Global Industrial Fasteners Market is expected to grow at a significant CAGR during the forecast period. Industrial fasteners include a set of bolts and nuts and are used in all production activities. Bolts and nuts comprise a major link in industrial fasteners and are used in all industrial domains. Mainly, steel is used in the production of physical products made from wood and metal. Industrial uses of bolts and nuts entail fastening wherein placement of pieces and parts is essential.
The commercial demand for nuts and bolts is gaining much traction as the industrial need is on the rise. With the constant rise in annual imports, there arises a need for establishing a manufacturing base. Rise in transportation, railways, aircrafts, wagon, bicycles and automotive makers are several components operating in industrial fasteners.
The drivers for industrial fasteners market include rise in use of automotive, machinery, and electronics. Apart, industrial fasteners are used in the production of medical equipment, consumer appliances, suspension system and wheels. Increase in urbanization and rise in construction sector is likely to propel the industrial fastener market growth during the forecast period.
Geographical segmentation includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions are likely to gain much higher traction in the global period. Rise in OEM is another factor stimulating the market growth. Presence of a vast industrial corridor and end-user market is likely to trigger the market growth during the forecast period.
North American and European markets are expected to gain a significant CAGR during the forecast period due to increase in construction activities and mounting demand for industrial fasteners. The key players in the industrial fasteners market include Precision Castparts Corp, Nifco, ITW, Alcoa, Kova Fasteners Pvt Ltd, LISI Group, Standard Fasteners, and Dokka Fasteners.
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
Research Support Specialist, USA