Global Industrial Fasteners Market CAGR Growth of 4.05% by 2020
The global industrial fasteners market is forecast to grow at a CAGR of 4.05% during the period 2016-2020.
An analyst from the research team said: One of trend observed in the market is eliminating defective fasteners with 3D inspection. Manufacturers operating within the fastener industry are resorting to high-resolution 3D inspection to ensure effective elimination of defective parts and ensure zero defect in the final output. Sorting, gauging, and cylindrical part inspection, which previously involved the use of laser, vision, and eddy current for measuring dimensions and to find out metallurgical defects, are now adopted for high-speed inspection of fasteners that include screws, bolts, studs, nuts, fittings, washers, bushings, and cylindrical parts.
One of driver observed in the market emergence of self-clinching fasteners. Self-clinching fasteners are a reliable solution that offers reusable and permanent load-bearing threads. These are ideal for applications that involve thin sheet metals. They are often installed during the fabrication process.
Further, one of challenge observed in the market is problems with mechanical fasteners. Traditional joining techniques impose the risk of difficulties in the assembly process. Factors like metal distortion and tearing under the impact of heavy fatigue conditions reduce the reliability and longevity of assembly parts. In the process of addressing these issues, manufacturers of mechanical fasteners decrease the gap between the rivets or bolts. This leads to increased number of fasteners required as well as associated costs.
