Industrial Fasteners Market Size Worth $119.01 Billion By 2028
Industrial Fasteners Industry Overview The global industrial fasteners market size was valued at USD 86.12 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2028. Increasing production of industrial machinery and components is expected to ascend the penetration of industrial fasteners over the forecast period. Suspension of industrial operations to curb the spread of COVID-19 across the globe affected the product demand in 2020. Moreover, the service and maintenance operations for industrial machinery were impacted, thus hampering the product demand in 2020. However, the manufacturing industry in the U.S. is significantly producing automotive and industrial machinery, thus the product demand remains high in the country. The growing production of lightweight Electric Vehicles (EVs) in the country is likely to positively influence the demand for plastic fasteners and substitutes, including adhesives and sealants. Gather more insights ...