Industrial fasteners demand to rise & global Sales projected to reach US$ 121 billion by 2031- Market Report
As per market research report, Industrial fasteners market size was estimated to be US$ 78 billion in 2020 and is expected to reach US$ 121 billion by 2031 at a CAGR of 4%. The growth of industrial fasteners is primarily being driven by growing demand from end-users sectors such as automobile, construction, marine, electrical and hardware, and OEM enterprises.
Most broadly used fasteners are nuts, fasteners, bolts, screws, clasps, and holdfasts. They are the also used in the furniture industry to fix handles, entryways, furniture sides, and drawers together.
Also, developing demand in other application domains including development, machine assembling, urbanisation and industrialisation is going to influence the industrial fasteners market.
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