What Does the Future Hold?
Socket Source, Inc.
#1 most reliable, quality resource for socket products and dowel pins with on-hand inventory for global distribution.
Prepare to Get Busy!
We are a quarter of the way into the year and experts are already predicting a major surge in fastener demand. According to Research Nester, “The global industrial fasteners market is estimated to garner a revenue of ~USD 120 Billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e.2023 – 2033.” That’s great news! Let’s take a look at the different reasons that fasteners are in such high demand and why that demand will continue to grow.?
Why So Many Fasteners?
There are quite a few reasons for this increase in demand. A rise in medical device manufacturing, an upsurge of energy consumption and power generators are just two of the main reasons. However, the reason that Socket Source is seeing an increase in demand is entirely different. The design and manufacturing of newer more sustainable aircrafts has continued to grow over the last few years and we are supporting that increased output. In our article “Good News Travels Fast”, we noted engineers are trying to find efficient ways to make new aircraft that are faster, lighter, and more environmentally friendly. With the need for new aircraft, the need for sturdy yet light-weight fasteners is increasing too. In 2022 there were 25,000 aircrafts in service worldwide. By 2032, the number is projected to be about 38,000. That's a lot of fasteners!?
Challenges Ahead.?
The growth in manufacturing has brought about the necessity to innovate new ways of fastening. With the expanded appetite for more fasteners and innovation in fasteners, the market growth could be hindered by the pace at which our industry is able to adapt to the demand for new fastener types. Fasteners are the obvious way to innovate, but the demand also extends to adhesives and sealants. Each new item will be subject to the rigorous testing standards required by our customers. But we aren't worried! Socket Source fasteners are still the most trusted and widely used fasteners in our industry.
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What This Means For Socket Source.
Socket Source is prepared for the projected market growth that is to come and we are confident in our ability to serve our customers as efficiently and thoroughly as possible. With our extensive wide range of sockets and dowel pins in stock, we are here for you today and for your future fastener needs. Contact us today to speak to one of our sales agents.
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