The global riveting tools market size is expected to reach USD 284.8 million by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 4.6% over the forecast period. Growing demand for automation across the industries is expected to drive the growth.
The outlook of raw materials, such as steel and aluminum industry is expected to remain robust due to strong economic fundamentals such as investment due to high confidence, strong consumption, rising income and low interest rates. In addition, recent tax reforms are expected to boost growth of the steel market in U.S., which is expected to benefit the riveting tools market.
Superior operation and high efficiency provided by the pneumatic tools and complex propulsion mechanism adopted by the guns were observed to be the major factors responsible for the high product price. However, the overall price is expected to decline in the wake of introduction of the battery operated tools.
Battery operated products can exhibit higher substitution of the normally used pneumatic and hydro-pneumatic rivet guns as they are sold within same or lower price range. However, the products are not expected to gain much headway in the substitution of tong or hand held rivet guns as the latter are available in a lower price bracket.
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Key Takeaways from the report:
- Battery powered products are expected to expand at a CAGR of 6.4% by revenue, from 2018 to 2025 driven by superior efficiency, faster operation cycles, and wireless operation, further leading to a heightened product adoption
- Rising usage in automotive and aerospace industry on account of increasing air traffic and burgeoning passenger car sales is expected to drive the market at a CAGR of 5.2% in terms of volume from 2018 to 2025
- North America accounted for the usage of 562.1 thousand riveting tools on account of the presence of a notable aerospace industry coupled with regrowth of the building and construction industry
- Major companies in the riveting tools market focus on improvement of their product portfolio coupled with high investments in research and development of low-cost materials that provide superior properties
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Grand View Research has segmented the riveting tools market on the basis of product, application, and region:
Riveting Tools Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 – 2025)
- Battery Powered
- Lazy Tong
- Hand Held Lever
Riveting Tools Application Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 – 2025)
- Automotive & Aerospace
- Building & Construction
- Woodworking & Decorative
Riveting Tools Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- United Arab Emirates
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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