According to a new market report published by Transparency Market Research " Global Industrial Fasteners Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019", the market was valued at USD 11.16 billion in 2012, and is expected to reach USD 15.90 billion by 2019, growing at a CAGR of 5.2% from 2013 to 2019. Lack of adequate power infrastructure and increasing demand for reliable electricity delivery are the major driving forces of this market.
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Fasteners form a vital part of any structure as they help in joining two or more components together. Economic development in countries such as China, Brazil and India has led to a rise in disposable income of consumers which in turn has resulted in growing demand for automobiles. This factor is expected to be one of the primary reasons driving the growth of the market. In addition, rise in construction and maintenance activities all across the world is expected to be an important factor which will boost the demand for fasteners over the forecast period. However, imposition of high anti-dumping duties by the European Union is expected to hamper growth of the fasteners market. Development of fasteners which are customized for niche application segments such as railways and solar equipment is expected to open opportunities for the growth of the market within the forecast period.
Externally threaded industrial fastener was the largest product segment, accounting for over USD 25 billion in 2011. This product segment is expected to show the fastest growth in the near future on account of rapid industrialization and rising demand for durable goods.
Other OEM segments such as electronic and electrical, fabricated metal products and aerospace equipments were the largest application segments of fasteners and accounted for over 30% of the demand in 2011. However, demand for fasteners is expected to be highest from construction on account of the rising construction and maintenance activities worldwide. The construction application segment is expected to grow at a CAGR of over 9% from 2012 to 2018. Automotive OEM sector is expected to show above average growth within the forecast period.
Asia Pacific accounted for the highest demand for industrial fasteners in 2012 and is expected to account for over 45% of the market by 2018. The trend is expected to continue over the next six years due to factors such as rapid industrialization and favorable economic conditions, which is expected to boost the demand for durable goods and other manufacturing and development activities.
Key participants in the industrial fasteners market include Alcoa Incorporated, Illinois Tool Works Incorporated, LISI Group, NIFCO and Precision Castparts Corporation among others. The report profiles the above mentioned companies along with a detailed market share analysis.
The report gives a comprehensive view of the industrial fasteners market in terms of revenue. In addition, the report includes demand forecast for each product segment and application in North America, Europe, Asia Pacific and Rest of the World. The report comprises of the following segments:
Industrial Fasteners Market: Product Segment Analysis,
· Externally threaded
· Aerospace grade
Industrial Fasteners Market: Application Analysis,
· Automotive OEM
· Machinery OEM
· Other OEM
The report provides a cross-sectional analysis of all the above product segment and application segments with respect to the following regions:
· North America
· Western Europe
· Asia Pacific
· Rest of the World
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