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Report: Industrial Fasteners Market Growth At 5.3%
The global industrial fasteners market is expected to expand at a compound annual growth rate of 5.3% during the forecast period 2016 – 2023, exceeding $107 billion by 2023, according to a new market report published by Credence Research.
The industrial fastener market growth is expected to be “spurred by steady growth in automotive production, increasing industrial automation, and resurgence in the construction sector post economic crisis,” according to Industrial Fasteners Market.
“The steady growth in the industrial output coupled with investments made by the governments in aviation and aerospace projects is identified as the major factor driving industrial fasteners market.
“In addition, resurgence in the construction sector post economic crisis is further expected to drive demand for industrial fasteners worldwide.”
“As of 2015, Asia Pacific dominated the industrial fasteners market in terms of both revenue and unit shipments.”
Asia Pacific led the global industrial fasteners market, boosted by an “increasing inflow of foreign funds and resurgence in the manufacturing sector.”
“China is the leading exporter and producer of industrial fasteners worldwide and is presumed to register strong gains in the coming years,” according to the report.
Steady growth in the production of industrial machinery and electronic components is driving demand for fasteners in China, the report concluded.
“In addition, dedicated investments by the government in aviation and aerospace projects are also supporting demand for industrial fasteners in China.
“On the other hand, the market for industrial fasteners in North America and Europe is slowly regaining its original growth levels post bleak market conditions prevalent during economic recession.”
Key Research Takeaways:
1) Miniaturization drives demand for industrial microfasteners
2) Heightened investments in aerospace and aviation projects, industrial automation to spur demand for industrial fasteners
3) Strong recuperation in automotive and construction sector is sustaining growth in the developed economies.
4) Increasing demand for high-value titanium fasteners in aerospace applications and light weight plastic fasteners in automotives
5) Budding applications in textile and healthcare sector.
Source: Credence Research, Global Fastener News
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