NEW YORK, March 30, 2021 /PRNewswire/ -- The latest insight by Fact.MR on global industrial fasteners market projects an expansion of around 4% CAGR through 2031. Speedy recovery and rising demand from various end use industries such as building & construction and automotive to boost the sales. According to the study, the growing focus on R&D activities and high-performance quality material is driving the demand in manufacturers.
These latest insights from Fact.MR forecasts a speedy recovery for industrial fasteners market. Application in building & construction and automotive accounts for the major market share backed by the high demand for wide variety and threaded industrial fastener from the manufacturers.
Significant application in industrial and residential projects from the construction industry backed by the high usage of various industrial fasteners such as cable ties, rivets, screws to bolster the demand of industrial fasteners. Hence fostering the sales.
"Rising projects from automotive, construction industry and industrial manufacturers investing heavily to incorporate advanced technology as a requirement for threaded, non-threaded and aerospace grade is accelerating, is boosting the demand through 2031," says a Fact.MR analyst.
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Key Takeaways
- By material, plastic to acquire maximum share attributed to its popular advantages such as being light weight, flexing & cost effective
- United States to exhibit hegemony on the back of fast and steady recovery of automotive industry
- Highly advanced automotive sector and rising construction project to drive industrial fasteners sales in Germany
- China expected to be a hotspot for potential industrial fasteners manufacturers for the upcoming years
- India to emerge as a lucrative market and sales for industrial fasteners are expected to expand more through 2031
- Threaded industrial fastener to gain traction through 2021 and beyond
- Building & construction and automotive to witness high demand through 2031
- Breakthroughs in commercial and residential construction projects to accelerate growth prospects across the UK
- Italy and France to emerge as highly lucrative markets, fueled by fast recovery of automotive industry and increasing industrial fasteners application
Competitive Landscape
MW Industries Inc., Stanley Black & Decker Inc., Penn Engineering & Manufacturing Corporation, BPL Limited, Mirc Electronics Limited, and Sony India Private Ltd, among others are some of the prominent manufacturers, profiled by Fact.MR. According to the study, with the market being highly competitive, key manufacturers are developing and introducing innovative products to expand their geographical reach to cater to the demand.
For instance, in January 2021, Penn Engineering and Manufacturing Corporation announced the launch of its new website, PROFIL, for mechanically attached fasteners manufacturers.
In a similar fashion, Stanley Black & Decker unveiled its next generation 2x20V MAX* DEWALT , in January 2021, for a high efficiency brushless direct drive motor for high-voltage cutting capacity.
Additionally, in 2021, LISI Aerospace and the University of Sheffield Advanced Manufacturing Research Centre collaborated to acquire US$ 1.34 million in funding from the Aerospace Technology Institute to unlock productivity gains and new markets in the fastener industry through advanced technologies.
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More Valuable Insights on Industrial fasteners Market
Fact.MR, in its latest report, presents offers a detailed segmentation on the global industrial fasteners market. The study divulges essential insights on the industrial fasteners market on the basis of material (plastic and metal), product (threaded, non-threaded and aerospace grade), end-user (automotive, building & construction, home appliances, aerospace and others), and region (North America, Latin America, Europe, East Asia, South East Asia & Oceania, and MEA)
Key Questions Covered in the Report
- How will demand for industrial fasteners will evolve in the future?
- Which type of industrial fastener accounts for the highest demand?
- Which is the most lucrative market for industrial fasteners?
- Which are the factors that will drive the demand for industrial fasteners sales?
- What are the winning strategies key players will adopt to generate future prospects?
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