Growing construction spending coupled with increasing demand for fasteners in automotive industry is expected to boost the global industrial fasteners market is expected to reach $104.32 billion by 2020, according to a new study.
Economic growth and industrialization in emerging markets of China, Brazil, Saudi Arabia, Australia, Indonesia and India is expected to drive demand for fasteners over the next six years, added the new “Global Industrial Fasteners Market Analysis, Size and Segment Forecasts To 2020" released by Grand View Research, a US-based market research and consulting company.
Asia Pacific is expected to witness growth on account of increasing government investments in commercial aircraft and aerospace, defense and non-building construction. Advanced processing technique and improved mechanical properties of fasteners is expected to serve new growth opportunities for the market. In addition, development of railroad fasteners is expected to open new market avenues for manufacturers over the next six years.
Externally threaded fasteners were the largest product segment and accounted for over 45 per cent of market share in 2013. Growth can be attributed to increasing use of fasteners in the automotive OEM, machinery OEM and construction industry, the report said.
Key findings: Automotive OEM was the second largest application market accounting for over 20 per cent of revenue share in 2013 and is expected to show significant growth over the forecast period as a result of increasing production of automobiles in China, Japan, Australia, Mexico, US and India.
Construction is expected to witness swift demand growth at an estimated CAGR of 6.9 per cent from 2014 to 2020, due to rising government funding for large scale infrastructure and residential construction in emerging markets of China, Argentina, India, Saudi Arabia and Indonesia.
Asia Pacific was the largest regional market accounting for over 30 per cent revenue share in 2013 and is expected to witness growth at an estimated CAGR of around 7 per cent from 2014 to 2020, owing to increasing production of motor vehicles, industrial machinery and electrical & electronic components. In addition, growing construction industry in China, Japan, India, Thailand, Australia, South Korea and Taiwan is expected to further fuel market growth.