In terms of revenue, the global assembly fastening tools market is estimated to expand at a CAGR of 4.5% from 2019 to 2027, owing to numerous factors, regarding which, a new study from Transparency Market Research offers insights and forecasts in its report on the global assembly fastening tools market.
Mechanical fasteners are widely used in various end-use industries, as they offer permanent as well as temporary joining, easy assembly, as well as disassembly and high load-bearing capacity. These fasteners also facilitate ease of transportation, as product parts can be separated easily without any harm caused to their critical systems. Also, they offer lower-cost maintenance as compared to other joining methods. Furthermore, the raw materials required in the manufacture of fasteners are easily available in the market, which reduces manufacturing costs. Thus, increased production of fasteners directly increases the demand for assembly fastening tools in various industries such as aerospace & defense, heavy equipment, automotive, semiconductors & electronics, and healthcare.
Amongst all these, the automotive industry has always been the leading end user of electric fastening tools such as screw drivers and nutrunners, due to large-scale automobile production and the large number of fasteners used in automobile assembly lines. Furthermore, with increasing demand for flexibility, error proofing, and quality control in automobile assembly lines, the preference for electric fastening tools has increased.
Global Assembly Fastening Tools Market: Dynamics
The manufacturing industry across the world is moving toward smart manufacturing or Industry 4.0. Industry 4.0 is an approach to manufacturing that involves the implementation of several technologies, including Industrial Internet of Things (IIoT), cloud computing, and artificial intelligence. Since fastening tools with advanced designs offer high precision, accuracy, connectivity, and traceability that improve the reliability and performance of the product, these tools are anticipated to be an important component in achieving Industry 4.0.
Industry 4.0 is also aiding in the adoption of cordless tools. Although battery-powered cordless tools have been around for more than 50 years, their application use in assembly lines had has been limited. However, at present, batteries last longer, recharge in a short time, have become lighter, and are economically viable. Hence, cordless assembly tools are being increasingly preferred. Increase in the torque capabilities of these tools in recent years is also aiding in their adoption.
Global Assembly Fastening Tools Market: Prominent Regions
Asia Pacific is a prominent region of the global assembly fastening tools market. This growth can be attributed to the large production of passenger as well as commercial vehicles in the region. Furthermore, the region also serves as a base for heavy machinery manufacturing. Thus, the assembly fastening tools market in Asia Pacific is expected to expand at a high CAGR during the forecast period. Growth of the assembly fastening tools market in China is primarily driving the market in the region.
In Asia Pacific, corded assembly fastening tools has always been the most preferred option. However, the cordless segment of the assembly fastening tools market in the region is anticipated to expand at a higher CAGR amongst the two. This is primarily due to the growing adoption of cordless assembly fastening tools in the region. Furthermore, among the tool types, pistol grip tools are highly preferred. In pistol grip tools, there is an offset between the operator’s hand and the tool point. This feature reduces the reaction force on the operator. Thus, the pistol grip tools segment is expected to expand at a high CAGR in the assembly fastening tools market during the forecast period.
North America and Europe are also expected to hold a considerable share of the global assembly fastening tools market during the forecast period. In the assembly fastening tools market in both these regions, the clutch controlled segment is anticipated to continue its dominance throughout the forecast period, since this control mechanism is highly preferred in several applications, including automotive, semiconductors & electronics, and healthcare.
Global Assembly Fastening Tools Market: Key Players
Key players operating in the global assembly fastening tools market are Ingersoll-Rand Plc, Panasonic Corporation, Estic Corporation, Apex Tool Group, Robert Bosch GmbH, Atlas Copco AB, Hilti Corporation, HiKoki Co. Ltd, Makita Corporation, Stanley Black & Decker, Inc., Techtronic Industries Co. Ltd. (Tti), and Uryu Seisaku, Ltd.
The global assembly fastening tools market is fragmented, with several international and regional players competing with one another on the basis of pricing. However, more than price competitiveness, the operational efficiency and reliability of fastening systems is expected to aid in maintaining a company’s brand image. Hence, leading players consistently invest in research & development activities for new product development and innovation. Similarly, new players with expertise in the requirements of smart assemblies can take advantage of the rising adoption of cordless fastening tools to enter the market.
These insights are based on a report on Assembly Fastening Tools Market by Transparency Market Research.