Global industrial fasteners market is expected to witness significant demand growth over the next six years on account of increasing demand for fasteners in the automotive industry. In addition, growing construction industry as a result of economic growth and industrialization in emerging markets including China, Brazil, Russia, Poland, U.S., and India is expected to drive further fasteners demand. Increasing consumption in electrical and electronics, aerospace, machinery and MRO applications is anticipated to fuel industrial fasteners market growth over the forecast period. Rising motor vehicles demand on account of increasing disposable income is expected to propel need for fasteners in automotive OEM. Asia Pacific is expected to witness significant market growth over the forecast period owing to increasing government investments in commercial aircraft & aerospace, non-building construction and defense applications. High amounts of anti-dumping duty imposed by the European Union are expected to restrain industrial fasteners market growth over the next six years. In addition, alternative methods such as clinching, adhesives and welding are expected to restrict fasteners demand. Advanced processing techniques and improved mechanical properties are expected to provide new growth opportunities for the industrial fasteners market. Also, development of railroad fasteners is expected to open new market avenues in the next six years.
Global Industrial Fasteners Market Revenue, by Product, 2012 - 2020 (USD Billion)
Industrial fasteners are segmented on the basis of products which include externally threaded, aerospace grade and other standard fasteners (internally threaded and non-threaded fasteners). Externally threaded fasteners were the most dominant product segment in 2013 and are expected to witness significant demand growth on account of increasing use in automotive and machinery OEM, and construction applications. Aerospace grade fasteners are expected to witness the fastest growth over the next six years owing to increasing government investment in aerospace, infrastructure and defense industry mainly in China, Middle East, India, South Korea, Russia, Brazil, and Japan.
Industrial fasteners find applications in automotive OEM, Machinery OEM, construction, MRO and other OEM (electrical and electronics, aerospace). Other OEM including electrical and electronics, aerospace & defense and industrial accounted for over 25% of market demand in 2013. Automotive OEM was the second largest market and is expected to show lucrative growth over the next six years as a result of accelerating automobile demand in countries including China, Japan, Australia, U.K, U.S, and India. MRO was the third largest application segment in 2013 and is expected to grow on account of increasing maintenance activities in Europe and North America. Industrial fasteners demand in construction applications is expected to witness rapid growth due to rising government funding for large-scale infrastructure and residential construction in emerging markets including China, Argentina, India, Saudi Arabia and Indonesia.
Asia Pacific was the largest regional market in 2013, accounting for over 30% of global market and is expected to observe major demand growth owing to increasing production of motor vehicles, industrial machinery, and electrical & electronic components in the region. In addition, growing construction industry in China, Japan, India, Thailand, South Korea and Taiwan is further expected to fuel market growth. Moreover, MENA is expected to witness high fasteners demand on account of growing construction industry in the region. Europe and North America are matured markets and are expected to witness slow demand growth over the next six years.
Global industrial fasteners market is highly fragmented in nature and includes key players such as Acument Global Technologies, Nifco, LISI Group, ITW, Alcoa, Standard Fasteners Ltd., Precision Castparts Corp., Dokka Fasteners, Kova Fasteners Pvt. Ltd., Hilti, Penn Engineering, EJOT, ATF Inc., Stanley Black & Decker and MW Industries Inc. Various companies are employing nanocomposite material processing techniques for aerospace fasteners production which is anticipated to improve performance characteristics along with cost reduction. Standard Fasteners Ltd. is engaged in the production of non-ferrous fasteners which are widely used in marine and commercial applications on account of exceptional wear and corrosion resistance properties.
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