The industrial fasteners market size expected to witness a steady growth, market report
According to market research report, global industrial fasteners market is set to display impressive growth during the forecast period. Many significant reasons are playing a pivotal role in driving growth of industrial fasteners market size. However, major factors influencing the growth of the market are increased diversity of substrate materials driven by continuously evolving end-user expectations and the rise of industry 4.0 and IoT.
Another important market driver is innovative manufacturing already existing in US and Europe as well as now penetrating emerging economies, with next-generation largescale manufacturing centers planned predominantly in the APAC region. In addition, demand for industrial fastening solutions is driven by significant manufacturing and construction growth in countries such as India and China, supported by favourable demographics, large indigenous consumption, and a supportive regulatory and investment environment. The establishment of semiconductor fabs and electronic assembly units in Japan, South Korea, Taiwan, and China, which involve the highest degree of innovations, is set to increase the demand for ingenious and specialty fasteners.
Amid the economic slowdown owing to the coronavirus pandemic, global industrial fasteners market also suffered a downfall Q1 and Q2 2020. Major end-users sectors such as construction, automotive, machinery, and aerospace manufacturing were severely impacted leading to the decline in demand for new fasteners.