The Fastener Market was valued at USD 95.81 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.8%, reaching nearly USD 133.03 billion by 2030. This growth is fueled by increased demand across industries such as construction, automotive, and aerospace.
Fasteners, essential hardware devices used to mechanically join or secure objects, play a crucial role in these sectors. The market is driven by investments in infrastructure, urbanization, and rising production in both the automotive and aerospace industries. Lightweight and high-performance fasteners, including hybrid and plastic types, are becoming more popular due to their cost-effectiveness and versatility.
Government regulations requiring standardized, high-quality fasteners are further boosting market demand, particularly in regions like North America and Europe. The main driver of the market is the expanding construction and infrastructure development sector, which relies heavily on fasteners for buildings, bridges, and other structures. The automotive industry also plays a significant role, with fasteners being vital for vehicle assembly. Additionally, advancements in aerospace technology and increased aircraft production are driving the demand for lightweight, high-quality fasteners. The rising use of plastic fasteners in automotive and aerospace applications, due to their corrosion resistance and lightweight properties, further contributes to market growth.
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