Machine Screws Market Size, Share | Global Forecast, 2032

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The global machine screws market size was valued at approximately USD 19.2 billion in 2023 and is projected to touch USD 31.5 billion by 2032, growing at a CAGR of about 5.50% during the forecast period from 2024 to 2032.

The machine screws market is expanding rapidly and is predicted to continue expanding rapidly over the coming few years. Objects are frequently joined together in the manufacturing and construction sectors. These sectors use a variety of connecting techniques, including welding for metals and gluing for wood. However, because they are permanent and take a lot of work, neither of these methods is always practical. Thus, screw fasteners are widely utilised to link metal, wood, and other comparable materials. They are put into things with the aid of threads that round them. These threads keep them from falling off, fastening the joints in the process. Due to the differences in characteristics between metals and wood, steel, copper, and aluminium screw fasteners are needed.

They are also a very common component in many different industries, including manufacturing, transportation, infrastructure, and machinery. To stay competitive in the machine screw market, major players in the screw fastener industry use cutting-edge technologies to produce the best and most effective products.

The global COVID-19 pandemic has been unprecedented and staggering, with the machine screws market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Due to the global lockdown brought on by the COVID-19 pandemic, certain items in the machine screw market were no longer produced. The market for machine screws has struggled to expand as a result. Furthermore, the lockdown's long-term effects are presently unknown, and organizations’ ability to recover financially depends entirely on their capital reserves.

In order to address urgent problems and develop new methods of operation following COVID-19, screw makers are anticipated to concentrate on safeguarding their personnel, operations, and supply networks. For instance, providing hand sanitizers, upholding social distance, and ensuring that every employee in the company has had their vaccinations can help to promote the health and safety of the workforce.

"Expansion of the Automotive and Construction Industries to Boost Market Growth"

Some of the major reasons anticipated to propel the worldwide industrial machine screws market include the rising breadth of the automotive and construction sectors and the growth in the manufacturing of custom fasteners. Along with these factors, the market is anticipated to grow in the approaching years due to increased urbanisation, industrialization, and machine screws demand in the aerospace sector.

According to type, the machine screws market can be segmented into carbon steel, stainless steel, and others.

In terms of type, carbon steel is anticipated to be the largest segment during the forecast period.

Based on application, the machine screws market can be divided into automotive, machinery & equipment, airplane, structural and others.

In terms of application, the automotive market is projected to hold the largest market share through forecast period.

"Quick Product Innovation to Satisfy Shifting Consumer Demand to Propel Market Demand "

Market expansion is fuelled by an increased propensity to develop novel goods such specialty, small, and hybrid fasteners to satisfy shifting customer demand as well as by high volume import and export trading on the global market. The market is impacted by the growing number of mergers and acquisitions to expand production capability, product variety, and geographic reach as well as by the strong demand in other application industries like construction and machine manufacture.

"Demand Competitors Used Acquisition and Development Strategies to Grow the Market "

Urbanization, industrialization, and rising demand in other application sectors like construction and machine manufacture all have a beneficial effect on the industrial machine screws market. Based on this, manufacturers are continuously coming out with new industrial screws that enhance existing structural qualities and address problems with earlier models. Such initiatives maintain industry competition and create the framework for further growth.

"Limited Skill Set or Number of Machine Screws for the Implementation to Decline Market "

Market expansion is anticipated to be hindered by the growing usage of adhesives and tapes in bonding and NVH applications, particularly in the automotive industry. During the forecast period, the unavailability of raw materials, such as alloys and stainless steel, is anticipated to be a problem for the machine screws market.

"The Asia Pacific Region will Dominate Market Due to Effective Government Programs"

Over the course of the forecast period, Asia Pacific is anticipated to grow at the fastest rate and hold the greatest share. The automotive, industrial machinery, electronics, and construction industries are the main consumers of industrial machine screws in the region. The market in Asia Pacific is projected to be driven by the region's economic expansion, which has boosted the need for better public infrastructures such roads, harbors, airports, and rail transportation networks. Due to the large production base of automotive, electronics, and aerospace firms, which makes it a major consumer of automotive machine screws, the industrial machine screws industry in terms of consumption. Over the course of the projected period, the area is anticipated to positively affect industry growth.

"Adoption Experiential Marketing Services by Key Players Influencing Market Development"

The top key players in the market are Bossard, Monroe, Tong Ming, Foreverbolt, Gem-Year Industrial Co., Ltd. Most of the top players hold machine screws market share in some regions. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the machine screws market growth in the competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession of market shares by the key players stimulates the machine screws market.

This report examines an understanding of the machine screws market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.

Market Size Value In

US$ 19.2 Billion in 2023

Market Size Value By

US$ 31.5 Billion by 2032

Growth Rate

CAGR of 5.5% from 2023 to 2032

Forecast Period

2024-2032

Base Year

2023

Historical Data Available

Yes

Regional Scope

Global

Segments Covered

By Type

By Application

The global machine screws market is expected to touch USD 31.5 billion by 2032.

The machine screws market is expected to exhibit a CAGR of 5.50% over 2032.

Expansion of the automotive and construction industries are the driving factor of the machine screws market.

Bossard, Monroe, Tong Ming, Foreverbolt, Gem-Year Industrial Co., Ltd. are the top operating companies in the machine screws market.