North American industrial fasteners are estimated to display a steady CAGR of 4.2% during the forecast period (2021-2027). The demand for industrial fasteners in the residential sector is expected to witness higher growth in North America, especially in the US where more than 75% of the demand is expected to arise. In addition, the region has one of the toughest laws pertaining to innovations in manufacturing and industrial production. Thus, regulations in this region often form the basis for most product development efforts. Moreover, strict regulations regarding energy efficiency have been boosting the development of manufacturing technologies in North America. This, in turn, presents many growth opportunities for vendors in the region. The demand for fasteners market in the region is driven by the massive size of end-user industries such as automotive, aerospace, defense, marine, and healthcare.
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Further, the automobile sector in the North American region is likely to witness major investments during the forecast period, which is likely to promote improvements as well. For instance, FCA US, Ford, and General Motors made more than $34.50 billion in investments. Their reported spending in US plants is approximately five times more than all Japanese and Korean automakers combined. Expenditures by North American automakers were four times higher than the total expenditures of the four major European automakers operating in the US (BMW, Daimler, Volvo, and VW), which have spent just $9 billion over the last five years. These expansions in the automotive sector will stimulate the demand for industrial fasteners in the region.
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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
- Countries Covered- The US and Canada
- Competitive Landscape- Berkshire Hathaway Inc., Hilti Corporation, Howmet Aerospace Inc., Illinois Tool Works Inc., and Stanley Black & Decker, Inc.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and country dominates the market in base year?
- Which segment and country will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID-19 forecast
o Most affected country and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
North American 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.
