Right Angle Fastener Market Outlook (2023 to 2033)
As per Future Market Insights, the right angle fastener market is anticipated to attain a value pool of US$ 60 billion by 2023-end. Global demand for right angle fastenersis expected to rise at a CAGR of 5.2% to US$ 100 billion in 2033.
Data Points
Key Statistics
Expected Market Value in 2023
US$ 60 billion
Projected Market Value in 2033
US$ 100 billion
Growth Rate (2023 to 2033)
5.2% CAGR
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Revving Up the Right Angle Fastener Market: 3 Key Drivers Accelerating Demand in Construction, Manufacturing, and Automotive Industries
Increasing demand from the construction industry: The construction industry is a prominent consumer of right angle fasteners, as these products are commonly used in building and infrastructure projects. As the construction industry continues to grow, the demand for right angle fasteners is likely to increase.
Advancements in manufacturing technology: Manufacturers of right angle fasteners are constantly seeking ways to improve their production processes and reduce costs. Advancements in manufacturing technology, such as automation and 3D printing, may enable manufacturers to produce right angle fasteners more efficiently and at a lower cost.
Growth in the automotive industry: Right angle fasteners are also used in the automotive industry, particularly in the assembly of engines and other mechanical components. As the automotive industry continues to grow and evolve, the demand for right angle fasteners may increase as well.
Unlocking Growth and Innovation: 3 Exciting Opportunities for the Right Angle Fastener Market in Lightweight Materials, Electric Vehicles, and Emerging Markets
Increasing demand for lightweight and durable materials: With the growing demand for lightweight and durable materials in various industries, including automotive and aerospace, there is an opportunity for right angle fastener manufacturers to develop products that are made from high-strength, lightweight materials, such as titanium or composites.
Growing demand for electric vehicles: The electric vehicle (EV) market is expected to continue to grow in the coming years, creating an opportunity for right angle fastener manufacturers to develop products that are specifically designed for EV components, such as battery packs and electric motors.
Expansion into emerging markets: As emerging economies continue to grow, there may be opportunities for right angle fastener manufacturers to expand their operations and tap into new markets. For example, as infrastructure projects continue to develop in Asia and Africa, there may be increased demand for right angle fasteners in these regions.
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Right Angle Fastener Market Shifts into High Gear: 3 Emerging Trends Driving Customization, Sustainability, and Digitalization in Manufacturing
Customization and personalization: The trend towards customization and personalization is gaining momentum in the right angle fastener market. Customers are seeking products that are tailored to their specific requirements, and manufacturers are responding by offering customized solutions. With the ability to design and produce right angle fasteners that meet unique customer needs, manufacturers can differentiate themselves from competitors and build stronger relationships with clients. This trend towards customization and personalization is likely to continue to shape the right angle fastener market in the years ahead.
Sustainable and eco-friendly products: With increasing awareness of environmental issues, there is a growing trend towards the use of sustainable and eco-friendly products. Right angle fastener manufacturers may need to adapt to this trend by developing products that are made from sustainable materials or are designed to be recycled.
Digitalization and automation: Digitalization and automation are rapidly transforming many industries, including the manufacturing sector, and the right angle fastener market is no exception. By incorporating digital technologies and automation into their production processes, manufacturers can optimize their operations, enhance quality control, and improve supply chain management. These advancements also enable manufacturers to produce right angle fasteners more efficiently and cost-effectively, helping them stay competitive in an increasingly digitized and automated world.
Demand for angle fasteners will witness moderate growth in short-term, with optimistic growth outlook in the long-run.
Subdued demand from various electronic manufacturing industries will create significant opportunities in near future, however, sales of printed circuit boards from consumer electronics, industrial equipment, and automotive components will provide momentum.
What is Driving Demand for Right Angle Fastener?
Growing demand from electronic industry for various end use applications will continue to drive demand for angle fasteners. Increase in the adoption and use of electronic devices across end-use industries has emphasized the necessity for usage of fasteners in printed circuit boards (PCB).
PCB connects electrical or electronic components using conductive tracks, as well as supports mechanically create permanent right-angle attachment points on boards with fasteners. The growing movement of contraction of PCB’s has accelerated the market potential for small, light weighted, and high-performance PCB’s in smart wearable gadgets, medical devices, and various portable electronics.
Manufacturers are offering different variants of fasteners with respect to the size of PCB’s. The growing demand for consumer electronics adoption has created significant opportunities for manufacturers and original equipment manufacturers (OEM’s) to improve fasteners.
The fasteners installed onto PC Boards using standard surface mount techniques will provide better grip. The holding power of the fastener is unaffected by the repeated tightening and loosening of the screw. The fasteners are cost-effective replacements for the following aspects such as bent edge tabs, bent center tabs, bent flanges, angle brackets and others.
These fasteners create strong right-angle attachment points to enable tighter design control and reduced hardware counts.
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Electronic Industry is Likely to Augment Right Angle Fastener Sales
Electronics sales around the globe have been impacted by COVID-19-induced slowdown. This has also had a ripple effect on electronic industry allied product sales. As the right angle fastener manufacturers are likely to witness sustained opportunities in the future from customers across the world.
Fasteners are also used extensively in manufacturing and designing of complex models of printed circuit boards for electronic industry. Although lockdown and shelter-at-home guidelines have meant restricted production activities, sales are likely to improve over the course of the assessment period.
China Right Angle Fastener Market Outlook
China is one of the prominent markets for electronics manufacturing globally. The China right angle fasteners market is set to tread on the historic pattern of bust and boom during the assessment period 2021 to 2031. Demand is likely to grow in the next couple of years, as a number of end-use industries make gradual recovery.
Demand for fasteners in China will account for high demand from the consumer electronic manufactures, as demand for fasteners will continues to grow over the forecast period. Chain’s Electronics’ products exports is likely to surge drastically over a period and beyond, and this will continue to benefit OEM companies.
China electronic goods sales will also be impacted by the COVID-19 recovery in 2021. Electronic devices manufacturers faces a challenging year, however, there is growing optimism that low mortgage rates will lead to a spurt in early 2022. The momentum is likely to hold ground, which will provide an impetus to a range of fasteners.
USA Demand Outlook for Right Angle Fastener
Countries in North America have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. North America hold significant share in the electronic devices exports, which in turn continues to drive demand for right angle fasteners.
Despite the COVID-19 challenges, most North America countries have maintained a steady growth in production, sales and exports in 2020. US is the major prominent players in the region, creating opportunities for angle fasteners to cater the demand from electronics’ industry.
Who are the Key Manufacturers and Suppliers of Right Angle Fastener?
Some of the leading manufacturers and suppliers of Right Angle Fastener include
Penn Engineering
Protocase Inc.
S.W. Anderson Company
Zygology Ltd
Shenzhen In-sail Precision Parts Co., Ltd.
Shenzhen Maijin Metal Works Co. Ltd
Others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments
By Material Type:
Aluminum
Steel
Zinc Die Cast
Others
By Application:
Metal Assemblies
Printed Circuit Boards
Others
By End Use:
Electronics Industry
General Manufacturing Industry
Automotive Industry
By Region:
North America
USA & Canada
Latin America
Brazil, Mexico, Others
Europe
Germany, Italy, France, United Kingdom, Spain, BENELUX, Russia
