Global Industrial Fasteners Market 2020-2025 - Advancements In CNC, MILLING, and CAD / Internationalization in Automobile Segment / 3D Printing and Usage of New Materials
DUBLIN, Oct. 16, 2020 /PRNewswire/ -- The "Industrial Fasteners Market - Global Outlook & Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The global automotive fasteners market is expected to reach over USD 34 billion by 2025.
The demand for threaded fasteners is likely to grow at a CAGR of over 4% during the forecast period owing to their increasing application in construction, industrial machinery, railways, cars, and motorcycle manufacturing. Innovations in design to provide better performance and vibration resistance are projected to have a positive impact on the market. Stainless steel is the most common material used for manufacturing threaded fasteners. Brass, alloy steel, and aluminum are other materials used to manufacture threaded fasteners.
INSIGHTS BY GEOGRAPHY
APAC hosts one of the most robust manufacturing industries, including automotive, construction, chemicals, defense, and aerospace. The region is home to highly enthusiastic tech-savvy professionals and a hub for millennials. Millennials account for the bulk usage of tech products and are the target audience for robotic and automation vendors, especially in B2C segments.
Owing to the high demand for tech products, the market in APAC holds a key area of interest for vendors in the manufacturing sector, thus presenting high demand for vendors offering fasteners for industrial and manufacturing sectors. The consumption in the APAC region is on the rise due to its enormous population and increasing disposable incomes. China is expected to add 400 million consumers whose annual incomes are more than USD 8,000.
INSIGHTS BY VENDORS
The global industrial fasteners market is highly fragmented, with no major vendors taking up a significant share in the market - the leading eight players account for around 20% of the market share. The number of fastener manufacturers is also considerable in manufacturing countries. For instance, Japan has over 3,000 manufacturers with manufacturing fasteners worth USD 9 billion annually. The sale, however, was nearly half of the capacity at around USD 4.30 billion in 2019.
Vendors are mainly located near manufacturing centers to enable collaboration on the design and development of fasteners and other assembly products. A downturn in one of the end-market categories does likely not impact the overall market. The market is characterized by vendors that are application-specific, product-specific, or multiple-service vendors at any point in time.
Key Questions Answered:
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SOURCE Research and Markets