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 on account of rapid expansion of domestic manufacturing base. India is expected to witness the fastest growth 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 and Thailand is anticipated to stimulate investments for construction which in turn is likely to augment industrial fastener market.
Increasing use of fasteners in the manufacturing of automotive parts 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. However, rising market share of substitutes such as PU adhesives is anticipated to restrain industrial faster market in the automotive and construction sector.
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.