The global industrial fasteners market size
is expected to reach USD 110.24 billion by 2025, according to a new report by
Grand View Research, Inc. It is projected to register a CAGR of 4.1% over the
forecast period. Increasing mechanization and industrialization globally,
demand numerous machinery and equipment, which is expected to propel the growth
over the projected period.
Traditionally, Asia Pacific has been the
largest fastener producer in the world owing to easy supply of raw material,
supportive government policies and the availability of skilled labor and land
in the region. However, a major chunk of Asian players serves local markets,
owing to an insignificant distribution network, which limits their growth in
the international market.
The industrial fastener market is highly
competitive in terms of product variation and pricing. The major industry
players are benefitted by their well-established buyer base and goodwill in the
market. However, rising consumer demand for innovative, high strength, and
application-specific fasteners is expected to open new opportunities for
emerging players.
Specialty fasteners is the latest trend in
the market, which enables custom manufacturing to meet desired product
specifications given by users. Aerospace has been the largest application
segment for these products, wherein they are primarily manufactured using alloy
steel, titanium, and aluminum and need to comply with standards including AS,
NFL, AN, MS and NAS.
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or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/industrial-fasteners-market
https://www.grandviewresearch.com/industry-analysis/industrial-fasteners-market
Further key findings from the report suggest:
· Demand for plastic fasteners in Europe is
expected to expand at a CAGR of 4.7% over the forecast period, owing to
increasing product penetration in the automotive industry to replace metal
fasteners
· In 2018, externally threaded fasteners held
the highest market share in China, accounting for 53.5%, on account of their
high demand for manufacturing industrial machinery and consumer appliances
· Aerospace industry in U.S. is inclusive of
major aerospace companies including Boeing, Lockheed Martin, and GE Aviation,
and consumed fasteners worth USD 2.11 billion in 2018
· In 2018, demand for fasteners in building
and construction in Germany was valued at USD 571.7 million, however, it is
likely to get affected by the rising substitution by adhesives and sealants
· Manufacturers are aiming to achieve optimum
business growth by implementing strategies including acquisition, joint
venture, capacity expansion, new product development, promotion of key product
brands, and significant investments in R&D
Grand View Research has segmented the
global industrial fastener market on the basis of raw materials, product,
application, and region:
Industrial Fasteners Raw Material Outlook
(Revenue, USD Million, 2014 - 2025)
·
Plastic
·
Metal
Industrial Fasteners Product Outlook
(Revenue, USD Million, 2014 - 2025)
·
Externally Threaded
·
Internally Threaded
·
Non Threaded
·
Aerospace Grade
Industrial Fasteners Application Outlook
(Revenue, USD Million, 2014 - 2025)
·
Automotive
·
Aerospace
·
Building & Construction
·
Industrial Machinery
·
Home Appliances
·
Lawn and Garden
·
Motors and Pumps
·
Furniture
·
Plumbing Products
·
Others
Industrial Fasteners Region Outlook
(Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
