Increasing demand from automotive, construction, and manufacturing markets is expected to drive industrial fastener demand CAGR of 2.2% to $104.9 billion by 2026, according to a new report by Transparency Market Research.

In terms of commodity, the screws segment is anticipated to gain the largest share, with total value at $21.3 billion at a CAGR of 1.6%, “Industrial Fasteners Marke – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” found.

In terms of application, the global figures for automotive OEM segment are anticipated to be valued at $30.7 billion by 2026 at a CAGR of 2.6%. 

“However, fluctuating prices of raw materials such as steel, copper, and aluminum have impacted the margins of manufacturers and is one of the major challenges restraining the growth of the industrial fasteners market,” according to TMR.

The Asia Pacific market is projected to have the highest value growth. 

“The market witnessed considerable growth in this region due to increased growth in construction, automotive, and manufacturing industries, leading to positive growth in the industrial fasteners market.”

The global industrial fasteners market totaled about 26.7 million metric tons in 2017, according to TMR.

The report costs $5,795. Web: TransparencyMarketResearch.com