Industrial Fasteners Industry Overview
The global industrial fasteners market size was valued at USD 86.12 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2028. Increasing production of industrial machinery and components is expected to ascend the penetration of industrial fasteners over the forecast period. Suspension of industrial operations to curb the spread of COVID-19 across the globe affected the product demand in 2020. Moreover, the service and maintenance operations for industrial machinery were impacted, thus hampering the product demand in 2020. However, the manufacturing industry in the U.S. is significantly producing automotive and industrial machinery, thus the product demand remains high in the country. The growing production of lightweight Electric Vehicles (EVs) in the country is likely to positively influence the demand for plastic fasteners and substitutes, including adhesives and sealants. Gather more insights about the market drivers, restrains and growth of the Global Industrial Fasteners Market The market is characterized by the presence of numerous suppliers with high production volumes and wide product portfolios. Fasteners have high demand across major sectors including automotive, construction, machine manufacturing, electronics, shipbuilding, and railways. The technical standards and quality are the key factors to be considered while manufacturing and employing these fasteners in various end-use applications. A rise in the production of commercial aircraft owing to the increase in the number of air passengers across the globe has augmented the demand for specialty-grade fasteners. Moreover, increasing automotive production, especially in the EVs segment, is expected to offer growth momentum to the market. Application-specific fasteners offered by the manufacturers need to comply with several standards including the American Society for Testing and Materials (ASTM), American Society of Mechanical Engineers (ASME), British Standards (BS), Deutsches Institut fur Normung (DIN), and Japanese Industrial Standards (JIS). Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
Industrial Fasteners Market Segmentation Grand View Research has segmented the global industrial fasteners market report on the basis of raw material, product, application, and region:
Market Share Insights
Key Companies profiled: Some prominent players in the global industrial fasteners market include:
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