SUMMER 2021

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58 THE DISTRIBUTOR’S LINK GLOBALFASTENERNEWS.COM by JOHN WOLZ EDITOR editor@globalfastenernews.com REPORT: INDUSTRIAL FASTENER DEMAND AT 4% CAGR The global industrial fasteners market is predicted to expand at over 4% CAGR through 2031, while the demand graph for threaded and plastic industrial fasteners is set to climb among diverse end-use sectors, according to a new report by Fact.MR. “While the outbreak of COVID-19 affected industry growth temporarily in 2020, with the commencement of vaccinations and adoption of the new normal, the automotive, building & construction, and other key end-user sectors have started getting back on their feet since the last quarter of the year,” the report found. “As such, overall industry outlook has remained positive during the last 5 years from 2016 to 2020.” With manufacturers of industrial fasteners incorporating advanced technologies and making heavy investments in various research & development (R&D) activities, the industry is projected to expand further over the coming years. Fast and steady recovery of the automotive industry and growing adoption of industrial fasteners in commercial & residential construction projects are anticipated to increase supplier revenue in the U.S. Germany’s advanced automotive sector and rise in the number of construction & building projects after overcoming hurdles due to the pandemic position that country for strong growth as well, according to the report. Likewise, China is expected to register substantial growth in the coming years, with demand from the construction, automotive, and home appliance sectors boosting sales of industrial fasteners in that Asian country. As the world’s largest vehicle market, China expects automobile output will reach 35 million by 2025. India has emerged as a lucrative country in terms of demand, sales, and production of industrial fasteners, and is expected to grow further through 2031. Abundance of raw materials and labor, and high demand from the construction sector are fueling sales in India. Presently, plastic is gaining traction in terms of material for industrial fasteners. According to Fact. MR, this segment will gain further popularity owing to such advantages as: ¤ Lightweight ¤ Cost-effective ¤ Flexible in terms of usage ¤ Free from the drawbacks due to rusting Non-threaded and aerospace grade industrial fasteners are expected to further fuel the sales of suppliers through 2031. The automotive and construction industries have high demand for industrial fasteners. Other key end-use segments are aerospace and home appliances. The 170-page report costs ,500 for a single user license. For more information visit www.factmr.com/ report/industrial-fasteners-markets BUSINESS FOCUS ARTICLE GLOBALFASTENERNEWS.COM

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