The commonly used fasteners include nails, screws, nut, bolts, clips, rivets, pins and washers.
Albany, NY -- (SBWIRE) -- 02/09/2017 -- 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. They find application across a wide range of sectors such as automobiles, construction, electronics, machineries, industries and other everyday applications. Increasing demand for automobiles particularly in countries such as China, Brazil and India is an important factor which is expected to contribute to the growth of the fasteners' market over the forecast period. However, introduction and implementation of high anti-dumping duties by European Union is expected to hamper the global demand for fasteners. 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 the growth of the market in the near future.
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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.
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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. Changing economic conditions of countries present in rest of the world such as Brazil is expected to drive the demand for fasteners over the near future. Moreover, increasing construction activities in Middle East and Africa are expected to further fuel the demand for fasteners.
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The industrial fasteners market is highly fragmented in nature with top five companies accounting for less than 15% of the total market share in 2011. Some of the key players present in the market include Alcoa Incorporated, Illinois Tool Works Incorporated, LISI Group, NIFCO and Precision Castparts Corporation. Other prominent players include Penn Engineering & Manufacturing Corporation, Stanley Black & Decker and ITW.
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