Growing demand for elevators in hospitals, malls, and offices fuels the growth of the Fastener Market in the coming years.
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According to MarketIntelReports' “ 2018-2023 Global Top Countries Fastener Market Report”:
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The Fastener Market is expected to have a huge growth due to the usage of screws in different end user industries like automotive, aerospace, machinery, and electronics. They are used in manufacturing of medical equipment, furniture, industrial controls, engines, and consumer appliances.
Screws and fasteners are used in fixing two or more objects together and increase the durability of the joined parts. The fasteners can be used on metals or plastics.
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Growing urbanisation and the rising demand for SUVs and sedans is expected to boost the market growth. The increasing need for elevators in hospitals will also drive the demand for screws and bolts.
Scope & Regional Forecast of the Fastener Market
Growing importance of industrial fasteners in the automotive sector expands the Fastener Market. Growth of the aerospace and defence sector in developing countries like China, India, and Israel fuels the demand for the market.
Asia Pacific dominates the market due to growth of the automotive industry in China and India. Growth of middle class population and growth of disposable income leads to the demand for passenger cars and bikes which leads to the demand for stainless nuts and bolts.
Europe will have a steady growth in the market due to increase in production of aircrafts and performance vehicles. The aerospace sector due to presence of BAE systems, Airbus Group, and Dassault aviation will promote the growth of the bolt hardware.
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Middle East is expected to witness a fast growth in the nut fastener due to various opportunities in end user industries like automotive, construction, and mechanical industry. The speedy economic growth in the Middle East region boosts the growth of the market.
Segmentations & Key Players Involved in the Fastener Market
The Fastener Market can be broken down into various segments as follows:
- Product- Steel Type, Cooper Type, Aluminum Type and Other.
- Application- Automotive Industry, Machinery Industry, Construction Industry, MRO, Others.
- Region- United States, Canada, Mexico, Germany, France, UK, and Italy.
Some of the key players involved in the Fastener Market are as follows:
- Shanghai Prime Machinery
- Changshu City Standard Parts
- Xingyi Fasteners
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