A report by Global Industry Analysts Inc concludes that the global market for Industrial Fasteners will reach US$83.8 billion by 2020, driven by the improvement in the global economy, as well as reviving automotive and manufacturing sectors.
The global market for industrial fasteners is forecast to witness the revival of motor vehicle end-use sector, and an increased demand emanating from it. Other factors forecast to fuel growth in the industrial fasteners sector include growing demand from developing regions as well as above average growth in construction, electronic and electricals, and more importantly from the aerospace sectors.
growth in the industrial fasteners sector include growing demand from developing regions as well as above average growth in construction, electronic and electricals, and more importantly from the aerospace sectors.
The market is also poised to benefit from technological developments that help improve fatigue strength of fasteners, and the miniaturization of devices spurring the advent of microfasteners, and increasing use of innovative threaded and plastic fasteners.
Demand for industrial fasteners is also set to be driven by other end-use sectors such as construction, domestic appliances, as well as mechanical engineering.
Asia-Pacific represents the largest market worldwide, with the Asian market set to be prompted by the anticipated rise in investments across various sectors such as defense, infrastructure, and aerospace mainly by the governments of China, Malaysia, South Korea and India. Additionally, expanding investments in the manufacturing sector in these countries is also anticipated to drive growth in the upcoming years, though the United States is the single largest market for industrial fasteners.
Major players covered in the report include Acument Global Technologies, Inc., Alcoa Fastening Systems, Bulten AB, Earnest Machine Product Company, Federal Screw Works, Gem-Year Industrial Co., Ltd., Illinois Tool Works Inc., Infasco, KAMAX Holding GmbH & Co. KG, LISI Group, LISI Automotive, LISI Aerospace S.A.S, MacLean-Fogg Company, MacLean-Fogg Component Solutions, MNP Corp., Nitto Seiko Co., Ltd., Nucor Corp., Precision Castparts Corp., SPS Technologies LLC, Stanley Engineered Fastening, Sundram Fasteners Limited, Marmon Holdings Inc., Atlas Bolt & Screw Company LLC, TR Fastenings, Whitesell Group, Wilhelm Böllhoff GmbH & Co. KG, and ZF TRW among others.
The 524-page document, Industrial Fasteners – Global Strategic Business Report, is available at a cost from £3,356 from Research and Markets.