Time：05 Jan,2016
Albany, NY -- (SBWIRE) -- 01/04/2016 -- The global industrial fasteners market is progressing at a CAGR of 5.40% between 2012 and 2018. The market was valued at US$65.5 bn in 2011 and is expected to reach US$94.6 bn, according to a research report added to the database of Market Research Reports Search Engine (MRRSE) on the chemicals and materials industry. The report is titled "Industrial Fasteners Market (Externally Threaded, Aerospace Grade and Standard) for Automotive OEM, Machinery OEM, MRO and Construction Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018".
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.
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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.
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.
The global industrial fasteners market was led by Asia Pacific in 2011, with a market share of 40%. This region has shown exceptional growth in the market due to its rate of industrialization. Economies in Asia Pacific are also improving, leading to a larger consumer base with disposable income. This has created a greater scope of growth for the durable goods segment.
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.
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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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