Fasteners are devices which are used to mechanically join two or more components, devices or surfaces together. The commonly used fasteners include nails, screws, nut, bolts, clips, rivets, pins and washers. The basic requirements for fasteners are that they must be strong enough to handle loads and pressure, must be cost effective, easy to use, resistive to corrosion and aesthetic.
Albany, NY -- (SBWIRE) -- 07/06/2016 -- The global industrial fasteners market is gaining momentum on the account of the rise in construction and maintenance activities across the globe. Increase in the 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. The research report provides a complete picture of the global industrial fasteners market, analyzing all the crucial market dynamics such as key drivers, major challenges, and growth opportunities for this industry.
The market predictions coupled with other statistical data will assist existing players and new entrants into the global industrial fasteners market in analyzing the viability of this industry. Embedded with detailed primary and secondary research, this research report on the global market for industrial fasteners is crucial for enterprises operating in this industry.
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Overview of the global industrial fasteners market
The global market for industrial fasteners is quite mature. In 2011, this market had reached a value of US$65.50 billion. By 2018, the market is expected to develop at a moderate pace and reach a net worth of US$94.65 billion, growing at a CAGR of 5.4% during the period 2012 to 2018. Growth in the end-use segments of industrial fasteners, such as the automotive sector, will further fuel the industrial fasteners market.
Moreover, the increased demand from infrastructure development, construction, and maintenance sectors will likely prove to be favorable for the industrial fasteners market. The construction application segment of the global industrial fasteners market is expected to expand at a 9% CAGR during the period of 2012 to 2018. On the other hand, high anti-dumping duties enforced by the European Union are expected to suppress the market for industrial fasteners.
Asia Pacific held the highest demand for industrial fasteners and occupied 40% of the overall industrial fasteners market in 2011. The demand from the European industrial fastener market followed the Asia Pacific market. By 2018, the market for industrial fasteners in Asia Pacific will occupy around 45% of the total market share. This can be credited to the rapid industrialization and booming automobile and construction industries in this region.
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The externally threaded industrial fasteners generated revenue of more than US$25 billion for the overall industrial fasteners market in 2011. This market is likely to exhibit the fastest growth rate among the various product types in the market, owing to increased industrialization in emerging economies. The development of customized fasteners to suit the swiftly growing niche application segments such as railroad and solar equipment will present new opportunities to market players.
Market participants mentioned in the research report
The global industrial fasteners market is highly fragmented in nature, wherein the top five companies, namely Illinois Tool Works Incorporated, Alcoa Incorporated, LISI Group, and Precision Castparts Corporation, and NIFCO, collectively accounted for less than 15% share of the total market in 2011. Other prominent players in the industrial fasteners market are: Stanley Black & Decker, Penn Engineering & Manufacturing Corporation, and ITW.
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