Global
Industrial Fasteners Market is expected to reach USD 104.32 billion by 2020,
according to a new study by Grand View Research, Inc. 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.
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. In
addition, development of railroad fasteners is expected to open new market
avenues for manufacturers over the next six years.
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Complete Report with TOC @ http://www.radiantinsights.com/research/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
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.
Further
key findings from the study suggest:
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.
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.
Asia
Pacific was the largest regional market accounting for over 30% revenue share
in 2013 and is expected to witness growth at an estimated CAGR of around 7%
from 2014 to 2020, owing to increasing production of motor vehicles, industrial
machinery and electrical & electronic components. In addition, growing
construction industry in China, Japan, India, Thailand, Australia, South Korea
and Taiwan is expected to further fuel market growth.
Key market
participants include Acument Global Technologies, ITW, Nifco, LISI Group,
Alcoa, Standard Fasteners Ltd., Dokka Fasteners, Kova Fasteners Pvt. Ltd.,
Hilti, Penn Engineering, Precision Castparts Corp., EJOT, ATF Inc., Stanley
Black & Decker and MW Industries Inc. Various companies are employing
nanocomposite material processing technique for the production of aerospace
fasteners which is anticipated to improve performance characteristics along
with cost reduction.
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