A fastener is a hardware component used to join two or more components, devices or surfaces together. Some commonly used fasteners include nails, screws, nut, bolts, clips, rivets, pins and washers etc. Fasteners can be used to close a container such as a bag, a box, or an envelope. There are three major steel industries in which fastener is widely used including stainless steel, carbon steel, and alloy steel. Generally, fasteners are temporary in nature and used in wide range of applications such as military, oilfield, turbine and power generation, chemical refining, marine, replacement parts and others.
According to the report, global industrial fasteners market was valued at around USD 76.50 billion in 2014 and is expected to reach USD 105.0 billion in 2020, growing at a CAGR of around 5.4% between 2015 and 2020. Zion Market Research has published a new report titled “Industrial Fasteners (Externally Threaded, Aerospace Grade, Standard and Others) Market for Automotive OEM, Machinery OEM, MRO and Construction, Other OEM Applications – Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020”.
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Externally threaded, aerospace grade and others are key product segments of industrial fasteners market. Externally threaded fastener was one of the largest product segments of the market with the highest share in 2014, in terms of volume. Aerospace grade fasteners are expected to witness the fastest growth in coming years due to increasing government investment in aerospace, infrastructure and defense industry.
On the basis of applications industrial fasteners market can be segmented as automotive OEM, Machinery OEM, MRO and construction and other OEM applications. Another OEM was one of the leading application segments. It accounted for the significant share in the overall market and is expected to exhibit strong growth rate between 2015 and 2020.
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Automotive OEM and construction are other important sectors for industrial fasteners. Strong demand from various end-user industries including oilfield, turbine & power generation, chemical refining, marine, replacement parts is the major driving factor in this industry. Rising disposable income of consumers in emerging economies is expected to boost the industrial fasteners market growth. However, high anti-dumping duties for fasteners may affect the market growth in long run.
Asia Pacific was the leading regional market for industrial fasteners owing to strong demand from emerging countries such as China, Japan, and India. Asia Pacific was followed by Europe with the second largest market share in global industrial fasteners in 2014. Asia Pacific is expected to grow at a rapid pace owing to rapid industrialization in this region. Middle East & Africa are expected to witness significant growth in the years to come.
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Some of the key participants in the global industrial fasteners market include Standard Fasteners Ltd., Acument Global Technologies, Kova Fasteners Pvt. Ltd., Precision Castparts Corp., Nifco, LISI Group, ITW, Alcoa, Stanley Black & Decker, Hilti, ATF Inc. and MW Industries Inc.