5 Key reasons driving demand for threaded industrial Fasteners
According to market research report, “Industrial fasteners market is projected to grow at a 4% CAGR through 2031.” The growth is being primarily driven by the faster recovery in several end-use industries such as building & construction and automotive. As per the market study, growing focus on research & development and high-performance quality material is also driving the demand in the manufacturers. Increasing application within the industrial and construction industry if further influencing growth of industrial fasteners like cable ties, rivets, screws. Let’s have a look at five significant factors bolstering demand of industrial fasteners.
1. In terms of material, plastic is expected to have maximum share owing to its several benefits such as being light weight, flexing & cost effective.
2. China is going to emerge as the hub for potential industrial fasteners manufacturers in the coming times.
3. India is anticipated to be a potential market as well as industrial fasteners demand is expected to increase through 2031.
4. Moreover, demand for threaded industrial fastener to gain momentum in 2021 and beyond.
5. In addition, sectors such as building & construction and automotive to witness high demand through 2031.
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