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SAN FRANCISCO , July 18, 2022 /PRNewswire/ -- The global industrial fasteners market size is anticipated to total USD 119.01 billion by 2028, showcasing growth at a CAGR of 4.1% during the forecast period, according to a new report by Grand View Research, Inc. The rising demand for machinery across various industries for mechanization and utilization purposes is propelling the market growth.
Key Industry Insights & Findings from the report:
Read 300-page market research report for more Insights, "Industrial Fasteners Market Size, Share & Trends Analysis Report By Product (Externally Threaded, Non-threaded), By Raw Material (Plastic, Metal), By Application (Automotive, Aerospace), And Segment Forecasts, 2021 - 2028", published by Grand View Research.
Industrial Fasteners Market Growth & Trends
The advancements in the fastening materials and dimensions are becoming key factors for their rising demand in the global industrial machinery industries. Rising demand for commercial and passenger vehicles is propelling the demand for industrial fasteners in automotive manufacturing. Moreover, the emergence of electric vehicles is boosting the automotive manufacturing industry. Hence, the automotive segment is dominating the market accounting largest revenue share of the overall market. In addition to that, the availability of a wide variety of product portfolios of fasteners is driving its demand across the globe.
Manufacturers are now focusing on reducing the overall weight of machines to make products lightweight and easily accessible. This has expected to develop the fastening technology, creating opportunities for players to manufacture substitutes for lightweight fasteners.
Market participants are indulging in acquisitions, product development, market expansion, and investments in research and development to fuel the market growth during the forecast period. Business strategies coupled with technology is the key factor being used by manufacturers to enhance market growth and production capacity.
Grand View Research has segmented the global industrial fasteners market based on raw material, product, application, and region:
Raw Material Outlook (Revenue, USD Million, 2017 - 2028)
Product Outlook (Revenue, USD Million, 2017 - 2028)
Application Outlook (Revenue, USD Million, 2017 - 2028)
Regional Outlook (Revenue, USD Million, 2017 - 2028)
List of Key Players of the Industrial Fasteners Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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