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, according to a new study by Transparency Market Research (TMR).
There’s a lucrative presence of manufacturers operating in the global assembly fastening tool market. These players are focusing on increasing their investments on R&D activities to improve the product quality to meet rising consumer requirements.
Companies in this market are also accelerating their product development and unlocking revenue opportunities to obtain competitive benefits.
Assembly fasteners are used for permanent and temporary joining, easy assemble and disassemble facility in transportation, and high-load bearing capacity. There is an increasing demand for assembly fasteners from various end-use industries, such as aerospace & defense, heavy equipment, automotive, semiconductor & electronics, and construction.
Market players are focusing on increasing the production of fasteners to cater various end-use industries, globally. These fasteners are cost-efficient and require low maintenance. The raw materials required for the manufacturing of fasteners are easily available across the globe, although supply-chain issues have affected certain manufacturers.
Overall, the advantages of using fasteners is leading to growth in the global assembly fastening tool market.
Technological advancements and digitalization are leading to the adoption of smart tools in different end-use industries. Smart assembly fastening tools are increasingly being used in various end-use industries to measure and store data, improve operational efficiency, and reduce the rate of failures.
The growing popularity of smart tools is due to their exceptional precision, accuracy, and traceability. Owing to the rising need of premium and quality output in the manufacturing industry, market players are making use of advanced fastening tools. These tools offer two-way communication as a standard, to ensure faster data sharing and error detection.
The increasing demand for cordless power tools to enhance efficiency, productivity, and improve run-time and performance is also trending. The greater adoption of lithium-ion batteries in power tools is expected to experience continued market growth.
Key report findings
- Fasteners are widely used in various end-use industries, as they offer permanent and temporary joining, easy assemble and disassemble facility, as well as high-load bearing capacity. Hence, the fastening method is highly preferred among several other alternatives.
- Fasteners also deliver easy assembly and transportation as the product parts can be separated easily without any harm to the critical systems of product.
- Fasteners find application in a wide range of end-use industries, such as heavy equipment, aerospace & defense, semiconductor & electronics, healthcare, and automotive. This, in turn, is bolstering the global assembly fastening tool market.
- Fasteners require 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 U.S. $4.8 billion by 2031.
- Key providers of assembly fastening tools, such as Atlas Copco AB, C. & E. Fein GmbH, Estic Corporation, Hitachi Koki Co., Ltd, HS-Technik GmbH, Ingersoll-Rand Plc., and Makita Corporation are focused on the design of cost-effective assembly fastening tools to attract more customers.
- A rising adoption of smart factory across the globe is driving the sales opportunities in the global assembly fastening tool market.
- An 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.