Fastening Power Tools Market: Introduction
- The global fastening power tools market is projected to expand substantially during the forecast period owing to a large number of applications of these tools in the automotive industry. The corrugated fasteners segment is expected to hold a notable share of the global market, in terms of revenue, owing to a significantly high demand for products.
- 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.
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Key Drivers and Opportunities of the Global Fastening Power Tools Market
- Rise in investments in housing and a surge in automotive production are major drivers of the global fastening power tools market. Moreover, stringent government regulations pertaining to work safety have fueled the demand for personal protective equipment. This is estimated to propel the market during the forecast period.
- Rapid industrialization and modernization of industrial infrastructure have propelled the fastening power tools market. Moreover, an increase in production and sale of automobiles has boosted the demand for fastening power tools, thereby fueling the market. Furthermore, applications of fastening tools in the semiconductor industry to maintain a precisely controlled environment are further boosting the fastening power tools market.
- There has been significant developments in the way specific functional fasteners are manufactured. Earlier, these fasteners were permanently attached to hardware using adhesives and welding. The latest developments have enabled users to first attach these fasteners are subsequently attach them with minimal loose fasteners. This enables easy detachment of fasteners. Such developments have fueled the global fastening power tools market.
- Increasing automation in production processes restrain the market. Moreover, pricing issues may pose a challenge to the market. Nonetheless, an increase in research and development activities and development of advanced solutions at reduced prices may create significant opportunities for the global fastening power tools market.
Asia Pacific to Hold Major Share of Global Fastening Power Tools Market
- In terms of geography, the fastening power tools market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Europe is expected to hold a major share of the global fastening power tools market. Stringent worker safety regulations have also propelled the market in the region. Moreover, a booming automotive sector has contributed significantly to the expansion of the market in Europe.
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Key Players Operating in Global Fastening Power Tools Market
- C. & E. Fein GmbH
- DeWalt Industrial Tool Company
- Hilti Corporation
- Hitachi Koki Co.
- Makita Corporation
- MAX Co., Ltd.
- Sumake Industrial Co.
- Techtronic Industries Co. Ltd.
- Wacker Neuson SE
- Xindalu Electronic Technology Co., Ltd.
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