The global riveting tools market was projected at U.S.$199.0 million in 2017, but the scope of the market is expected to reach U.S.$284.8 million by the end of 2025. It is also expected to record a CAGR of 4.6% during that time, according to a new report from Million Insights: Riveting Tools Market.
Riveting tools are extensively used in fabrication and manufacturing. Typical technologies include pressed, radial, and orbital riveting. Radial riveting is most commonly used because it enables high-class joints by means of a smaller amount of input power and abridged cycle time.
Requests for mechanization in the sectors that use riveting tools is likely to advance new developments, according to the report. For example, increased demand from the construction industry, which is installing steel structures and building new infrastructure, is one segment motivating the market and pushing it forward.
Here are some other trends:
Drivers. The manufacturing of raw materials, such as aluminum and steel, are expected to strengthen due to increased investments and low-slung interest charges. Also, the latest restructurings of tax are expected to bolster the development of the steel market in U.S. This is likely to benefit the riveting tools industry.
Regional lookout. The global riveting tools market includes North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. Asia Pacific has headed the share of the market by means of intake because of a growing demand for MRO operations and assembly in the applications of aerospace and other emerging markets. Ongoing projects in construction owing to the growth in the development of new infrastructure is also expected to increase.
Automotive industry. A strong industrial base in the U.S., along with growth in the automobile sector in Mexico, will increase the demand for riveting tools for the considerable future. Growing funds from key automobile manufacturing companies, such as General Motors and Toyota, are also expected to positively affect development. Ever-changing developments in lightweight and eco-friendly automobiles are likely to influence demand for riveting tools in Europe.
Growing demand for lightweight and innovative tools for fastening in vehicles will also increase the replacement percentage of the industrial fastening.
Companies. Some of the important companies for riveting tools market include: Ningbo Maowang Rivet Mfg. Co, Ltd., Toptul Taiwan, E Ding Co. Ltd, FAR Tools, Honsel Umformtechnik, Advanced Air Tools Company, Inc., AR conic Fastening Systems, Cherry Aerospace, Shanghai Fast-Fix Rivet Corp, Soartec Industrial Corporation, KARAT Industrial Corporation, Lobtex Co. Ltd, Ace Rivet and Fastener Inc., Sioux Tools, Gesipa Blindniettechnik GmbH, Stanley Engineered Fastening Rivtec Ltd.