Global Fastener Market To Top $94.6b by 2018
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A new report published by Transparency Market Research estimates the global demand for industrial fasteners is expected to reach $94.65 billion in 2018, growing at a CAGR of 5.4% from 2012 to 2018.
In 2011 the global industrial fastener market was valued at $65.50 billion in 2011, according to “Industrial Fasteners Market (Externally Threaded, Aerospace Grade and Standard) for Automotive OEM, Machinery OEM, MRO and Construction Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018.”
Externally threaded industrial fastener was the largest product segment, accounting for over $25 billion in 2011. This product segment is expected to be the fastest growing segment on account of rising demand for durable goods. Other factors such as increasing construction activities and industrialization are expected to drive the demand for externally threaded fasteners.
“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,” Transparency Market Research stated in a press release promoting their report. “This factor is expected to be one of the primary reasons driving the growth of the market.”
In addition, rises in construction and maintenance activities are expected to boost the demand for fasteners in the coming years, with construction achieving the biggest rate of growth at CAGR of 9% or more from 2012 to 2018.
Construction fastener demand is expected to be highest on account of rising construction activities in Asia Pacific.
“Renovation and restructuring activities in matured markets of North America and Europe are expected to contribute significantly to the demand for fasteners in construction.”
And development of customized fasteners for niche application segments — railways and solar equipment — is “expected to open opportunities for the growth of the market.”
The automotive OEM sector is expected to show above average growth within the forecast period, driven by increased consumer demand in countries such as China and India due to growing disposable consumer income in this region.
Asia Pacific accounted for the highest industrial fastener demand in 2012 and is expected to account for over 45% of the market by 2018, followed by Western Europe. Rapid industrialization has required a proliferation of residential and non-residential buildings. In addition, industrialization has led to a growth of the machinery OEM market in this region.
Likewise, changing economic conditions of countries such as Brazil are expected to drive fastener demand, along with increased construction activities in the Middle East and Africa.
The report profiles such fastener industry heavyweights as Alcoa Fastening Systems, ITW, LISI Group and Precision Castparts, including “detailed market share analysis.”
The 94-page report costs $4595 for a single user license. For more information, visit transparencymarketresearch.com.
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