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Asia: Key revenue source to industrial fasteners market growth
Source：International Metalworking News for Asia - December 2016
Date Published：12/5/2016 01:12:01 PM
Analysts from Sandler Research predict global industrial fasteners market to grow at a CAGR of 4.05% during the period 2016-2020.
The automotive segment dominated industrial fasteners market during 2015. As one of the major end-users, the automotive industry uses various types of fasteners such as steel, stainless steel (including duplex and austenitic grades), and plastic fasteners that are often coated with an anti-corrosive material for enhanced protection. The expected growth in the sales of automobiles around the world, especially in North America, will fuel the market's growth prospects in this segment.
Low-cost manufacturing benefits due to the availability of inexpensive labour and cheap raw materials will result in the growth of major end-user industries such as automotive, aerospace and defense, shipbuilding, and railways, which in turn, will boost the growth of the market in this region.