New York, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 210 million in 2022 global riveting tools market will reach USD 310.85 million in 2032. Particularly in underdeveloped countries, the world has seen a population expansion. Urbanisation, industrialisation, liberalisation, and globalisation contributed to this population growth. The demand for housing has increased due to the rise in per capita income. The number of property developers expanding globally is in response to the increased demand for housing. Governments are expanding their infrastructure investments to similarly entice MNCs, FDI, and FII into their individual countries. The need to improve connectivity and networking through ports, airports, highways, and trains is expected to contribute to the increase in demand for building and construction. Governments have been urged to increase their expenditure on constructing hospitals, schools, affordable housing, community spaces, and public utilities to improve their inhabitants' quality of life and living conditions. Riveting tools will be more in demand due to the growing need for building and construction from private and public players.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 210 Million |
| Projected Market Size in 2032 | USD 310.85 Million |
| CAGR Growth Rate | 4% |
| Base Year | 2022 |
| Forecast Years | 2023-2032 |
| Key Market Players | Arconic, AVK Industrial Products, Cherry Aerospace, GESIPA Blindniettechnik GmbH, Honsel, KARAT INDUSTRIAL CORPORATION, MPK Special Tools GmbH, Rivtec Limited, Sioux Tools, Inc, Stanley Black & Decker, Inc. |
| Key Segment | Product Type and Application |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Key Insight of the Global Riveting Tools Market
Asia Pacific is expected to dominate the market during the forecast period.
The market will benefit from the big consumer markets of China and India, where demand for cars is driven by rising per capita income. Large automakers will cater to the region's consumer market, which will accelerate the sector's expansion. The governments are establishing supportive policies, boosting funding for such projects, and supporting regional market expansion. Infrastructure projects are increasing to improve multi-modal connectivity and overall quality of life for the inhabitants.
In 2022, the pneumatic segment dominated the market with the largest market share of 38% and revenue of 79.80 million.
The product type segment is divided into pneumatic, battery-powered, hand-held lever, hydro-pneumatic, and lazy tong. In 2022, the pneumatic segment dominated the market with the largest market share of 38% and revenue of 79.80 million.
In 2022, the building and construction segment dominated the market with the largest market share of 36% and revenue of 75.60 million.
The application segment is divided into automotive, aerospace, building and construction, woodworking and decorative, transportation and others. In 2022, the building and construction segment dominated the market with the largest market share of 36% and revenue of 75.60 million.
Advancement in market
February 2023 - With the E-007 setup tool, a patented and globally exclusive powered tool for installing hollow wall anchors, including Scell-it's Spyder or Spyder Plus and other brands like Molly, the company claimed it is upending industry norms for hollow wall anchors. According to Scell-it, this tool's quick setting-powered action allows the setting to be done quickly, correctly, and with just one trigger stroke. Compared to more traditional techniques like utilising hand grip tools or manually screwing the anchor in, this helps save time and work.
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Market Dynamics
Driver: The developing construction and building industry.
With a rising demand for residences, retail establishments, public services, office space, and other commercial spaces, the population is growing, cities are rapidly urbanising, and industries are expanding. These factors have all contributed to the rise of the building and construction industry. The market for riveting tools has also benefited from the rising need for commercial or residential building renovations and redevelopment. The market for riveting tools will also expand due to rising fiscal authority spending and infrastructure development initiatives.
Restraints: The availability of substitutes.
The growing amount of research and development tries to enhance currently used tools, processes, technologies, and systems or introduce new ones to boost productivity. The downsides of riveted joints, such as their weight and the stress and effort required to execute the process, have prompted the development of substitutes such as glues and tapes. The development of several adhesives offers consumers an alternative and may therefore be able to restrain the market's expansion.
Opportunities: The expanding car industry.
The growing population and expanding disposable income have influenced the increased demand for automobiles. The global market for riveting tools is expanding due to automakers' expanding presence and production capacities. Additionally, new technologies and increased research and development are being introduced to enhance riveting tools, which expands their marketability and effectiveness. Therefore, in the foreseeable years, the market players will have access to attractive prospects due to the expanding automotive sector and the release of novel riveting tools.
Challenges: the presence of a few big strong players.
The riveting tools market is dominated by a few strong market players who control most of the market. The presence of a few strong players consolidated within a specific region limits their reach to consumers in other parts of the world. Furthermore, the lowered competition increases retail costs and reduces consumer choices. The research, development, and innovation are also limited to a few market players, which may challenge the market's growth.
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Some of the major players operating in the global riveting tools market are:
• Arconic
• AVK Industrial Products
• Cherry Aerospace
• GESIPA Blindniettechnik GmbH
• Honsel
• KARAT INDUSTRIAL CORPORATION
• MPK Special Tools GmbH
• Rivtec Limited
• Sioux Tools, Inc
• Stanley Black & Decker, Inc.
Key Segments cover in the market:
By Product Type
• Pneumatic
• Battery Powered
• Hand-Held Lever
• Hydro-Pneumatic
• Lazy Tong
By Application
• Automotive
• Aerospace
• Building and Construction
• Woodworking and Decorative
• Transportation
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Million). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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