Assembly Fastening Tools Market Estimated Growth at a CAGR of 4.3% during the Forecast Period (2023 to 2032)
Reports And Data
The global Assembly Fastening Tools Market size is expected to reach a value of USD 9.5 billion in 2032, and register a revenue CAGR of 4.3%
NEW YORK CITY, NY, UNITED STATES, May 25, 2023 /EINPresswire.com/ -- The global assembly fastening tools market is experiencing growth and is expected to reach a value of USD 9.5 billion by 2032, with a projected revenue compound annual growth rate (CAGR) of 4.3% during the forecast period. Several factors contribute to this market expansion.
One significant factor is the increasing popularity of Industry 4.0, which emphasizes intelligent factories and automated production processes. As a result, there is a growing demand for effective and reliable fastening equipment to ensure productivity and quality. This trend is driving the demand for assembly fastening tools.
The automobile industry, in particular, is a major user of assembly fastening tools, and the rising interest in electric and hybrid vehicles is further boosting the demand. As the industry evolves, there is a need for advanced assembly fastening tools to meet the specific requirements of electric and hybrid vehicles.
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Other industries also contribute to the demand for assembly fastening tools. The aerospace and defense sectors, for example, require these tools for precision assembly and lightweight materials. Additionally, the infrastructure and construction sector is a significant end user of assembly fastening tools.
Consumer demand is also on the rise, especially with the increasing sales of electric and cordless fastening tools. Battery technology advancements have led to the development of high-performance cordless tools, which are practical, efficient, and environmentally friendly compared to traditional tools.
Strict regulations and safety standards imposed by governments and businesses have further fueled the demand for reliable and durable assembly fastening tools. Manufacturers are actively developing technologically advanced tools to meet the growing need for safety and quality in the manufacturing process.
However, there are challenges that may restrain the market's expansion. The high cost of assembly fastening tools and the availability of less expensive alternatives can hinder widespread adoption, particularly in some end-use industries. Additionally, the COVID-19 pandemic has had adverse effects on the global supply chain and market demand, causing temporary closures of production facilities, decreased demand, and disruptions in the supply chain.
Despite these challenges, the assembly fastening tools market is expected to continue growing, driven by the increasing demand from various industries, advancements in technology, and the focus on safety and quality in manufacturing processes.
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Strategic Development:
In 2021, Atlas Copco AB acquired the Italian hydraulic tools manufacturer, Dino Paoli Srl, to expand its offering of high-quality assembly solutions.
In 2020, TTI Inc. announced the acquisition of Tridonic Jennersdorf GmbH, a company specializing in LED lighting and electronics manufacturing. This acquisition aims to expand TTI's product portfolio and enhance its overall capabilities.
In 2020, Hilti Corporation launched its new BX 3-ME battery-actuated fastening tool, providing robust and efficient solutions for various construction applications. The tool is designed to reduce operator fatigue and increase productivity on the job site.
In 2020, DEWALT Industrial Tools launched its new line of FLEXVOLT 60V MAX* cordless power tools, which includes a range of fastening tools such as impact wrenches, drills, and grinders. The FLEXVOLT technology enables the tools to deliver the power of corded tools while being cordless, providing greater flexibility and convenience on the job site.
New Product Launches:
Stanley Black & Decker, Inc.: In 2021, Stanley Black & Decker launched its new line of FLEXVOLT Advantage™ cordless power tools, which includes a range of fastening tools such as impact drivers, drills, and hammer drills. These tools feature a brushless motor that delivers up to 50% more power and runtime than previous models.
Ingersoll-Rand plc: In 2020, Ingersoll-Rand launched its new line of QX Series cordless torque multipliers, which provide high-speed, accurate, and reliable fastening solutions for various industrial applications. These tools are designed to reduce operator fatigue and increase productivity on the job site.
Makita Corporation: In 2020, Makita Corporation launched its new XGT 40V MAX* cordless power tool system, which includes a range of fastening tools such as impact drivers, drills, and wrenches. The XGT technology enables the tools to deliver high power and performance while being lightweight and compact.
Koki Holdings Co., Ltd.: In 2020, Koki Holdings Co., Ltd. launched its new line of AC brushless impact drivers, which provide high-torque fastening solutions for various construction and industrial applications. These tools feature a compact and lightweight design, making them easy to maneuver on the job site.
Taparia Tools Ltd.: In 2020, Taparia Tools Ltd. launched its new line of torque wrenches, which provide accurate and reliable torque measurement for various fastening applications. These wrenches are designed to be durable and easy to use, making them ideal for both professionals and DIY enthusiasts.
Competitive Landscape:
The assembly fastening tools market is fiercely competitive, with several major companies leading the industry. These companies employ diverse strategies to increase their market presence and introduce cutting-edge products. Among the key players in the assembly fastening tools market are:
Stanley Black & Decker, Inc.: A renowned name in the industry, Stanley Black & Decker offers a wide range of assembly fastening tools. The company focuses on innovation and has recently launched its FLEXVOLT Advantage™ line of cordless power tools, providing enhanced power and runtime.
Atlas Copco AB: With the acquisition of Dino Paoli Srl, Atlas Copco has expanded its portfolio of assembly solutions. The company is known for its high-quality tools and aims to meet the growing demand for assembly fastening tools across industries.
Ingersoll-Rand plc: Ingersoll-Rand specializes in cordless torque multipliers, offering high-speed and accurate fastening solutions. Its QX Series has gained popularity for its reliability and productivity-enhancing features.
DEWALT Industrial Tools: DEWALT is a prominent player in the assembly fastening tools market, particularly known for its FLEXVOLT 60V MAX* cordless power tools. These tools combine the power of corded tools with the convenience of cordless operation.
Hilti Corporation: Hilti's BX 3-ME battery-actuated fastening tool caters to construction applications, providing robust and efficient solutions. The company focuses on reducing operator fatigue and increasing productivity on job sites.
Makita Corporation: Makita's XGT 40V MAX* cordless power tool system offers high power and performance while maintaining a lightweight and compact design. The company continues to innovate to meet the evolving needs of professionals.
These major companies are joined by others such as TTI Inc., Koki Holdings Co., Ltd., Taparia Tools Ltd., and Apex Tool Group, contributing to the competitive landscape of the assembly fastening tools market. With their strategic developments and new product launches, these companies aim to capture market share and provide innovative solutions to customers worldwide.
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