The US industrial fasteners market is estimated to exhibit a sturdy CAGR of 4.2% during the forecast period (2021-2027). With new prospects in place, the provision to attract $1 trillion in infrastructure finance with $137 billion in federal tax breaks, if implemented correctly, can rebuild inner cities their highways, bridges, tunnels, airports, schools, and hospitals. This massive revival in infrastructure can unlock huge demand for various industrial automation tools and construction equipment, propelling the need for all type of fasteners, in the US. Some key transportation projects in the US that are nearing completion over the next three years are the construction of the New Tappan Zee bridge in New York, the Central Subway project through Chinatown in San Francisco, the construction of the Crenshaw/LAX train line in Los Angeles, the Q Line expansion in Detroit, and the light rail expansion in Charlotte. These projects are potentially driving the demand for construction equipment and rail infrastructure.
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However, the outbreak of the COVID-19 pandemic has resulted in a decline in the sales of industrial fasteners in the country. The US is one of the worst-hit COVID-19 countries and have suffered significant downfall in nearly every major industry including construction. Most of the activities came to a halt in the earlier months of the pandemic, which damaged industrial fasteners industry in the US. The cases have started to increase again after a brief period of slowdown and it is difficult to say how the fastener industry will fare in the next few months. However, the long-term prospect of the industrial fasteners in the US looks bright.
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Market Coverage
- Market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- by Product Type, Material, and End-user
- Country Covered- US
- Competitive Landscape- Berkshire Hathaway Inc., Gruppo Fontana S.r.l., Hilti Corporation, Illinois Tool Works Inc., and Stanley Black & Decker, Inc.
US Industrial Fasteners Market Report Segment
By Product Type
- Threaded
- Non-threaded
- Specialty
By Material
- Metal
- Non-metal
By End-user
- Automotive
- Aerospace
- Construction
- Consumer Appliance and Furniture
- Industrial and Consumer Machinery
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
