According to a new research report published by BriskInsights.com, the Global Industrial Fasteners Market is expected to grow at CAGR of 5.23% during 2015-2022 and is estimated to be $95 billion by 2022.
The industrial fastener market is expected to witness high growth during the forecasted period, as increased living standards fuels demand for durable goods. Much of the growth will come from developing economies.
Also contributing to market improvement are increases in maintenance and construction globally. In such emerging economies as India, China and Brazil, automotive demand is driving demand for industrial fasteners.
Externally threaded fasteners will see high demand from usage increases in machinery OEM, construction and automotive applications. Similarly, aerospace grade fasteners will see gains as governments invest in aerospace, infrastructure and defense.
Source: Global Fastener News