A study by Fact.MR has found that the global industrial fasteners market is projected to grow by 4% CAGR by 2031. According to the study, the growing focus on R&D activities and high-performance quality material is driving the demand in manufacturers.
An analyst from Fact. MR said: "Rising projects from automotive, construction industry and industrial manufacturers investing heavily to incorporate advanced technology as a requirement for threaded, non-threaded and aerospace grade is accelerating, is boosting the demand through 2031.”
These latest insights from Fact.MR forecasts a speedy recovery for industrial fasteners market. Application in building & construction and automotive accounts for the major market share backed by the high demand for wide variety and threaded industrial fastener from the manufacturers.
Additionally, the study highlighted that significant application in industrial and residential projects from the construction industry is believed to have also bolstered the demand of industrial fasteners.
Other key takeaways from the study are;
- Highly advanced automotive sector and rising construction project to drive industrial fasteners sales in Germany
- China expected to be a hotspot for potential industrial fasteners manufacturers for the upcoming years
- India to emerge as a lucrative market and sales for industrial fasteners are expected to expand more through 2031
- Threaded industrial fastener to gain traction through 2021 and beyond
- Building & construction and automotive to witness high demand through 2031
- Italy and France to emerge as highly lucrative markets, fueled by fast recovery of automotive industry and increasing industrial fasteners application