The assembly fastening tool market is expected to be valued at US$ 4.8 Bn by 2031
Increase in industrialization in Asia Pacific is prognosticated to play a key role in the regional market growth in the near future
ALBANY, N.Y., March 23, 2022 /PRNewswire/ — The global assembly fastening tool market is estimated to register growth at a CAGR of 4.4% during the forecast period from 2021 to 2031, as per a study by Transparency Market Research (TMR).
The assembly fastening tool market in Asia Pacific is expected to gain prominent growth opportunities, owing to a surge in the use of fasteners from regional end-users, including construction, aerospace & defense, semiconductor & electronics, automotive, and heavy equipment industries. Furthermore, the Asia Pacific assembly fastening tool market is prognosticated to gain lucrative prospects, owing to rise in the number of infrastructure development projects, technological advancements, and increased industrialization in the region.
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Assembly Fastening Tool Market: Key Findings
Fasteners are gaining popularity as separating product parts can be done effortlessly with no damage to important systems of the product. Hence, these fasteners are known for helping in easy assembly and transportation. Fasteners find application in a wide range of end-use industries such as heavy equipment, aerospace & defense, semiconductor & electronics, healthcare, and automotive. These products are gaining popularity due to their different advantages such as capability to offer temporary and permanent joining, high load bearing capacity, and easy disassemble and assemble facility. Hence, the fastening technique is being increasingly utilized by companies globally. This, in turn, is bolstering the global assembly fastening tool market.
Fasteners need low cost maintenance service in comparison with other joining techniques. In addition, the raw materials needed for the manufacturing of these products are easily available, which results in decreasing their production cost. Hence, boosting the production of fasteners is leading to high demand for assembly fastening tools from industries such as heavy equipment, aerospace & defense, semiconductor & electronics, construction, and automotive. This explains why the global assembly fastening tool market is expected to be valued at US$ 4.8 Bn by 2031.
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Assembly Fastening Tool Market: Growth Boosters
Rising adoption of smart factory across the globe is driving the sales opportunities in the global assembly fastening tool market
Increase in inclination among companies from different end-use industries, including the automotive industry to carry our different factory operations rapidly, safely, and precisely is resulting in a surge in the demand for assembly fastening tools globally
Assembly Fastening Tool Market: Competition Landscape
Players operating in the global assembly fastening tool market are focusing on the development of cost-efficient products in order to expand their customer base
Several enterprises are concentrating on the expansion of their businesses in newer regions by using strategic moves such as mergers &acquisitions
Companies in the assembly fastening tool market are increasing their R&Ds in order to launch innovative products with unique features including user-friendliness, low noise, low vibration, and lightweightness
Several market players are strengthening their production abilities in order to cater to the increasing product demand from around the world. Moreover, they are taking help of experts for key tasks such as design and development of superior quality assembly fastening products.
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Assembly Fastening Tool Market: Key Players
Some of the key players profiled in the report are:
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Assembly Fastening Tool Market Segmentation
Middle East & Africa
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.
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SOURCE Transparency Market Research