The global industrial fasteners market size is projected to reach USD 121,020.2 million by the end of 2026. The increasing industrialization will bode well for the companies operating in this market. According to a report published by Fortune Business Insights, titled “Industrial Fasteners Market Size, Share & Industry Analysis, By Material (Metal Fasteners, and Plastic Fasteners), By Product (Externally Threaded, Internally Threaded, Non-Threaded, and Aerospace Grade), By Application (Automotive, Aerospace, Building & Construction, Industrial Machinery, Home Appliances, Lawns & Gardens, Motors & Pumps, Furniture, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 80,369.2 million and will exhibit a CAGR of 5.3% during the forecast period, 2019-2026.
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Salient Features of the Report
Industrial fasteners market are used in construction and assemble processes across several industry verticals. The product is similar to bolts, but possesses much better properties. It has corrosion resistance, a primary reason why it is preferred over its alternatives. The rapidly rising industrialization will create several opportunities for the growth of the market in the coming years. The increasing building and construction activities will fuel the demand for the product, subsequently aiding the growth of the overall market. Variations in product offerings have allowed applications in diverse industries. The growing demand for the product has attracted several large scale investors and numerous market entrants. The ease of availability of material used in manufacture of industrial fasteners will emerge in favor of market growth. Moreover, factors such as cost-effectivity and product durability as well as increased reliability will contribute to the growth of the overall market in the forthcoming years.
Increasing Number of Company Collaborations Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and collaborations has made the highest impact on the growth of the market. In June 2019, TriMas Aerospace announced that it has entered into a strategic partnership with Safran and Sonaca. Through this collaboration, the company will look to expand its global customer base and subsequently boost its businesses across the world. The company also plans to increase its production capacity of blind fasteners, thereby strengthening its footprint in the market. Trimas’ collaboration with Safran and Sonaca will not just benefit the companies, but will also influence the growth of the overall market in the forthcoming years. The report includes a few of the other factors that have influenced the growth of the market in recent years.
Asia Pacific Held the Highest Market Share; Presence of Several Large Scale Companies to Aid Growth
The report analyzes the ongoing industrial fasteners market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific is currently holds the highest industrial fasteners market share. The increasing rapidly rising industrialization, coupled with the increasing building and construction activities in several countries such as India, China, and Japan will aid the growth of the reginal market. Besides Asia Pacific, the market in North America will also witness considerable growth in the coming years driven by increasing demand for the product across diverse industries. The presence of several large scale companies has emerged in favor of the growth of the regional market. As of 2018, the market in North America was worth USD 20,695.1 million and this value is likely to increase further in the coming years.
December 2019: Shimtech Industries announced that it has completed the acquisition of Fastener Technology Corp.,. The company is a supplier of specialty high strength fasteners.
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