Asia
Industrial Fastener Market By Product (Externally Threaded, Aerospace Grade,
Other Standard), By Application (Automotive OEM, Machinery OEM, Construction,
MRO) Is Expected To Reach USD 44.12 billion By 2020.
May
2015
Asia
industrial fastener market is expected to reach USD 44.12 billion by 2020.
Growing automotive demand in light of increasing disposable income of consumers
is expected to propel demand for industrial fasteners over the next five years.
China
dominated the Asia fasteners market in 2013 and the trend is anticipated to
continue over the forecast period on account of rapid expansion of domestic
manufacturing base. India is expected to witness the fastest growth over the
projected period as a result of increasing automotive production.
Access This Full Report @ http://www.radiantinsights.com/research/asia-industrial-fasteners-market-analysis-by-product-externally-threaded-aerospace-grade-other-standard-by-application-automotive-oem-machinery-oem-construction-mro-and-segment-forecasts-to-2020
In
addition, infrastructure improvement in emerging economies is likely to propel
demand for screws, bolts and rivets. Economic growth and rapid
industrialization in China, India, Malaysia, Vietnam, Malaysia and Thailand is
anticipated to stimulate investments for construction which in turn is likely
to augment industrial fastener market over the projected period.
Increasing
use of fasteners in the manufacturing of automotive parts including engine,
body, molding, suspension system, frame, body assembling and wheels is expected
to drive market growth. Growing production of aircraft parts in China on
account of "The 2011 State Council Policy" for aerospace sector is
expected to spur market growth.
Increasing
number of regional manufacturers in China including Shanghai, Chengdu, Xi'an,
Jiangxi and Shenyang is further anticipated to boost industrial fastener market
over the forecast period. However, rising market share of substitutes such as
PU adhesives is anticipated to restrain industrial faster market in the
automotive and construction sector over the forecast period.
Further
key findings from the study suggest:
Asia
industrial fastener market demand in construction applications accounted for
less than 10% of revenue share in 2013 and is expected to witness the fastest
growth on account of rising government expenditure on infrastructure
development in China, India and Japan.
The
commencement of 12th Five Year Plan of Civil Aviation Administration of China
(CAAC) resulted in construction of 56 new airports and expansion of 16 airports
with a total investment of USD 68.5 billion, thereby boosting construction
sector in the country.
This
in turn is anticipated to boost industrial fastener demand over the projected
period.
China
was the largest industrial fastener market, accounting for more than 40% of
revenue in 2013. Growing domestic demand for vehicles due to improving
infrastructure conditions coupled with rising disposable income have been key
factors responsible for automobile production growth in China. This in turn is
expected to boost industrial fastener market over the projected period.
Japan
is expected to witness growth on account of high penetration of industrial
fastener manufacturers in the country and their strategic partnerships with OEM
and MRO companies.
Key
players present in the industrial fastener market in Asia include Micron
Precision Screws Ltd., Asia Bolts Industries, Nippon Industrial Fasteners
Company, Shanghai Fasteners Company, Kova Fasteners Pvt. Ltd., Avon Industrial
Corporation, Beijing Jin Zhaobo High Strength Fastener Co. Ltd, Peaksight
Fasteners, Sundaram Fasteners, Ekta Industries, Standard Fasteners Ltd.,
Caparo, Bossard, Chao Jing Precise Machine Co., Ltd., Ochiai, Japan Power
Fastening Co., Ltd, Ranflex Metals, NIFCO.
Asian
market for industrial fasteners was highly fragmented due to the presence of
numerous companies especially in Japan, India and China. Product innovation and
formation of strategic alliances with application users are expected to be
critical success factors for the market. New product innovation and advanced
processing techniques are likely to open new market opportunities over the
forecast period.
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