Industrial Fasteners Market Trends

Growth Drivers

• Rising Medical Device Manufacturing Industry- The rapidly growing medical devices industry is also experiencing an increase in demand for fasteners. All monitoring equipment, including respiratory inhaler devices and ventilators, has to be assembled in very specific quantities with fasteners included. In the coming years, increasing production of medical equipment around the world is expected to give a boost to the market for fasteners. A 13% increase in China's medical device manufacturing industry revenue to 29 billion US dollars by 2021 has been found.
• Upsurge in the Consumption of Energy- It is estimated that by 2040 the world's energy consumption will exceed 720 million terajoules and drive the power production capacity of different generation units.
• Increasing Production of Chemical Industry- As a result of increasing demand from its major end users, the chemical industry is anticipated to grow. 

Challenges

• The Emergence of Other Substitutes for Industrial Fasteners- Other substitutes for industrial fasteners have become available as a result of rapid industrialization. The most frequently used alternatives for industrial adhesives applied in the construction process are adhesives and sealants. Nevertheless, the growth of the market is likely to be impeded by the easy availability of cost-efficient alternatives.
• Challenges of Specifications
• Possibility of Failure will Occur Due to Vibration, Shock or Other Environment Factors.