20 Fastener Industry Statistics, Trends & Analysis

Fasteners are devices that will mechanically join or affix 2+ objects together. They are usually intended to create a non-permanent joint, though some techniques can create one that is permanent. Welding, for example, would be an example of a permanent joint.

Today’s industries use three different types of steel fasteners for their needs: alloy steel, carbon steel, and stainless steel. Additional types of fasteners that are included with the industry are tapes, glues, cementing, magnets, and even friction.

Most of the statistics which are reported for the fastener industry involved the industrial portion of the industry only.

Fascinating Fastener Industry Statistics

#1. By 2020, the global market for industrial fasteners is expected to achieve a value of $83.8 billion. With improvement in the automotive and aerospace sectors, along with a stronger global economy, key markets include the U.S., China, India, and South Korea. (Global Industry Analysts)

#2. The Asia-Pacific region is the fastest growing segment of the global market for the fastener industry. In the next 4 years, this region may add up to $7.5 billion in total value. (Global Industry Analysts)

#3. Consumption of fasteners in the United States averages about $13 billion annually. Manufacturing value within the U.S. industry reaches a value of up to $12 billion each year. (Industrial Fasteners Institute)

#4. Imports to the U.S. fastener industry roughly totaled $4 billion in 2011. Exports also significantly increased, topping $3 billion for the first time, thanks to a weaker dollar against the euro. (Industrial Fasteners Institute)

#5. Raw material prices have begun to stabilize in the industry, with heavy melting and busheling scrap ranked at $402 and $486 per ton. (Industrial Fasteners Institute)

#6. Externally-threaded fasteners are the largest segment for the industry, accounting for a 58% share of the global market in 2015. This segment includes machine screws, thread forming, washer and screw assemblies, as well as critical fasteners. (Grand View Research)

#7. Manufacturing of screws, nuts, and bolts in the United States has struggled to see the same levels of growth that the rest of the global industry has experienced. For the 5-year period ending in 2017, an annualized 0.7% contraction of the industry occurred. (IBIS World)

#8. The U.S. manufacturing segment of the global fastener industry offers a current value of $29 billion. More than 4,100 businesses are currently active in the industry, accounting for the direct employment of more than 128,000 people. (IBIS World)

#9. The market in Canada for fasteners has also experienced steep declines in recent years. In 2017, the estimated revenues of turned products was $301 million. In 2011, total revenues were over $680 million. By 2020, the industry is expected to post just $217 million. (Statista)

#10. In 2014, fastener imports to the United States originated from almost 90 countries. The total value of those imports was $4.9 billion. (Fastener Journal)

#11. The estimated gross profit for the industry in the United States hovers around 28%. (Fastener Journal)

#12. India provides a $727 million segment to the global fastener industry. It too has seen declines in recent years, with a -1.9% CAGR over the last 5-year period. (Fastener World)

#13. Fastener exports from India totaled $515 million, which represents a -3.99% CAGR. At the same time Taiwan’s exports of fasteners to India increased from NTD 723 million to NTD 1.04 billion from 2013-2016, representing a 9.5% CAGR. (Fastener World)

#14. Copper nails and other copper threaded products were the two major bright spots for the India segment, both achieved a CAGR of 16.9% or greater. Only general screws and bolts, rivets, aluminum fasteners, and other iron/steel threated articles achieved a positive CAGR over the past 5 years. (Fastener World)

#15. In the United States, more than 4.4 million tons of galvanized steel was produced in 2016. That represents a 30% increase from production levels achieved in 2012. (American Galvanizers Association)

#16. There are about 8,000 workers employed in galvanizing operations within the fastener industry right now in the United States. Zinc suppliers account for another 10,000 direct opportunities, while service and product suppliers bring in another 2,000 jobs. (American Galvanizers Association)

#17. Most galvanizing operations in the U.S. segment are privately held, with organizations managing sales in the range of $10-$50 million annually. Most do not take title to the steel which they galvanize. (American Galvanizers Association)

#18. In 2016, galvanized products from the fastener industry achieved a 36% domestic market penetration rate. (American Galvanizers Association)

#19. In 2005, there were 350 fastener manufacturing facilities in North America, which employed 40,000 people in the creation of products for multiple industries. (Industry Today)

#20. There are more than 200 billion fasteners which are consumed every year in the U.S. market. More than 10% of the fasteners produced in the United States are used within the automotive industry. (Industry Today)

Fastener Industry Trends and Forecast

Although specific segments of the fastener industry have experienced declines recently instead of growth, the 10-year forecasts by a variety of agencies are all seeing growth returning to each sector. In the United States, manufacturing is expected to grow at an annualized rate of 2.1%. Some projections place growth rates as high as 2.6%

If these projections are accurate, then the U.S. market will have a total value of $15.2 billion, while the manufacturing sector has an opportunity to top $30 billion.

Even as technologies improve and the need for new fasteners may be decreased, there are still maintenance and repair needs that must be met. Expanding markets in the Asia-Pacific region will increase the call for new fasteners imports, even as mature markets see a steadiness, or slight decline, in domestic demand.

India may have one of the most promising segments for the global industry. By 2025, there is an expectation that 11.5 million new homes will need to be constructed. That would make the country the world’s third-largest construction market, offering a total boost to the industry of $1 trillion or more.

Each should offset the other, creating a stable and mature industry that will support tens of thousands of jobs around the world for many years to come.