Market research and consulting firm Grand View Research recently published an industrial fasteners market analysis, which shows its global market topping the $104 billion mark by 2020.
Segmenting the analysis into three fasteners products – externally threaded, aerospace, and other standard – the research shows that the global market is expected to witness significant demand growth over the next six years on account of increasing demand for fasteners in the automotive industry.
Grand View also notes that economic growth and industrialization in the U.S., China, Brazil, Russia, Poland, and India continues to grow the construction industry, which will further drive fasteners demand. Adding to the demand is increasing consumption in electrical and electronics, aerospace, machinery and MRO applications, as well as rising motor vehicles. Development of railroad fasteners is expected to open new market avenues, as will advanced processing techniques and improved mechanical properties.
Grand View's market analysis shows that threaded fasteners were the largest product segment and accounted for over 45 percent of market share in 2013. Automotive OEM was the second largest application market, accounting for over 20 percent of revenue share in 2013.