The Industrial Fasteners Market was worth USD 76.23 billion in 2014 and is expected to reach approximately USD 123.41 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 5.50% during the forecast period. The development is in light of its expanding usage in different end-use businesses including aerospace, electronics, automotive and machinery. They are used in the production of industrial controls, furniture and consumer appliances, medical equipment, engines, and wheels and suspension system. Industrial fasteners including bolts, screws, and nuts are used to join or fix at least two objects together. These products are foreseen to witness huge demand over the up and coming a very long time as they increment the strength of the joined parts, and can be used on various types of substrates, for example, metals and plastics.
Externally threaded fasteners were the predominant section and represented 58.2% of the worldwide share in 2015. They incorporate machine screws, screw & washer assembly, critical fasteners, and thread forming. Rising use of these products in machinery, automotive, construction, MRO and medical applications as it offers high resistance to rust and strong bond will animate its requirement. Aviation grade is foreseen to encounter the speediest development over the gauge time frame attributable to its expanding use in baggage racks, aircraft engines, cargo containers, cabin doors, cabin structures, bulkhead, and floor panels.
Application Outlook and Trend Analysis
Other OEM was the leading section and was esteemed at USD 20.76 billion in 2015. Other OEM applications incorporate electronics, electrical, aerospace and defence applications. Expanding R&D in the defence & aerospace division combined with rising interest for shopper hardware is foreseen to fortify product demand throughout the following years. Construction is anticipated to witness significant development over the figure time frame, because of urbanization, populace development, and government infrastructural design.
Regional Outlook and Trend Analysis
Asia Pacific is foreseen to indicate high picks up due to rising automotive industry in India, China, South Korea, Japan, Malaysia, Indonesia, and Vietnam. The developing middle-class population combined with the rising discretionary income in the district has prompted an expanding purchaser interest for passenger autos and execution motorbikes. Europe is anticipated to witness unfaltering income development in the upcoming years inferable from the steady increment underway of flying machine and execution vehicles.
The leading players in the market are Precision Castparts Corp, Standard Fasteners Ltd, Dokka Fasteners AS, Kova Fasteners Pvt. Ltd, Lisi Group, NIFCO INC, Alcoa and ITW Innovation center. These leading organizations are concentrating on increasing their presence in the global market through strategic initiatives including mergers & acquisitions.
The Industrial Fasteners Market is segmented as follows-
By Product: Aerospace grade Externally threaded Other standard fasteners
By Application: MRO Construction Automotive OEM Machinery OEM Another OEM
By Region North America U.S Canada Mexico Europe Germany France UK Italy Spain Rest of Europe Asia-Pacific Japan China Australia India South Korea Rest of Asia Pacific Rest of the World Brazil South Africa Saudi Arabia United Arab Emirates Others
Some of the key questions answered by the report are: What was the market size in 2014 and forecast from 2015 to 2023? What will be the industry market growth from 2015 to 2023? What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast? What are the major segments leading the market growth and why? Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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