8/19/2013 1:39:00 AM
HEADLINES
Industrial Fasteners Market At $94 Billion by 2018
The global demand for industrial fasteners was valued at $65.5 billion in 2011 and is expected to reach $94.65 billion in 2018, growing at a CAGR of 5.4% from 2012 to 2018, according to a new report published by Transparency Market Research.
“Industrial Fasteners Market (Externally Threaded, Aerospace Grade and Standard) for Automotive OEM, Machinery OEM, MRO and Construction Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018” analyzes the industrial fasteners market in terms of revenue.
Economic development in countries such as China, Brazil and India has led to a rise in disposable income of consumers which in turn has resulted in growing demand for automobiles. This factor is driving growth.
In addition, rise in construction and maintenance activities all across the world is expected to be an important factor which will boost demand for fasteners.
However, imposition of high antidumping duties by the European Union is expected to hamper growth of the fasteners market. Development of fasteners which are customized for niche application segments such as railways and solar equipment is expected to open opportunities for the growth of the market within the forecast period.
Externally threaded industrial fastener was the largest product segment, accounting for over $25 billion in 2011. This product segment is expected to show the fastest growth in the near future on account of rapid industrialization and rising demand for durable goods.
Other OEM segments such as electronic and electrical, fabricated metal products and aerospace equipments were the largest application segments of fasteners and accounted for over 30% of the demand in 2011.
However, demand for fasteners is expected to be highest from construction on account of the rising construction and maintenance activities worldwide. The construction application segment is expected to grow at a CAGR of over 9% from 2012 to 2018. Automotive OEM sector is expected to show above average growth within the forecast period.
Asia Pacific accounted for the highest demand for industrial fasteners in 2012 and is expected to account for over 45% of the market by 2018. The trend is expected to continue over the next six years due to factors such as rapid industrialization and favorable economic conditions, which is expected to boost the demand for durable goods and other manufacturing and development activities.
The 94-page report costs $4,595.
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