The global industrial fasteners market has been witnessing a substantial growth over the last few years. The increasing industrialization and the growing construction activities across the world are propelling the demand for industrial fasteners in the global arena.
According to a research study, the worldwide industrial fasteners market stood at US$65.5 bn in 2011. Expanding at a CAGR of 5.4% during the period from 2012 to 2018, it is likely to reach US$94.6 bn by the end of 2018. The rapid rise in the construction as well as automotive industry is projected to stimulate the global industrial fasteners market in the coming years.
Externally Threaded Fasteners to Maintain Leadership in Industrial Fasteners Products Market
Externally threaded fasteners, aerospace grade fasteners, and standard fasteners are the key products available in the global market for industrial fasteners. The externally threaded fasteners segment dominates the global market at present. In 2011, the segment accounted for 45% of the overall market and stood at US$25 bn.
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Analysts expect this segment to retain its dominance over the coming years. The rising industrialization in emerging economies is likely to fuel the demand for externally threaded fasteners in the near future. The standard fasteners segment is also projected to register healthy growth over the next few years.
Construction Industry to Emerge as Biggest Consumer in Near Future
Automotive OEM, machinery OEM, other OEM, MRO, and the construction industry are the prime application areas for industrial fasteners. The other OEM segment emerged as the market leader in 2011 with a share of 30% in the overall market. However, the rising demand for industrial fasteners from the construction industry is likely to push its segment to acquire the leading position in the coming years.
The market segment is projected to rise at a CAGR of 9.0% during the period from 2012 to 2018. The growth in construction activities in the Asia Pacific region as well as the increasing restoration activities in Europe and North America is anticipated trigger the demand for industrial fasteners in the construction industry significantly.
Asia Pacific to Retain Leading Position in Global Industrial Fasteners Market
The worldwide market for industrial fasteners is spread across North America, Asia Pacific, Europe, and the Rest of the World. Asia Pacific is the market leader among these. It acquired a share of 40% in 2011 and is expected to increase its stake to around 45% by 2018 in the global industrial fasteners market. The speedy industrialization, together with the rapid increase in the automobile and the construction industries, is propelling this market in Asia Pacific.
Europe has acquired the second position in the global market while North America and the Rest of the World markets are also reporting substantial growth.
Global Industrial Fasteners Market: Competitive Landscape
The global market for industrial fasteners is extremely fragmented in nature. Alcoa Inc., Link solutions for Industry, Nippon Industrial Fastener Co., Precision Castparts Corp., Stanley Black & Decker, Penn Engineering & Manufacturing Corp., and Illinois Tool Works are the key participants in this market.