Transition from Corded to Cordless Positively Shaping Assembly Fastening Tools Market
As convenience and safety takes center stage, cordless power tools have been gaining popularity and user acceptance in recent years, in the manufacturing industry. They have improved the versatility of assembly fastening tools as well, by focusing on safety and flexibility, over their corded cousins, making them function without controllers, and thereby, improving operational efficiency. Increasing investments toward the R&D of cordless tools by players in the market, to cater to the ever-evolving needs of the manufacturing industry, have led to a significant positive impact on the global assembly fastening tools market. In 2018, although corded tools accounted for over-two third of the market revenue share, this number is expected to come down as the popularity of cordless tools rises. Cordless tools are expected to account for one-third of the global market share by revenue by the end of the forecast period.
The preference for cordless tools over corded ones, owing to the many advantages that they offer, has opened up several opportunities for manufacturers in the global assembly fastening tools market, as they continue to improve tool design, safety, and efficiency. They are being increasingly adopted across several industries, including automotive, aerospace, semiconductors, and heavy equipment.
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Energy-dense Battery-powered Tools Gaining Popularity
The evolution of the cordless assembly fastening tools market space has also been influenced by the development of advanced power sourcing technology, addressing design challenges, and improving the proficiency of the product. The use of lithium ion batteries that provide increased run-time and performance is also gaining acceptance as against conventional batteries, which have to be traded frequently during the course of use. R&D in energy-dense batteries has led to newer battery designs and energy-dense batteries to keep pace with the requirements from several end use industries.
For instance, in 2018, Stanley Black & Decker, a major player in the global market, released a new battery design called the Flexvolt™, which changes voltage based on the requirement of the tool being used.
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Smart Manufacturing and Industry 4.0 Leading to Smarter Tools
Smart tools that are all connected to the Industrial Internet of Things (IIoT), which were once thought of as being very far into the future, have quickly become a reality. These smart tools are now being used to measure and store data, improving the efficiency of operations and reducing the rate of failures. They offer data from several data points, and the information provided can be used to significantly improve quality and precision, in a customized manner. These factors have contributed significantly to the growing popularity and widespread adoption of smart tools for the creation of a lean production environment – a tenet of Industry 4.0.
Industry 4.0 has fed the continual rise in the pace of manufacturing in recent years. Assembly fastening tools have also advanced and are increasingly becoming versatile, with even simpler tools offering exceptional precision, accuracy, and traceability. Manufacturing, as a whole, is now placing a premium on improved output, and assembly fastening tools and solutions are no exception.
Product innovation in the assembly fastening tools market is now beginning to include those that offer two-way communication as a standard, to ensure faster data sharing, error detection, and the like – all aimed at improving operational efficiency on the factory floor.
Alternative Joining Methods & Techniques to Hamper Market Growth
Several end-use industries of the assembly fastening tools market, who primarily rely on fastening as a joining technique, are considering alternatives that are lighter and cost-effective, which also offer design flexibility. These alternatives include structure adhesives such as acrylics, urethanes, and epoxies, which find application in fewer materials than fastening. The growing popularity of these alternatives to fastening is expected to hamper the growth of the global assembly fastening tools market.
However, because these structure adhesives may not find application in metal joining, their impact is negated by the versatility of fastening, thereby contributing to the growth of the assembly fastening tools market.
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Assembly Fastening Tools Market: Overview
- According to Transparency Market Research’s latest research report on the global assembly fastening tools market for the historical period of 2017 – 2018 and the forecast period of 2019 – 2027, increasing adoption of assembly fastening tools in smart manufacturing (or Industry 4.0) and high preference for electric fastening tools in smart manufacturing are major factors expected to fuel the global assembly fastening tools market during the forecast period.
- The global assembly fastening tools market is projected to be valued at ~US$ 3 Bn in the year 2019.
- In terms of revenue, the global assembly fastening tools market is estimated to reach a value of ~US$ 4 Bn by 2027, expanding at a CAGR of 4.5% throughout the forecast period.
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