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.
Further key findings from the report suggest:
- 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