Global Fastening Power Tools Market: Overview
The global fastening power tools market is projected to grow substantially during the forecast period owing to a large number of applications in the automotive industry. The corrugated fasteners segment is expected to hold the highest share in the market in terms of revenue owing to a splendid demand for products.
Global Fastening Power Tools Market: Notable Developments
Below are some of the key developments in the global fastening power tools market:
- The development of new hybrid fasteners has created new growth opportunities for the global fastening power tools market. These fasteners are comparatively lighter than the all-metal fasteners as they are built using unconventional materials such as a combination of metal and plastic. Moreover, the use of plastic allows color-coding which makes it easier to identify tools for specific applications. Additionally, they are cheaper than conventional fasteners and comparatively easier to install. Owing to these factors, hybrid fasteners have gained a lot of popularity.
- There has been a great evolution in the way specific functional fasteners are manufactured. Earlier, these fasteners were permanently attached to hardware using adhesives and welding. With the latest developments, these fasteners are first installed and then attached with minimal loose fasteners. This allows easy detachment of the fasteners. Such developments have favorably impacted the global fastening power tools market, thereby propelling its growth.
- The new technology of self-contained in-die fastening systems is a major landmark in the fastening power tools market. It allows installation of fasteners during the stamping process. This technology has eliminated unnecessary processes required for fastener insertion, thereby enhancing productivity and cost efficiency.
Prominent players in the global fastening power tools market include Sumake Industrial Co., Hilti Corporation, Makita Corporation, Wacker Neuson SE, AIMCO, and Hitachi Koki Co.
Global Fastening Power Tools Market: Key Growth Dynamics
Rising housing investments and a surging automotive production are the major drivers in the growth of global fastening power tools market. Moreover, stringent government regulations pertaining to work safety las led to a rise in demand forof personal protective equipment. This has positively affected the market, thus fuelling its growth,Use of fastening power tools has considerably reduced fatalities in the oil and gas and construction industries too.
Additionally, rapid industrialization and modernization of industrial infrastructure have propelled the fastening power tools market’s growth. Along with this, an increase in production and sale of automobiles has surged the demand for fastening power tools, thereby expediting the market’s growth. Furthermore, applications of fastening tools in the semiconductor industry to maintain a precisely controlled environment has contributed to fastening power tools market’s expansion.
On the flipside, along with numerous driving factors, there are few hindrances in the growth of global fastening power tools market. Factors such as increasing automation in the production processes are expected to cause a shortfall in the market. Moreover, pricing issues may pose a threat to the market’s growth. Nonetheless, an increase in research and development activities and development of advanced solutions at reduced prices may create new avenues for the global fastening power tools market.
Global Fastening Power Tools Market: Regional Outlook
On the geographical front, Europe captures the highest share in the global fastening power tools market. Stringent worker safety regulations have led to fantastic growth in the market in this region. Moreover, a booming automotive sector has highly contributed to the market’s expansion in Europe. North America is expected to witness substantial growth during the forecast period owing to a surge in the production of automobiles.
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