Global Industrial Fasteners Market to Reach US$ 107.3 Bn by 2023: Credence Research
According to a new market report published by Credence Research, Inc., “Industrial Fasteners Market (By Application (Original Equipment Manufacturing, Construction, and Maintenance/Repair/Operation (MRO)), By Product Type (Standard Fasteners (External Threaded, Internal Threaded, and Non-Threaded), Aerospace-grade Fasteners, and Other Application-specific Fasteners)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global industrial fasteners market is expected to expand at a compound annual growth rate of 5.3% during the forecast period 2016 – 2023, exceeding US$ 107.0 Bn by 2023.
Browse the full Industrial Fasteners Market (By Application (Original Equipment Manufacturing, Construction, and MRO (Maintenance/Repair/Operation)), By Product Type (Standard Fasteners (External Threaded, Internal Threaded, and Non-Threaded), Aerospace-grade Fasteners, and Other Application-specific Fasteners)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/industrial-fasteners-market
Fasteners are industrial products that are used to connect two or more components together. Fasteners are also used to shut a container such as a box, bag, or an envelope. Some of the commonly used industrial fasteners include bolts, screws, rivets, clips, nuts, washers, and pins. The global market for industrial fasteners is relatively matured and is expected to witness steady growth during the forecast period 2016 – 2023. The growth is expected to be spurred by steady growth in automotive production, increasing industrial automation, and resurgence in the construction sector post economic crisis.
The global industrial fasteners market is highly matured and fragmented. The top four industrial fasteners manufacturers accounted for less than 45% of the global market revenue in 2015. Precision Castparts Corporation (the U.S.), Stanley Black & Decker Inc (the U.S.), Wilhelm Bollhoff GmbH & Co. KG (Germany), and Nitto Seiko Co., Ltd. (Japan) are identified as the leading industrial fasteners manufacturers. Other manufacturers including Alcoa Fastening Systems, Acument Global Technologies Inc., Illinois Tool Works Inc., Finnveden Bulten AB, FabriSteel, MacLean-Fogg Company, MNP Corp., Anixter International, LISI Group, Nucor Corp., Atlas Bolt & Screw Company, The Marmon Group LLC, and TRW Automotive have been marked as promising and emerging players in the industrial fasteners market. The global industrial fasteners market being fragmented is characterized by stiff competition with several small and large players competing to maintain their market share. In developed economies, market consolidation is a major trend as small players are merging operations with established players to leverage their resources. Furthermore, the global market for industrial fasteners is highly matured and has been marred by lack of product differentiation. This has resulted in price wars among manufacturers leading to profit crunching. Thus, focus on product enhancement is the key strategy for manufacturers.
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Key Research Takeaways:
- Miniaturization drives demand for industrial microfasteners
- Heightened investments in aerospace and aviation projects, industrial automation to spur demand for industrial fasteners
- Strong recuperation in automotive and construction sector is sustaining growth in the developed economies.
- Increasing demand for high-value titanium fasteners in aerospace applications and light weight plastic fasteners in automotives
- Budding applications in textile and healthcare sector
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