LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the release of their ‘Industrial Fasteners Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the components and spares industry. This report breaks down the data and analysis behind the procurement of industrial fasteners and acts as an all-inclusive guide for making smart purchasing decisions.
“The increase in manufacturing activities in the aerospace and automotive industries is expected to drive the growth of the industrial fasteners market,” says SpendEdge procurement analyst A Kowshik. “Also, APAC is expected to witness a promising growth due to an increase in demand for maintenance and repair activities,” added A Kowshik.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Industrial Fasteners Market:
- Rising use of micro-fasteners with miniaturization
- Increasing focus on use of plastic fasteners in automobile industry
- Growing preference for industry-specific fasteners
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Rising use of micro-fasteners with miniaturization
With the rising miniaturization of electronic devices, the manufacturers are looking for smaller fasteners for assembling these devices. Micro-fasteners help in decreasing the quantity of the raw materials used, thereby reducing the input costs.
Increasing focus on use of plastic fasteners in automobile industry
In recent years, plastic fasteners are widely used in automotive applications, owing to their attributes such as lightweight and low cost. Major suppliers in the market are establishing long-term contracts with the buyers to manufacture products based on the end-user applications.
Growing preference for industry-specific fasteners
In the industrial fasteners market, the preference for industry-specific fasteners is growing where the suppliers are developing wrenchable nuts and alloy fasteners with increased strength to meet the growing demand. This helps the manufacturers enhance their production processes.
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