The Global Industrial Fasteners Market is expected to hit USD $104.32 billion by 2020, according to a study by Grand View Research.
For those keeping score, that total is significantly higher than the prediction made by Global Industry Analysts Inc, which said the global market for Industrial Fasteners will reach US$83.8 billion by 2020. Both reports cite the automotive OEM sector as a key driver in that increase.
Growth in machinery OEM and the construction industry has also been factored into Grand View Research's USD $104 billion prediction.
How much is that in pounds? Not as much as it was last month, but still a healthy £79 billion.
Economic growth and industrialisation in China, Brazil, Saudi Arabia, Australia, Indonesia and India is expected to drive expansion in fasteners over the coming years. Asia Pacific is expected to see growth thanks in part to increasing government investment in commercial aircraft and aerospace, defence and non-building construction.
Externally threaded fasteners were the largest product segment, accounting for over 45% of market share (in 2013). Automotive OEM accounted for 20% of revenue share, construction is expected to see CAGR of 6.9% to 2020, while Asia Pacific is the largest regional market accounting for over 30% revenue share and expected to see CAGR of around 7% to 2020. The report named construction industries in China, Japan, India, Thailand, Australia, South Korea and Taiwan as further market drivers.
The report named key market participants as Acument Global Technologies, ITW, Nifco, LISI Group, Alcoa, Standard Fasteners Ltd., Dokka Fasteners, Kova Fasteners Pvt. Ltd., Hilti, Penn Engineering, Precision Castparts Corp., EJOT, ATF Inc., Stanley Black & Decker and MW Industries Inc.
You can buy the full study and get all the details directly from Grand View Research.
