Industrial fasteners market
Fasteners are used to join together separate parts of an item by; spot welding, soldering, nuts and bolts, washers, screws, clips, clamps and so on. The global industrial fasteners market was valued at USD 84.9 billion in 2016, and is expected to reach USD 116.5 billion in 2022, growing at a CAGR of 5.4 %.
The global industrial fastener market is primarily driven by increasing demand from end-user industries such as automotive, aerospace and construction. Strong recovery in construction and the automotive segment is sustaining growth in the developed countries. In addition, rising demand for high-value titanium fasteners in aerospace applications and lightweight plastic fasteners in the automotive industry is expected to drive demand in near future. However, the threat of substitution by alternative joining technologies such as adhesives is expected to negatively impact on growth.
In 2016, the automotive segment dominated industrial fasteners market. Standard, externally threaded fasteners accounted for half of industrial fastener sales in 2016 and are expected to see the largest revenue gains through to 2022. This product segment growth is fuelled by continued strength in motor vehicle production.
Geographically, Asia-Pacific was the largest market for industrial fasteners in 2016, accounting for more than 30% of total revenue. The growth in the region is mainly attributed to demand from automotive, aerospace and defense, shipbuilding, and railways. North America and Europe are expected to have reasonable growth in near future. Latin America, Middle East, and Africa are projected to see moderate growth due to rising demand form construction and the automotive industry.
The global industrial fasteners market is highly fragmented. The top four industrial fasteners producers accounted for around 45% of the global market revenue in 2016. Precision Castparts Corporation, Stanley Black & Decker Inc., Wilhelm Bollhoff GmbH & Co. KG and Nitto Seiko Co., Ltd. are recognised as the top industrial fasteners producers. Other prominent vendors in the market are Standard Fasteners Ltd., Acument Global Technologies, Kova Fasteners Pvt. Ltd., Nifco, LISI Group, ITW, Alcoa, ATF Inc. and MW Industries Inc.
[edit] Related articles on Designing Buildings Wiki
Featured articles and news
Creating comfortable climates despite extreme temperatures.
Can flexwork apply to engineering services?
Study examines how adjustable arrangements can succeed.
Government announces plans to improve accessibility.
CLC publishes dispute resolution guidance
Resource addresses pandemic-related NEC4 contract issues.
Incorporating EDI into the provision of fair access.
Government announces global innovation strategy.
An architectural biography. Book review.
Restoring Orleans House Octagon
The house where the future king of France lived.
The teacher, architectural technologist and mum offers her insights.
Cable management materials shortage
Careful planning needed as supply chain issues continue.
The sensitive conversion of a neglected Cornwall structure.
Plan stresses local involvement in city, town and village development.