Asia Pacific Industrial Fasteners Market Expected To Grow At CAGR Of 7% From 2014 to 2020: Grand View Research, Inc.

Global industrial fasteners market is expected to reach USD 104.32 billion by 2020, according to a new study by Grand View Research, Inc. Increasing demand for fasteners in automotive industry coupled with growing construction spending as a result of economic growth and industrialization in emerging markets of China, Brazil, Saudi Arabia, Australia, Indonesia and India is expected to drive demand for fasteners over the next six years. Asia Pacific is expected to witness growth on account of increasing government investments in commercial aircraft & aerospace, defense and non building construction. Advanced processing technique and improved mechanical properties of fasteners is expected to serve new growth opportunities for the market. In addition, development of railroad fasteners is expected to open new market avenues for manufacturers over the next six years.

Externally threaded fasteners were the largest product segment and accounted for over 45% of market share in 2013. Growth can be attributed to increasing use of fasteners in the automotive OEM, machinery OEM and construction industry.

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