Even with the COVID-19 pandemic in mind, the global market for industrial fasteners is projected to reach a revised size of U.S. $87.3 billion by the year 2026 — it was initially estimated at U.S. $69.5 billion. The revised figure represents a CAGR of 4.2% over the analysis period.
According to a new market study published by global research company, Global Industry Analysts Inc., metal fasteners are projected to record a 4% CAGR and hit $80.4 billion by the end of 2026. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the plastic segment has also been re-adjusted to a revised 5.5% CAGR for the next seven-year period.
Aside from the U.S., other noteworthy geographic markets for growth include Canada and Japan, each forecast to grow at 4.1% and 2.7%, respectively, to 2027. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR.
The new report, “Industrial Fasteners: Global Market Trajectory & Analytics,” presents a fresh perspective on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Segments covered include raw materials (mainly metal and plastic), fastener types (including externally and internally threaded, non-threaded, and aerospace grade), and the applications (such as automotive, aerospace, industrial machinery, construction, appliances, and others).