The global industrial fastener market is set to display impressive growth for the forecasted years of 2019-2025.
Factors impacting the growth market:
• Advancements in CNC, Milling, and CAD
• Internationalization in Automobile Segment
• 3D Printing and Usage of New Materials
• Industry 4.0 and Smart Manufacturing
→ In 2019, industrial metal fasteners accounted for the majority of the market.
Industrial metal fasteners are used within automotive, aerospace, construction, electronics and machinery industries.
→ By 2025, the worldwide automotive fasteners market is anticipated to be worth more than USD 34 billion.
Automobiles and automobile manufacturing industries have expanded significantly. Europe and North America are being faced with more competition from APAC-based vehicle manufacturers.
→ The need for threaded fasteners is expected to increase by over 4% between 2019-2025.
This is due to the increased use in construction, industrial machinery, railways, cars, and motorcycle manufacturing.
During the COVID-19 crisis, most economic activity were halted in Q1 and Q2 2020, resulting in a drop in the worldwide industrial fasteners market. Construction, automotive, equipment, and aerospace manufacturing operations were among the hardest hit, resulting in a drop in demand for new fasteners.
Industrial fastening solutions are in high demand due to rapid manufacturing and construction growth in nations like India and China, which is fueled by favourable demographics, substantial indigenous consumption, and a favourable regulatory and investment environment.
ReportLinker, C. (2020, October 1). The industrial Fasteners market by revenue is expected to grow at a CAGR of close to 5% during the period 2019–2025. GlobeNewswire News Room. https://www.globenewswire.com/news-release/2020/10/01/2101926/0/en/The-industrial-fasteners-market-by-revenue-is-expected-to-grow-at-a-CAGR-of-close-to-5-during-the-period-2019-2025.html.