Fastener Market Overviews
The fastener market is anticipated to be driven by the expanding population, significant investments in the building industry, and an increase in the need for industrial fasteners in the aerospace and automotive industries. One of the most important factors to take into account when monitoring the market's regional development is infrastructure development. Due to its widespread usage in walls, roofs, bridges, buildings, and other structures, the construction sector has a significant influence on the demand for industrial fasteners. Fasteners used in construction are standardized and go through rigorous quality tests, in contrast to other industries.
Growth in Building & Construction Industry is Driving Industrial Fasteners Market Growth
Government spending on infrastructure projects and rising demand for residential and commercial real estate projects will support the expansion of the construction industry. In the building sector, they are employed to temporarily connect two or more things. Fasteners used in construction are frequently found as nuts, bolts, washers, screws, dowel pins, and rivets. Different kinds of fastening items are needed for every infrastructure project in order to guarantee sturdy and safe construction. Carbon steel is used in the production of the majority of products because it is reasonably priced, robust, and workable. Whereas stainless steel is the most preferred material for construction, owing to its ability to resist heat, corrosion, and strength, thereby boosting the demand for industrial fasteners.
Fastener Market Regional Insights
The global industry has been further divided into North America, Asia Pacific, the Middle East & Africa, Europe, and Central & South America based on geographic regions. In 2023, North America held a dominant position in the global industry, contributing approximately 30.7% of the total revenue. Over the course of the projection period, the area is expected to continue expanding at a consistent CAGR, retaining its dominant position.
Fastener Market Segmentation
In 2023, metal fasteners will hold the most market share of 91.2%. It is made of a variety of materials, including titanium, superalloys, bronze, cast iron, and stainless steel. Over the course of the projection period, their great mechanical strength is anticipated to play a significant role in driving their growth. With a 5.4% CAGR, plastic fasteners are expanding at the quickest rate throughout the anticipated time frame. Because of its excellent chemical and corrosion resistance, low cost, and lightweight nature, it is becoming more and more significant in the automobile industry. Because of their better corrosion and chemical resistance, plastic fasteners are becoming more and more in demand, particularly from the automotive and aerospace industries.
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