The global industrial fasteners market is expected to reach USD 134.20 billion by 2025, according to a new report conducted by Grand View Research, Inc. The growing demand for automobiles, electronics appliances, aircraft, industrial machinery, and medical equipment will drive product demand over the upcoming years. Furthermore, increasing government spending on infrastructure and machinery sector is expected to aid in the market expansion.
The usage of industrial fasteners in maintenance, repair, and overhaul (MRO) industry will foresee substantial revenue growth at a CAGR of 5.3% from 2016 to 2025. Rising MRO activities in various sectors including automotive, aerospace, electronics, construction, and electrical will increase market size. The growing requirement for enhanced efficiency from machines is anticipated to fuel the need for MRO activities, which in turn is expected to spur the industrial fastener demand over the upcoming years.
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Further key findings from the report suggest:
- The industrial fasteners industry is projected to grow significantly at a CAGR of 5.7% on account of their increasing application in automotive and construction industries in emerging countries such as China, India, South Korea, Brazil, Thailand and Saudi Arabia
- North America accounted for 20.9% of the global revenue share in 2015 and is projected to show growth on account of rising usage of the product in the aerospace and automotive sectors over the upcoming years. Moreover, the presence of the large automotive manufacturers, such as Chrysler, Dodge, Jeep, Ford, Chevrolet, Buick, Cadillac, and Lincoln, will drive demand over the forecast period.
- Other standard fasteners are expected to witness considerable revenue growth at a CAGR of 5.4% from 2016 to 2025 owing to increasing usage in various applications including medical equipment, electronics, industrial controls, furniture, and appliances
- Machinery OEM application is anticipated to show substantial growth over the upcoming years in light of increasing fastener usage in textile machinery, rubber, sugar machinery, metallurgical equipment, cement machinery, and dairy machinery. The market is estimated to be worth USD 24.69 billion by 2025
- The industry is highly fragmented and competitive in nature with small and large scale manufacturers in the U.S., China, Japan, Germany, and India. Dominant players include Nifco, ITW, LISI Group, Alcoa and Precision Castparts Corporation.
- In October 2016, ATF went into licensing agreements with EJOT for FDS, DELTA PT, FLOWpoint, and SHEETtracs. This deal is expected to help the company in providing high-performance light-weighting solutions.
Grand View Research has segmented the global industrial fasteners market on the basis of product, application and region:
Product Outlook (Revenue, USD Million; 2014-2025)
- Externally threaded
- Aerospace grade
- Other standard fasteners
Application Outlook (Revenue, USD Million; 2014-2025)
- Automotive OEM
- Machinery OEM
- Other OEM
Regional Outlook (Revenue, USD Million; 2014-2025)
- North America
- Asia Pacific
- South Korea
- Central & South America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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