Worldwide Industrial Fasteners Market Rise to Around USD 105 Billion by 2020
Zion Research has published a new report titled “Industrial Fasteners (Externally Threaded, Aerospace Grade, Standard and Others) Market for Automotive OEM, Machinery OEM, MRO and Construction, Other OEM Applications – Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020”. According to the report, global industrial fasteners market was valued at around USD 76.50 billion in 2014 and is expected to reach USD 105.0 billion in 2020, growing at a CAGR of around 5.4% between 2015 and 2020.
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Fasteners are mechanical devices used to connect two or more components, devices or surfaces together. Nails, screws, nut, bolts, clips, rivets, pins and washers are the commonly used fasteners. Fasteners are also used to close a container such as a bag, a box, or an envelope. Stainless steel, carbon steel, and alloy steel are the major steel fasteners used in industries. Military, oilfield, turbine and power generation, chemical refining, marine, replacement parts are the different industries in which fasteners are used extensively.
Rapidly expanding construction industry is driving demand for industrial fasteners. Industrial fasteners are used in various industries such as oilfield, turbine and power generation, chemical refining, marine and replacement parts. Improvisation and restructuring activities in matured markets of Europe and North America is anticipated to augment demand for industrial fasteners. Due to rising disposable income of consumers in emerging economies demand of fasteners from automotive OEM increases. However, high anti-dumping duties are expected to be major restraining factor for the industrial fasteners market growth.
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On the basis of product type industrial fasteners market can be segmented as externally threaded, aerospace grade, standard and others. These products segments of fasteners are used in a variety of applications such as construction, automotives, durable goods, industrial and domestic machines and other OEM segments. The externally threaded fastener segment dominated the global industrial fasteners market in 2014 and accounted for around 45% market share. Aerospace grade and standard fasteners segments are also expected to exhibit significant growth during the forecast period.
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Key application areas for industrial fasteners include automotive OEM, machinery OEM, MRO & construction and other OEM applications. Fasteners used in other OEM application were the largest application segment for industrial fasteners market in 2014, which accounted for about 30% share of overall market. Electrical and electronics, aerospace & defense are the main sectors involved in OEM applications. Automotive OEM and construction is expected to be the major application over the forecast period due to growing population in emerging countries.
Industrial fasteners market was dominated by Asia Pacific with around 32% shares of total market in 2014 due to rapid industrialization in the region. Asia Pacific is followed by Europe. Middle East and Africa is expected to be one of the most lucrative regional markets in coming years due to the increasing construction activities.
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Key players operating in this market includes Standard Fasteners Ltd., Acument Global Technologies, Kova Fasteners Pvt. Ltd., Precision Castparts Corp., Nifco, LISI Group, ITW, Alcoa, Stanley Black & Decker, Hilti, ATF Inc. and MW Industries Inc.
The report segments the global industrial fasteners market into:
Global Industrial Fasteners Market: Product Segment Analysis
- Externally Threaded
- Aerospace Grade
Global Industrial Fasteners Market: Application Segment Analysis
- Automotive OEM
- Machinery OEM
- MRO and Construction
- Other OEM
Global Industrial Fasteners Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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