FOCUS ON FASTENERS
A TIGHT GRIP
The increased diversity of substrate materials , driven by continuously evolving end-user expectations , and the rise of industry 4.0 and IoT are major factors influencing the growth of the fastener market .
“ The industrial fasteners market is projected to reach revenues of US $ 117 billion by 2025 .”
According to Global Industry Analysts ,
Inc ., the manufacturing industry is expected to be severely impacted by the virus-led recession , so it gives a ‘ rough weather forecast ’ for industrial fasteners in the immediate to short-term period .
“ The market will , however , grow in the post-crisis period to reach a projected global market size of US $ 92.6 billion by 2027 ,” it said .
“ After this period of hiatus , growth trends in the market during the pre-COVID-19 period will gradually re-emerge as the economy begins to normalise . These trends will include the increasing use of novel threaded and plastic fasteners ; technology innovations in fastener forms and functions ; a rising wave of miniaturisation which drives demand for micro fasteners and miniature fasteners in myriad types and styles , and the popularity of miniature clinch fasteners with the ability to offer strong , permanent and reusable fastener solutions in applications utilising ultra-thin metal sheets ,” it added .
Trends such as the increased focus on lightweighting in the automotive and aerospace sectors ; increased investments in industrial automation , motion control & robotics and the launch of hybrid fasteners ( featuring a blend of metal and injectionmoulded plastic elements ) were also highlighted by the analysts .
“ R & D investments in fastener technology will recover steadily , supported by the evolving needs of new-generation products and the need for new assembly line solutions . Asia-Pacific , including China , is a major market led by factors such as rising public sector investments in defence , infrastructure and aerospace in countries such as China , Malaysia , South Korea and India ,” it added .
The RIVNUT from Bollhoff .
R & D investments in fastener technology will recover steadily , supported by the evolving needs of new-generation products and the need for new assembly line solutions
22 | sheetmetalplus . com | ISMR March 2021