Persistence Market Research delivers key insights on the global fastening power tools market in a new report titled ‘Fastening Power Tools Market: Global Industry Analysis 2013–2017 and Forecast 2018–2026.’ The long-term outlook on the global fastening power tools market remains positive, with market value expected to increase at a CAGR of 6.9% during the forecast period (2018 – 2026). Among product type, corrugated fasteners are expected to expand at a significant growth rate in terms of value over the forecast period. Global sales of fastening power tools was valued at US$ 2,266.5 Mn in 2017. Europe is estimated to account for a value share of 32.8% in the global fastening power tools market by 2018 end and is anticipated to retain its dominance throughout the forecast period. In this report, Persistence Market Research throws light on the drivers and restraints likely to impact revenue growth of the market during the forecast period.
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Key Market Dynamics
Some of the top factors driving the growth of the global fastening power tools market in the present scenario are the rising housing investments, increasing automotive sales and production, and stringent government regulations for worker safety that mandate employers to assess hazards at the workplace and provide workers with personal protective equipment as required. Stringent regulations in conjunction with increasing awareness of safety at the workplace is driving revenue growth of the global fastening power tools market.
Emerging markets include countries undergoing rapid economic growth and industrialization and are poised to emerge as substantial markets. These countries play a crucial role as they create demand for fastening power tools as they become manufacturing hubs and modernize their infrastructure. Growing industrialization in emerging countries such as China, Brazil and South Africa is expected to fuel demand for fastening power tools globally during the forecast period. Governmental support coupled with the increased outsourcing of manufacturing endeavors from developed nations has propelled industrialization in these emerging economies.
However, the global fastening power tools market is expected to face some challenges. Intense pricing competition is one of the main reasons that can affect the growth of the fastening power tools market in the coming years. Moreover, increased automation in the production process is another factor that may impact the demand for fastening power tools, in turn restricting revenue growth of the global fastening power tools market.
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The fastening power tools market is segmented on the basis of product type, technology, mode of sales, end-use application, and region. On the basis of product type, the screw system segment is anticipated to continue its dominance in the global market in terms of volume over the forecast period. In terms of value, the rebar tier machine segment is estimated to account for 36.5% of the global fastening power tools market to reach US$ 875.9 Mn in value by the end of 2018.
Regional Market Projections
Europe is the leading market for fastening power tools accounting for over 30% market share in terms of revenue in the global fastening power tools market by the end of 2018 owing to increasing awareness amongst end users and stringent worker safety regulations. The SEA fastening power tools market is projected to witness significant growth in terms of value in the global fastening power tools market over the forecast period, exhibiting a CAGR of 8.9% during 2018 – 2026. This is attributed to growth in ASEAN countries and India.
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