Key market drivers of Global Industrial Fasteners
According to a new by Grand View Research, Inc., global industrial fasteners market is expected to reach USD 104.32 billion by 2020. There are several factors playing a pivotal role in increasing market size of industrial fasteners. Let’s have a look at key drivers of industrial fasteners market growth.
- 1. Increasing demand for fasteners in automotive sector along with growing construction spending mainly due to the economic growth and industrialisation in emerging markets of China, Brazil, Saudi Arabia, Australia, Indonesia and India is expected to drive demand for fasteners over the next six years.
- 2. Furthermore, Asia Pacific is expected to witness growth on owing to the increasing government investments in commercial aircraft & aerospace, defence and non-building construction.
- 3. Advanced processing technique and improved mechanical properties of fasteners is expected to serve new growth opportunities for the market.
- 4. Additionally, developmentofrailroadfastenersisexpectedtoopennewmarketavenuesfor manufacturers over the next six years.
In the last few years, external threaded fasteners demand has been rising. This growth can be attributed to increasing use of fasteners in the automotive OEM, machinery OEM and construction industry.
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