Global Industrial Fasteners Market expected to reach USD 116.5 Billion by 2022

According to the report, global industrial fasteners market was valued at USD 84.9 billion in 2016, is expected to reach USD 116.5 billion in 2022 and is anticipated to grow at a CAGR of 5.4 % between 2017 and 2022.

The global industrial fastener market is primarily driven by rapidly increasing demand from the end-use industries such as automotive, aerospace, and construction. Furthermore, strong recovery in construction and the automotive segment is sustaining growth in the developed countries. In addition, rising demand for high-value titanium fasteners in aerospace applications and light weight plastic fasteners in automotive is expected to drive the demand in near future. However, the potential threat of substitution from alternative joining technologies such as adhesives is expected to negatively impact the market growth.