Albany, NY, March 17, 2016 (GLOBE NEWSWIRE) -- According to the report, the primary driver of the global industrial fasteners market is the increase in demand from the sectors of maintenance, construction, and infrastructure development. The booming construction sector in emerging economies and Europe is currently one of the biggest drivers for the global industrial fasteners market. The report projects the construction sector to be progressing at a 9% CAGR in the given forecast period, as an end-use segment for the global industrial fasteners market.
Another driver that has greatly influenced the global industrial fasteners market is the growing automotive industry. The increase in demand for automobiles is expected to further drive the requirement of industrial grade fasteners.
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Fasteners are devices which are used to mechanically join two or more components, devices or surfaces together. The commonly used fasteners include nails, screws, nut, bolts, clips, rivets, pins and washers. The basic requirements for fasteners are that they must be strong enough to handle loads and pressure, must be cost effective, easy to use, resistive to corrosion and aesthetic. They find application across a wide range of sectors such as automobiles, construction, electronics, machineries, industries and other everyday applications. Increasing demand for automobiles particularly in countries such as China, Brazil and India is an important factor which is expected to contribute to the growth of the fasteners’ market over the forecast period.
In terms of application segments, the global industrial fasteners market was dominated by OEMs in 2011, when the segment held more than 30% of the market. The report, however, states that the global industrial fasteners market is expected to be led by the construction sector in the future, owing to its rapid growth rate and high demand for fasteners. This growth in demand is prominent in Asia Pacific, where nations such as India and China are in the midst of rapid industrialization. The largest product segment of the global industrial fasteners market for 2011 was externally threaded fasteners, which held 45% of the market. This segment is expected to continue to lead the market owing to its versatility of use in the rapidly growing application segments of durable goods, automobiles, construction, domestic machines, and other OEM segments.
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Asia Pacific held the highest demand for industrial fasteners and occupied 40% of the overall industrial fasteners market in 2011. The demand from the European industrial fastener market followed the Asia Pacific market. By 2018, the market for industrial fasteners in Asia Pacific will occupy around 45% of the total market share. This can be credited to the rapid industrialization and booming automobile and construction industries in this region.
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The global industrial fasteners market is a highly competitive field with a fragmented nature when it comes to market players. The top five companies in the market hold only 15% of the global industrial fasteners market. The top five companies, as listed in the report, are NIFCO, Precision Castparts, LISI Group, Alcoa Incorporated, and Illinois Tool Works Incorporated. Other players in the global industrial fasteners market that own noteworthy shares are ITW, Penn Engineering & Manufacturing Corporation, and Stanley Black & Decker.
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