Bolt or Fastener Market Predicted to Reach USD 91 billion by 2022 | Growing at a CAGR of 10.13%
Bolt or Fastener Market Size Analysis:
The global Bolt or Fastener market is expected to reach USD 91 billion by 2022, growing at a CAGR of 10.13% in the forecast period. The fastener or a Bolt is mainly used as a medium component in machines to join two stable parts in industrial manufacturing sector.
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Bolt or Fastener Market – Growth Drivers and Insights:
It is expected that increase in manufacturing and maintenance activities, automotive & aerospace equipment output will drive the fastener demand in the future forecast period. Increase in industrialization and urbanization will eventually results in the growth of the market. Improved Construction industry, along with the automotive sector, primarily driven by the industrialization will drive the demand for fasteners in these sectors. Increase in commodity demand and a growth of its price expected to reach 10 to 12 percent by 2022, which affects the global economic situation is a major challenge of this market. Increase in demand and large consumer base results in the growth of low quality fasteners market is the major restraint and can be overcome by the abundant high quality raw material usage.
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Bolt or Fastener Market Geographic Analysis:
The APAC is anticipated to remain the fastest growing sector for fastener demand, followed by North America due to the tremendous development in industrialization and their applications in manufacturing sectors. Abundant availability of raw material like stainless steel increases the production of Fasteners in the regions like North America and Asia Pacific.
Some of the Key Players Listed in this Bolt or Fastener Market Report are:
Fastenal, KAMAX, Acument Global Technologies, Dokka Fasteners, Arconic (Alcoa), Gem-Year, Infasco, Marmon, Stanley Black & Decker, Nucor Fastener, CISER, LISI Group, Sundram Fasteners, TR Fastenings, Tianbao Fastener, Cooper & Turner, Ganter, XINXING FASTENERS, ATF, Oglaend System, Nitto Seiko Co., Ltd., Penn Engineering, Big Bolt Nut
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