Zion Market Research has published a new report titled “Industrial Fasteners Market (Externally Threaded, Aerospace Grade, Standard and Others) for Automotive OEM, Machinery OEM, MRO (Maintenance, Repair, & Operations) and Construction, Other OEM Applications - Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2022”. According to the report, global industrial fasteners market was valued at USD 84.9 billion in 2016, is expected to reach USD 116.5 billion in 2022 and is anticipated to grow at a CAGR of 5.4 % between 2017 and 2022.
Industrial fasteners are tools utilized to connect two or more parts of a product, enabling the development of a superior quality and reliable end product. A variety of types of industrial fasteners are used across sectors such as automotive, construction, mining, marine, nuclear, petrochemicals, railways, and aerospace. A number of application specific fasteners are engineered with high strength and durability to meet the precise needs of end-users.
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Global industrial fasteners market is expected to register a significant growth owing to its huge demand from automotive industry. Growing construction sector coupled with industrialization in emerging countries such as India, China, and Brazil, is expected to drive the industrial fasteners market. Furthermore, increasing consumption in electrical and electronics, aerospace, and machinery applications is anticipated to fuel industrial fasteners market growth within the forecast period. However, alternative methods such as clinching, adhesives and welding are expected to restrict fasteners demand in near future. Nevertheless, advanced technology and superior mechanical properties of fasteners are expected to provide new growth avenues for the industrial fasteners market.
Industrial fasteners market is segmented on the basis of products, application, and region. On the basis of product market is segmented into externally threaded, aerospace grade, standard and others. Externally threaded fasteners was the most dominant product segment in 2016 and is expected to witness significant demand growth in near future owing to increasing use in automotive and machinery OEM, and construction applications. Aerospace grade fasteners segment is expected to grow at fast pace over the next six years owing to increasing government investment in aerospace and defense industry primarily in developing countries.
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On the basis of application, industrial fasteners market is categorized into automotive OEM, machinery OEM, MRO and construction, other OEM applications (electrical and electronics, aerospace & defense). In 2016, automotive OEM was the largest application segments and is expected to witness a lucrative growth in years to come due to accelerating automobile demand in countries such as India, China, Japan, and Australia.
In 2016, Asia Pacific was the largest regional market owing to increasing production of motor vehicles, industrial machinery, and electrical & electronic components in the region. Additionally, growing construction industry in the region is expected to fuel the market growth in near future. Moreover, Middle East and Africa is expected to witness high fasteners demand due to rising construction industry in the region. Europe and North America are mature markets and are expected to register sluggish growth over the next few years.
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Some of the key vendors in the global industrial fasteners market include Standard Fasteners Ltd., Kova Fasteners Pvt. Ltd., LISI Group, Stanley Black & Decker, Nifco, Precision Castparts Corp, Hilti, MW Industries Inc., ATF Inc., Wilhelm Bollhoff GmbH & Co. KG, and Nitto Seiko Co., Ltd. The introduction of new products with advanced features and technologies is expected to intensify the competitive environment in the coming years.
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