Industrial Fasteners Market to Top $110 Billion by 2029
The global industrial fasteners market size is projected to grow from $82.5 billion in 2022 to $110.9 billion by 2029, exhibiting a CAGR of 4.3% during the forecast period.
Amid fluctuating demand, companies face “a reasonable invasion of demand for applications such as repairing and operations and common industrial amenities,” according to “Industrial Fasteners Market, 2022-2029” by Fortune Business Insights.
The externally threaded segment is projected to lead the market due to augmentation in numerous vehicles.
Surging demand for commercial & residential housing projects and government spending on infrastructure will drive growth.
However, an upsurge in the replacement of metal fasteners by tapes and adhesives in NVH and bonding applications may limit the market growth.
Asia Pacific should achieve considerable growth during the forecast period, driven by China, India, Japan and South Korea. Government expenditures in commercial and residential construction projects will bolster the market to become the largest industrial fasteners market share through 2029.
The North American market is likely to display substantial growth, boosted by augmentation in U.S. EV production with plastic fastening products to drive regional growth.
Europe is responsible for the second-largest market share, owing to demand for small tractors and lawnmowers in the region, which is expected to grow in the commercial and residential sectors.
“Industrial Fasteners Market, 2022-2029” costs $4,850 for a single user license. Web: FortuneBusinessInsights.com
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