Externally threaded fasteners tops predicted high-growth product segments.
Zion market research sees a CAGR of 5.4 percent for the industrial fasteners market from this year through 2022. The industry that was $84.9 billion in 2016 is expected to balloon to $116.5 billion by the end of the forecast period.
Among product categories, standard externally threaded fasteners that are finding more uses in motor vehicles is predicted to post the biggest growth numbers in the next five years. Last year, the segment made up about 50 percent of total fastener sales. Zion notes that the automotive industry topped other industrial fastener applications the past year. Construction and aerospace applications are also two other markets that propelled the fastener market.
As regards regions, the Asia Pacific, with China leading in production and export, has contributed the most to industrial fastener market revenue. China’s supply of screws, bolts and nails, and automotive fasteners, are increasing along with improving relevant industries. In 2016, China retained its spot as the world’s biggest auto industry for the eighth straight year, and this 2017 is poised to jump by 5 percent more in sales. In addition, dominating countries have shown fasteners not just being used more in vehicles, but also in industrial machines, electronic components and aircrafts.
Europe and North America, meanwhile, could experience slow growth despite dominating in market share in 2016, according to the research firm. For potential high-growth markets, Latin America is up on the list, with Brazil’s flourishing track bolt industry.