops, Bostwick-Braun Industrial is a fam ily of companies providing goods and

Bostwick-Braun Industrial www.bbindustrialsupply.com

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May 2024