Posted on Mar 8 2023 5:35 AM

"Companies covered are Acument Global Technologies, Arconic, Big Bolt Nut, Ciser Fasteners, Cooper & Turner Ltd., Dokka Fasteners Inc., LISI SA, Marmon Group, NingBoXinXing Fasteners Manufacture Co., Ltd., NITTO SEIKO CO., LTD., Ogland Group Holding and many more in Set Screw Market research report   "

The global set screw market size is slated for considerable gains owing to the rising demand for set screw from the automotive industry, finds Fortune Business Insights in its report, titled “Set Screw Market, 2023-2030”.

The set screw is a type of screw that can be used to attach an object inside or against another object, usually without the requirement of a bolt. Most of the set screws do not have a head. Hence, they are tightened via a recessed socket drive using a hex key. There has been a rising demand for set screws from the automotive industry across the world due to the increasing number of automotive manufacturing companies in the countries such as India, Japan, Germany, France, and others. This is a crucial factor driving the growth of this market.

However, the fluctuation in the price of raw materials and high competition among key companies is projected to hamper the growth of this market.

COVID-19 Impact:

The COVID-19 pandemic has largely impacted all businesses and economies worldwide. The demand for set screw has also declined during this pandemic due to the decreasing production of vehicles across several regions in this market.

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Market Segmentation:

On the basis of material, this market is classified into steel, copper, aluminum, and others. By application, the market is divided into automotive industry, machinery industry, construction industry, MRO, and others. Based on geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Highlights/Summary:

This research report offers an in-depth study of the driving factors, restraints, and trends related to the  growth of the market. In addition, this report offers a detailed evaluation of the market segments and regional developments in the market. Further, this report also incorporates a comprehensive analysis of the strategies adopted by the leading players to boost their market position.

Drivers/Restraints:

Increasing Number of Residential and Commercial Buildings Worldwide to Fuel the Market

There have been increasing investments in the real estate sector across several regions in the set screw market. Hence, the rising number of residential and commercial buildings around the world has resulted in the increasing demand for set screw. This is an important factor responsible for the growth of this market during the forecast period.

Regional Insights:

Rising Number of Electric Vehicles to Boost the North America Market Growth

North America region is projected to witness substantial growth in the set screw market share on account of the increasing number of electric vehicles in this region.

Asia Pacific region is anticipated to grow speedily in this market due to the rising consumer preference for the automotive set screw.

Europe is expected to grow steadily in this market due to the increasing number of car manufacturing companies in the countries such as the UK, Germany, France, Italy, and others.

Competitive Landscape:

Increasing Production of Innovative Car Models by Key Players to Feed Competition

The prominent companies in the set screw market are focusing on the increasing production of cars with different designs and powerful engines in order to increase the fuel efficiency and reduce air pollution. This has resulted in the increasing competition among key companies which will help them to diversify their business portfolio and widen their business horizons.

Industry Development:

April 2017: Acument Global Technologies, a subsidiary of Fontana Gruppo, has launched a new range of safe fasteners under the brand name TechniCleanTM. These fasteners are created to maintain hygiene rates that are higher than those of traditional fasteners.

List of Key Players Covered in the Set Screw Market Report:

• Acument Global Technologies
• Arconic
• Big Bolt Nut
• Ciser Fasteners
• Cooper & Turner Ltd.
• Dokka Fasteners Inc.
• Lisi SA
• Marmon Group
• Nitto Seiko Co. Ltd.
• Ogland Group Holding AS

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