Global Fastener Market Demand to Reach USD 95 billion by 2020

According to a recently published report, the Global Industrial Fasteners Market is expected to grow at the CAGR of 5.23% during 2015-2022 and its estimated to be $95 billion by 2022.

In both developing and developed regions the market of industrial fastener market is expected to witness high growth during the forecasted period. Increase in living standard in various economies helps to fuel the demand for fastener containing durable goods such as motor vehicles and boost the OEM (original and equipment manufacturing) market sale. However during the forecasted period the market of developed region will not grow as strong as developing regions as the industrialization in these regions are increasing rapidly.

The industrial fasteners market is growing rapidly as the activities such as maintenance and construction is increasing across the globe. In emerging economies such as India, China and Brazil the automobiles demand is increasing which helps in fuel the demand of industrial fasteners market globally. Industrial fasteners market is segmented on product basis such as aerospace grade, externally threaded and standard fasteners which includes internally threaded fasteners and non- threaded fasteners. Externally threaded fastener is estimated to witness high growth over the forecasted period and is estimated to be the most dominant product segment as the use of externally threaded fasteners is increasing in machinery OEM, construction and automotive applications. Similarly aerospace grade fasteners will witness high demand over the forecasted period as the government investment in aerospace industry is increasing along with the infrastructure and defense industry.