2024 Flat Anchor Market Outlook Analysis : Continuous Growth of Construction Industry in Emerging Economies
Posted By: Yan | Published Date: Apr 27,2024
A flat anchor is a mechanical anchor used to securely fasten objects to various substrates such as concrete, brick, block and stone. It consists of a flat metal plate with teeth or ribs that clamp the substrate when pressure is applied. Flat anchors provide a simple and cost-effective solution for applications that require reliable installation of lightweight fixtures.
The global flat anchors market size was USD 450 million in 2022 and is expected to grow at a CAGR of 6.2% from 2024-2028. Increasing infrastructure development activities and growing commercial building construction are driving the demand for flat anchors.
Some of the key factors driving the flat anchor market include:
Infrastructure development projects: large-scale construction projects such as roads, bridges, ports, airports, and railroad networks are extensively using flat anchors for mounting signs, lighting fixtures, and other equipment.
Commercial real estate growth: expanding retail, office, and hospitality sectors have increased the installation of ceilings, partitions, signs, and other interior accessories using flat anchors.
Aftermarket Demand: In addition to new construction demand, the frequent replacement of damaged or obsolete anchors has created a steady stream of aftermarket opportunities.
Do-It-Yourself (DIY) Trend: DIY projects for home improvement and repair are becoming increasingly popular, boosting sales of small flat anchors through hardware stores and e-commerce sites.
From a material standpoint, steel anchors dominate the market due to their excellent strength-to-weight ratio and corrosion resistance. However, plastic anchor bolts category is expected to witness higher growth owing to its advantages such as lightweight, invisible installation, and low cost.
Regionally, Asia Pacific accounted for a significant portion of the global flat anchors market share, thanks to large construction spending in China, India, Japan, and other developing economies. Stringent building codes and growing infrastructure investments are further supporting the regional market.
Key players in the flat anchor market include Hilti, Strong-Tie, SANKO TECHNO, Konig and Meyer, and Fisher Germany. They offer a full range of flat anchors suitable for different substrates and load bearing requirements. Market players are focusing on new product launches, partnerships, and geographical expansion.
The long-term outlook for the flat anchor market remains optimistic with the continued growth of the global construction industry, especially in emerging economies. Economic uncertainty due to global events may pose short-term challenges to market growth.