Blogglobal industrial fasteners will hit over $100 billion by 2023
Global Industrial Fasteners Will Hit Over $100 Billion by 2023
Steve Carl wrote an article for Mobile Computing Today that talks about how Credence Research is extrapolating that the fasteners markets to be reaching over $100 billion dollars by 2023. The report by Credence Research, Inc is “Industrial Fasteners Market (By Application (Original Equipment Manufacturing, Construction, and Maintenance/Repair/Operation (MRO)), By Product Type (Standard Fasteners (External Threaded, Internal Threaded, and Non-Threaded), Aerospace-grade Fasteners, and Other Application-specific Fasteners)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023.”
In 2015, the four top industrial fastener manufacturers accounted for lass then 45% of the global market revenue. These top four industrial fastener manufacturers include Precision Castparts Corporation (the U.S.), Stanley Black & Decker Inc (the U.S.), Wilhelm Bollhoff GmbH & Co. KG (Germany), and Nitto Seiko Co., Ltd. (Japan). Because there isn’t a lot of product differentiation, there are a lot of price wars that occur to the manufactures to get business. This is where manufacturers try to focus on product enhancements now.
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