The global fastener market is projected to witness a great leap by the end of 2023. The North America holds about 20.5%, Europe holds about 27% and China holds about 15% of the global fastener market.
The credit for the growth of fastener market is due to the growing demand from diverse industries like construction, automotive, marine and aerospace. The growing production of components, machinery, motor vehicles, and other durable goods due to economic expansion of varied countries is expected to further support market growth and boost the demand of industrial fasteners in near future.
The global pandemic of Covid-19 has been shocking with many products facing falling demand across the regions as compared to the pre-pandemic era. The global marketing demand showed a drop of more than 6.7% in 2020 as compared to 2019.
The pandemic has hindered the growth of automotive industry across the world with many disruptions in supply chain activities, travel restrictions, lock down and hindrance in large scale manufacturing. The pandemic also impacted the construction sector.
However after 2022, the automotive and construction sectors have shown strong restoration. However, with an increase in the substitution of metal fasteners for adhesives and tapes in bonding and Noise vibration and harshness applications in the automotive domain may hamper market growth of fasteners.
Challenges after Covid-19 faced by fastener supplier
The pandemic Corona Virus has paved way for unprecedented challenges to the fastener supplier all across the globe. It has had great impact on fastener manufacturer and production downtime. It is apparent that there has been an increased pressure to improve overall efficiency as the natural response to global pandemic.
- The first and significant pandemic challenge is in the supply chain. It was a real challenge for fastener manufacturers to deal with this issue in the first year of the pandemic. The main challenges faced are delayed deliveries that have disrupted production plans and limited availability of resources that required manufacturers to swing production lines. To combat this challenge the fastener supplier need to seek supplier diversification to avoid order fulfillment issues.
- The next challenge faced by many fastener manufacturers all across the globe is finding employees with right skills and credentials for manufacturing domain and with pandemic the things became worse. In pandemic era many suppliers let do their employees and in post pandemic era fastener suppliers are finding it tough to hire specialist and technical experts with their operations getting back to normal as the experts are more interested in work from home jobs
Post pandemic opportunities faced by fastener suppliers
- Use of online technology for fastener retailers has taken a leap forward
- Disruptive technology in operation, production, and logistics ropes in more business opportunities for manufacturers and rapid technology advancement paves way for new and more durable fasteners.
- Market has become competitive and this has increased competition and paved way to adopt cost-effective technologies.
Wrap up
Post pandemic has paved way for sustainability more than before. Growing recognition of environment and need for conservation of natural resources has made sustainability practices significant for both businesses and consumer in the fastener market.