Global Assembly Fastening Tools Market: Introduction
Transparency Market Research delivers key insights on the global assembly fastening tools market. In terms of revenue, the global assembly fastening tools market is estimated to expand at a CAGR of 4.5% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in its report on the global assembly fastening tools market.
Mechanical fasteners are widely used in various end-use industries, as they offer permanent as well as temporary joining, easy assembly, as well as disassembly and high load-bearing capacity. These fasteners also facilitate ease of transportation, as product parts can be separated easily without any harm caused to their critical systems. Also, they offers lower-cost maintenance as compared to other joining methods. Furthermore, the raw materials required in the manufacture of fasteners are easily available in the market, which reduces manufacturing costs. Thus, increased production of fasteners directly increases the demand for assembly fastening tools in various industries such as aerospace & defense, heavy equipment, automotive, semiconductors & electronics, and healthcare.
Amongst all these, the automotive industry has always been the leading end user of electric fastening tools such as screw drivers and nutrunners, due to large-scale automobile production and the large number of fasteners used in automobile assembly lines. Furthermore, with increasing demand for flexibility, error proofing, and quality control in automobile assembly lines, the preference for electric fastening tools has increased.
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Global Assembly Fastening Tools Market: Dynamics
The manufacturing industry across the world is moving toward smart manufacturing or Industry 4.0. Industry 4.0 is an approach to manufacturing that involves the implementation of several technologies, including Industrial Internet of Things (IIoT), cloud computing, and artificial intelligence. Since fastening tools with advanced designs offer high precision, accuracy, connectivity, and traceability that improve the reliability and performance of the product, these tools are anticipated to be an important component in achieving Industry 4.0.
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Industry 4.0 is also aiding in the adoption of cordless tools. Although battery-powered cordless tools have been around for more than 50 years, their application use in assembly lines had has been limited. However, at present, batteries last longer, recharge in a short time, have become lighter, and are economically viable. Hence, cordless assembly tools are being increasingly preferred. Increase in the torque capabilities of these tools in recent years is also aiding in their adoption.