11/2/2015 12:01:00 PM
HEADLINES
The global industrial fasteners market is gaining momentum from the rise in construction and maintenance activities across the globe, according to a new report by Market Research Reports.
Increasing demand for automobiles, specifically in emerging economies such as Brazil, China, and India, is a significant factor contributing towards the growth of the global industrial fasteners market.
“However, introduction and implementation of high antidumping duties by European Union is expected to hamper the global demand for fasteners,” according to Industrial Fasteners Market (Externally Threaded, Aerospace Grade and Standard) for Automotive OEM, Machinery OEM, MRO and Construction Applications – Global Industry Analysis to 2018.
Development of tailor-made fasteners to suit rapidly growing niche application sectors, such as railroad and solar equipment, is expected to open new opportunities for market growth in the near future.
Externally threaded fastener was the largest product segment of industrial fasteners accounting for 45% of the market in 2011. These fasteners are used in a variety of applications including construction, automotives, durable goods, industrial and domestic machines and other OEM segments. This product segment is expected to be the fastest growing segment on account of rising demand for durable goods. Other factors, such as increasing construction activities and industrialization, are expected to drive the demand for externally threaded fasteners.
The consumption for standard fasteners accounted for over 30% of the market in 2011.
Usage of industrial fasteners in other OEMs was the largest application segment of the market accounting for over 30% in 2011. However, the demand for fasteners from construction sector is expected to be highest on account of rising construction activities in Asia Pacific. Renovation and restructuring activities in matured markets of North America and Europe are expected to contribute significantly to the demand for fasteners in construction.
Demand for fasteners from automotive OEM is expected to be higher than average on account of increasing demand for automobiles in countries such as China and India due to growing disposable income of consumers in this region.
In addition, replacement activities are highly prevalent in North America and Europe. These factors are expected to drive the global demand for industrial fasteners in their use in automotive OEM over the forecast period.
Maintenance, repair and operations (MRO) was the third largest application segment for industrial fasteners. However, this segment is expected to show the slowest growth on account of rising consumer preference towards replacement of goods.
Asia Pacific accounted for the largest demand for industrial fasteners followed by the demand in Western Europe. Asia Pacific accounted for 40% of the total market in 2011. Rapid industrialization which led to improved economic conditions has led to rising construction activities for residential and non-residential buildings. In addition, industrialization has led to a growth of machinery OEM market in this region.
Furthermore, favorable economic conditions have led to rising disposable income of consumers, thus, driving the demand for durable goods. These factors are expected to boost the demand for fasteners in this region over the next six years. Increasing construction activities in Middle East and Africa are expected to further fuel the demand for fasteners.
The report costs $4595 for a single user license, and is published by Market Research Reports.
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