The North America, Europe and Oceania building and construction fasteners market size is expected to reach U.S. $5.72 billion by 2028 and is anticipated to register a CAGR of 5.0% from 2020 to 2028. This is according to a new report from ResearchAndMarkets.
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The rise in the development of residential and commercial building structures across North America, Oceania, and European economies is expected to drive the demand for construction-grade fasteners.
The growing availability of building and construction fasteners through the retail chain and online platforms has supported the product penetration in the construction industry. Moreover, the wide demand for fasteners in modular construction techniques has created a broad scope for the building and construction fasteners.
The metal fasteners industry is dominated by the numerous small and medium-scale fastener manufacturing companies operating their businesses in major construction markets across the globe. The high mechanical strength offered by metal fasteners is expected to steadily boost their demand over the forecast period.
Prominent players in the building and construction fasteners market are investing in R&D for the development of high-strength fasteners with enhanced bonding mechanisms and resistance to chemicals. Moreover, product portfolio expansion and technology innovation are other factors considered for gaining market share.
Report highlights
- Metal fasteners are expected to witness the fastest growth from 2020 to 2028, registering a CAGR of 5.1% — owing to the products’ high strength and enhanced bonding application
- Residential applications for building and construction fasteners dominated the market with a revenue of $2.29 billion and is anticipated to ascend at a high growth rate of 5.4% in the projected time till 2028
- Europe accounted for the largest market with a revenue share of 50.2% in 2020 among the three regions and is likely to ascend at a CAGR of 5.5% over the forecast period
- The U.S. accounted for the largest market with revenue of $1.37 billion in 2020 in North America on account of rising demand for residential construction, especially the single home units
- Prominent players operating in North America and Europe are aiming to collaborate with construction companies to increase penetration and market reach in residential and commercial building segments
Filed Under: Fastening + joining