Global Fastener News

FEATURE

The industrial fastener market, including automotive, machinery, construction and MRO, in Asia is predicted to reach $44.12 billion by 2020, RadiantInsights.com forecasts.

Growing automotive demand is expected to propel demand for industrial fasteners over the next five years, according to Asia Industrial Fastener Market.

“China dominated the Asia fasteners market in 2013 and the trend is anticipated to continue over the forecast period on account of rapid expansion of domestic manufacturing base.

“India is expected to witness the fastest growth over the projected period as a result of increasing automotive production.” 

In addition, infrastructure improvement in emerging economies is likely to propel fastener demand. 

“Economic growth and rapid industrialization in China, India, Malaysia, Vietnam, Malaysia and Thailand is anticipated to stimulate investments for construction which in turn is likely to augment industrial fastener market over the projected period,” according to Asia Industrial Fastener Market.

Increasing use of fasteners in automotive parts including engine, body, molding, suspension system, frame, body assembling and wheels is expected to drive market growth, as well as growing aircraft parts production in China.

“Increasing number of regional manufacturers in China including Shanghai, Chengdu, Xi’an, Jiangxi and Shenyang is further anticipated to boost industrial fastener market over the forecast period. 

“However, rising market share of substitutes such as PU adhesives is anticipated to restrain industrial faster market in the automotive and construction sector over the forecast period.”

Findings from the study:

• Asia industrial fastener market demand in construction applications accounted for less than 10% of revenue share in 2013 and is expected to witness the fastest growth on account of rising government expenditure on infrastructure development in China, India and Japan. The commencement of 12th Five Year Plan of Civil Aviation Administration of China (CAAC) resulted in construction of 56 new airports and expansion of 16 airports with a total investment of USD 68.5 billion, thereby boosting construction sector in the country. 

• China was the largest industrial fastener market, accounting for more than 40% of revenue in 2013. Growing domestic demand for vehicles due to improving infrastructure conditions coupled with rising disposable income have been key factors responsible for automobile production growth in China.

• Japan is expected to witness growth on account of high penetration of industrial fastener manufacturers in the country and their strategic partnerships with OEM and MRO companies.

New product innovation and advanced processing techniques are likely to open new market opportunities over the forecast period.

The report, produced by Radiant Insights, costs $4,700 for a single user license. Web: radiantinsights.com