Asia-Pacific industrial fasteners market is growing at a CAGR of 5.8% during the forecast period. Asia-Pacific hosts one of the most robust manufacturing and other crucial industries, including automotive, construction, chemicals, defense, and aerospace. Asia-Pacific is also home to highly enthusiastic tech-savvy professionals and a hub for millennials, driven largely by the millennial population across major countries such as China and India. For instance, as of 2019, China and India had more than 409 million millennials, which is about five times that in the US. Millennials account for the bulk usage of tech products and are the target audience for robotic and automation vendors, especially in B2C segments. Owing to the high demand for tech products, the market in Asia-Pacific holds a key area of interest for vendors in the manufacturing sector, thus presenting high demand for vendors offering fasteners for the industrial and manufacturing sectors.

On the other hand, the growth of the market in Asia-Pacific is challenged by the lack of technological upgradation in the manufacturing industry. The upgradation of technology is limited to a few major players. The automation that was put on hold on account of low wage rates in the last decade has impacted productivity as the wage rates have currently inflated and are expected to subside soon. The impact of labor shortage, productivity, strikes, and job cuts will be high during the period 2019–2026 as the shift towards automation will exert pressure on the labor-intensive market of the Asia-Pacific region.

Further, the arrival of the COVID-19 pandemic has disrupted the major end-users of industrial fasteners. To practice social distancing, governments recommended a lockdown across various sectors, including industries such as the automotive, electronics, and manufacturing sectors, which can potentially affect demand. China and South Korea, which are considered the major markets for automotive parts and electronic component manufacturing, were under complete lockdown in Q1 2020, which has residual negative demand in Q2 as well. Hyundai, Kia, and Ssang Yong have shut down their factories in South Korea temporarily, thereby impacting the market for automotive fasteners.

The Asia-Pacific industrial fasteners market is segmented based on product type, material, and end-user. Based on product type, the industrial fasteners market is segmented into threaded, non-threaded, and specialty. Based on material, the industrial fasteners market is segmented into metal and non-metal. On the basis of end-user, the market is classified into automotive, aerospace, construction, consumer appliance and furniture, and industrial and consumer machinery. Asia-Pacific is among the top two markets for metal fasteners, accounting for a hefty share of the incremental revenue through 2026. These fasteners have applications in almost all industries, including automotive, aerospace, construction, electronics, machinery, and consumer appliances, among others.

Country-wise, the market is segmented into China, Japan, India, and the Rest of Asia-Pacific. China is anticipated to lead the way with increasing commercialization and industrialization. However, in China, the manufacturing sector is currently faced with increased competition from India, Vietnam, the Philippines, and other low-cost countries as policies are renewed with major tax boosts to attract investments to them. 

Research Methodology

The market study of the Asia-Pacific industrial fasteners market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity in our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Asia-Pacific Industrial Fasteners Market Research and Analysis by Product Type
2. Asia-Pacific Industrial Fasteners Market Research and Analysis by Material
3. Asia-Pacific Industrial Fasteners Market Research and Analysis by End-user

The Report Covers

• Comprehensive research methodology of the Asia-Pacific industrial fasteners market.
• This report also includes a detailed and extensive market overview with the key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Asia-Pacific industrial fasteners market.
• Insights about market determinants which are stimulating the Asia-Pacific industrial fasteners market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.