We have good news for you, if you are within the industrial fasteners market and you are questioning its value… the sector is getting bigger…
Valuates Reports has put a number on the current size of the industrial fasteners market – US $78.81 billion, in 2022.
The report defines the sector as including automotive, MRO, construction, and electric and electronics machinery industry.
The market insights firm believes that the market is growing significantly and is set to rise to a whopping US $113.71 billion by 2028 (CAGR 6.3%).
The reasons for the increase are several-fold, including a surge in the worldwide construction market. The automotive fastener aftermarket, where end users can buy replacement fasteners for their vehicles, is also seen as a source for the forthcoming increase.
"The automotive sector, which has had a fairly tough pandemic, dominates the industrial fasteners market, with the widespread use of fastening components for bonding major automotive components."
Fastener use in the electric and electronic industries is also seen to be growing, not least in terms of anti-tamper fasteners to secure the electronics in question.
The automotive sector, which has had a fairly tough pandemic, dominates the industrial fasteners market, with the widespread use of fastening components for bonding major automotive components.
In terms of region, Europe is the largest market for industrial fasteners, taking around 30% of total sales. North America and China are not far behind, each accounting for roughly 50% of sales.
Find out more from Valuates Reports.
