Asia Industrial Fastener Market By Product, By Application Is Expected To Reach $44.12 billion By 2020: Grand View Research, Inc.
According to the latest report published by Grand View Research, Asia Industrial Fastener Market Size was $27.10 billion in 2013 and will grow to $44.12 billion By 2020, growing at CAGR of 7.2% from 2014 to 2020, growing automobile industry in China is expected to drive market growth during the forecast period.
Asia industrial fastener market is expected to reach USD 44.12 billion by 2020, according to a new study by Grand View Research, Inc. Growing automotive demand in light of increasing disposable income of consumers is expected to propel demand for industrial fasteners over the next five years. China dominated the Asia fasteners market in 2013 and the trend is anticipated to continue over the forecast period on account of rapid expansion of domestic manufacturing base. India is expected to witness the fastest growth over the projected period as a result of increasing automotive production. In addition, infrastructure improvement in emerging economies is likely to propel demand for screws, bolts and rivets. Economic growth and rapid industrialization in China, India, Malaysia, Vietnam, Malaysia and Thailand is anticipated to stimulate investments for construction which in turn is likely to augment industrial fastener market over the projected period.
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Increasing use of fasteners in the manufacturing of automotive parts including engine, body, molding, suspension system, frame, body assembling and wheels is expected to drive market growth. Growing production of aircraft parts in China on account of “The 2011 State Council Policy” for aerospace sector is expected to spur market growth. Increasing number of regional manufacturers in China including Shanghai, Chengdu, Xi’an, Jiangxi and Shenyang is further anticipated to boost industrial fastener market over the forecast period. However, rising market share of substitutes such as PU adhesives is anticipated to restrain industrial faster market in the automotive and construction sector over the forecast period.
Asia Industrial Fasteners Market, by Application, 2012 - 2020 (USD Million)
Further key findings from the study suggest:
Asia industrial fastener market demand in construction applications accounted for less than 10% of revenue share in 2013 and is expected to witness the fastest growth on account of rising government expenditure on infrastructure development in China, India and Japan. The commencement of 12th Five Year Plan of Civil Aviation Administration of China (CAAC) resulted in construction of 56 new airports and expansion of 16 airports with a total investment of USD 68.5 billion, thereby boosting construction sector in the country. This in turn is anticipated to boost industrial fastener demand over the projected period.
China was the largest industrial fastener market, accounting for more than 40% of revenue in 2013. Growing domestic demand for vehicles due to improving infrastructure conditions coupled with rising disposable income have been key factors responsible for automobile production growth in China. This in turn is expected to boost industrial fastener market over the projected period.
Japan is expected to witness growth on account of high penetration of industrial fastener manufacturers in the country and their strategic partnerships with OEM and MRO companies.
Key players present in the industrial fastener market in Asia include Micron Precision Screws Ltd., Asia Bolts Industries, Nippon Industrial Fasteners Company, Shanghai Fasteners Company, Kova Fasteners Pvt. Ltd., Avon Industrial Corporation, Beijing Jin Zhaobo High Strength Fastener Co. Ltd, Peaksight Fasteners, Sundaram Fasteners, Ekta Industries, Standard Fasteners Ltd., Caparo, Bossard, Chao Jing Precise Machine Co., Ltd., Ochiai, Japan Power Fastening Co., Ltd, Ranflex Metals, NIFCO. Asian market for industrial fasteners was highly fragmented due to the presence of numerous companies especially in Japan, India and China. Product innovation and formation of strategic alliances with application users are expected to be critical success factors for the market. New product innovation and advanced processing techniques are likely to open new market opportunities over the forecast period.
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For the purpose of this study, Grand View Research has segmented the Asia industrial fastener market on the basis of product, application and country:
Asia Industrial Fastener Product Outlook (Revenue, USD Million, 2013 - 2020)
Asia Industrial Fastener Application Outlook (Revenue, USD Million, 2013 - 2020)
Asia Industrial Fastener Country Outlook (Revenue, USD Million, 2013 - 2020)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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