The industrial fasteners market is estimated to expand at about 5.4 percent CAGR from 2012 to 2018. It was estimated at around USD 65.5 billion in 2011. The market is all set to register revenue worth around USD 94.6 billion by 2018. It is on the rise due to increasing maintenance and building operations in the world. Growing demand for vehicles, particularly in the developing regions of China, Brazil and India is a vital factor, driving further demand for the industrial fasteners market.
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The market is somewhat fully-developed and is estimated to rise moderately in the years ahead. Additionally, rising demand for industrial fasteners in the sector of infrastructural development is also predicted to drive the market forward. The building application sector of the industrial fasteners market is projected to rise at around 9 percent CAGR during 2012 to 2018. Conversely, high anti-disposal tasks implemented by the Union of Europe are predicted to slow down the pace of the market.
The rising manufacture of long-lasting goods is also expected to aid further growth of the market. Factors, like increased living standards and escalated disposable incomes would increase the production of vehicles and also drive further demand for the industrial fasteners market. Recovering levels of fixed spendings, together with manufacturing productivity of resilient goods would also add revenue to the market.
The industrial fasteners market is segregated on account of applications, products and geographies. The applications market is fragmented in view of MROs, automotive OEMs, machinery OEMs, construction and other OEMs. The rising demand for industrial fasteners in the aforementioned applications is also expected to crate increased demand for the industrial fasteners market.
The products market includes standard, externally threaded and aerospace grade. The primary geographical regions studied under the industrial fasteners market are Asia Pacific, rest of the world, Europe and North America. Increased demand for these fasteners across all these regions is also anticipated to drive the demand for the market.
The applications sector is expected to be dominated by other OEMs during 2011 to 2018. Other OEMs would account for nearly 31 percent of the global demand through the same period. Automotive OEMs, MROs, machinery OEMs and construction followed other OEMs in respective orders. The products industrial fasteners market was dominated by externally threaded industrial fasteners in 2011.
These fasteners made up for more than about USD 25 billion in the same year. This sector is also predicted to rise most rapidly through the forecast phase. It is owing to high urbanization pace in emergent nations. The geographies industrial fasteners market was leaded by Asia Pacific in 2012. The region is estimated to generate the highest income by 2018, accounting for 45 percent that year.
The reasons responsible for driving the Asian Pacific market are quick urbanization and constantly expanding sectors of automobiles and construction in the region. Less or no awareness with respect to industrial fasteners is yet another factor, dampening the industrial fasteners market growth. Rising demand for industrial fasteners in all consumer segments is also anticipated to drive the market further.
Information Source: Grand View Research