Fasteners are devices which are used to mechanically join two or more components, devices or surfaces together. The commonly used fasteners include nails, screws, nut, bolts, clips, rivets, pins and washers.
Albany, NY -- (SBWIRE) -- 10/27/2017 -- A new research study on the global market of industrial fasteners published by Transparency Market Research, a U.S.-based market intelligence firm, states, the market will grow at a modest pace of 5.4% between the years 2012 and 2018. The report forecasts that the global industrial fasteners market, which had a net worth of US$65.50 billion in 2011, will rise to US$94.65 billion by 2018.
The market of industrial fasteners is a mature industry. The need for efficient, corrosion and aesthetics resistant, strong and cost effective industrial fasteners remains imperative in any industrial machine due to their core functionality of mechanically joining various parts, devices or surfaces together.
While the flourishing global market of automotives will remain the chief driving force for the global industrial fasteners market in the coming years, rising demands from infrastructure development, maintenance and construction industries will also prove beneficial for the market. The report states, the construction application sector of the global industrial fasteners market will grow at a CAGR of nearly 9% during the forecast period.
The market segment of customized industrial fasteners, developed for niche application segments such as solar power generators and railways, will open potential growth opportunities for the global industrial fasteners market as well. Other application segments from the fabricated metal products, aerospace equipments, electronic and electrical industries had a combined share of nearly 30% of the global industrial fasteners market in 2011.
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However, market growth will be hampered to certain extent due to imposition of high duties against anti-dumping by the European Union.
The product type externally threaded industrial fasteners accounted for over US$25 billion worth of revenues for the overall industrial fasteners market in 2011. During the forecast period as well, this market segment is expected to grow at the fastest pace owing to high rates of industrialization in developing countries.
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Asia-Pacific accounted for the largest share of revenues of the global industrial fasteners market in the year 2012; by 2018, this regional market is expected to have hold of nearly 45% share of the market owing to rapid industrialization, and the flourishing construction and automobiles industries in these regions.
The global industrial fasteners market is highly fragmented, with the top five businesses in the market having a collective share of only about 15% revenues by the end of 2011.
The key businesses operating in the market include Alcoa Incorporated, LISI Group, Precision Castparts Corporation, Illinois Tool Works Incorporated, NIFCO, Penn Engineering & Manufacturing Corporation, ITW, Stanley Black & Decker, among others.
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