10/7/2015
HEADLINES
The global industrial fasteners market is expected to reach US $104.32 billion by 2020, according to a new report published by Grand View Research.
Increasing demand for fasteners in automotive industry coupled with growing construction spending as a result of economic growth and industrialization in emerging markets of China, Brazil, Saudi Arabia, Australia, Indonesia and India is expected to drive demand for fasteners over the next six years.
“High amounts of anti-dumping duty imposed within the European Union are expected to restrain industrial fasteners market growth over the next six years,” the report summary stated.
In addition, alternative methods such as clinching, adhesives and welding are expected to restrict fasteners demand. Advanced processing techniques and improved mechanical properties are expected to provide new growth opportunities for the industrial fasteners market.
Asia Pacific is expected to witness growth on account of increasing government investments in commercial aircraft & aerospace, defense and non building construction. Advanced processing technique and improved mechanical properties of fasteners is expected to serve new growth opportunities for the market.
Development of railroad fasteners is expected to open new market avenues for manufacturers over the next six years.
Externally threaded fasteners were the largest product segment and accounted for over 45% of market share in 2013. Growth can be attributed to increasing use of fasteners in the automotive OEM, machinery OEM and construction industry.
Aerospace grade fasteners are expected to witness the fastest growth over the next six years due to increasing government investment in aerospace, infrastructure and defense industry mainly in China, Middle East, India, South Korea, Russia, Brazil, and Japan.
Automotive OEM was the second largest application market accounting for over 20% of revenue share in 2013 and is expected to show significant growth over the forecast period as a result of increasing production of automobiles in China, Japan, Australia, Mexico, U.S. and India.
MRO was the third largest application segment in 2013 and is expected to grow on account of increasing maintenance activities in Europe and North America.
Construction is expected to witness swift demand growth at an estimated CAGR of 6.9% from 2014 to 2020, due to rising government funding for large scale infrastructure and residential construction in emerging markets of China, Argentina, India, Saudi Arabia and Indonesia.
The report costs $4,700 and is published by Grand View Research. Web: grandviewresearch.com
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