Global Industrial Fastener Demand to Reach US$104 Billion in 2020
According to a recently released market report by Grand View Research (GVR), the global industrial fastener demand will reach US$104 billion in 2020.
In this report 3 categories of fasteners (incl. externally threaded fasteners, aerospace fasteners, and other standard fasteners) were analyzed. The report pointed that, owing to the increasing fastener demand of the automotive industry, the global industrial fastener demand will demonstrate a substantial surge in the following 6 years.
GVR said that, with the economic growth and industrial development of the US, China, Brazil, Russia, Poland, and India, the building industry within all these countries will continue to grow, thus increasing the demand for fasteners. In addition, the growth in electronics/electrics, aerospace/aviation, machines, MRO, and automotive markets will also elicit more demand for fasteners.
The development of rail fasteners is also expected to create a new business area and can be a help to enhance processing technologies and mechanical performance.
