The North American industrial fasteners market is anticipated to grow at a remarkable CAGR of 4.2% during the forecast period. However, the 2020 outlook for North America is expected to remain sluggish with a weakening in almost all business segments as well as a slowdown in short-cycle industries. Although, North America, which includes the key countries of the US and Canada, constitutes a significant region as it hosts the most advanced and largest economies across the globe. Despite having sufficient public infrastructure, the US and Canada are set to grapple with the massive investments required to maintain and upgrade existing infrastructure. An estimated $3.50 trillion is required to revamp the existing infrastructure in the region, including communications, road and rail transport, schools, and hospitals, to retain their rankings in terms of the quality of living. The market has one of the toughest laws pertaining to human and workspace safety. Thus, regulations in this geography often form the basis for most product development efforts.

Moreover, the automobile industry is crucial in North America, and its dynamics have the potential to disrupt the demand for fasteners as the industry forms a significant share of total manufacturing in the region. The automotive industry is currently undergoing a major transformation. The development of electric vehicle infrastructure is one of the key highlights in the automobile industry in the North American region. In addition, in terms of exports, automobiles accounted for the largest share in recent years. In fact, over the past five years, automakers have exported more than $692 billion worth of vehicles and spare parts, which is nearly $50 billion more than the next largest exporter, the aerospace sector.

Further, the outbreak of the COVID-19 pandemic has disrupted the construction and other relevant activities in the region, which has had negative impacts on the industrial fasteners industry. The region is the worst hit COVID-19 continent with more than 11 million COVID-19 cases, at the end of October (2020). Although, the lockdown impositions have been lifted and most of the major industries have started operating entirely, which will aid the industrial fasteners market in gaining momentum gradually.

The North American industrial fasteners market is segmented based on product type, material, and end-user. Based on product type, the industrial fasteners market is segmented into threaded, non-threaded, and specialty. Based on material, the industrial fasteners market is segmented into metal and non-metal. Based on end-user, the market is classified into automotive, aerospace, construction, consumer appliance and furniture, and industrial and consumer machinery. Metal fasteners dominate the market in terms of market share in 2020 and revenue increment through 2027. Aerospace fasteners are the fastest-growing segment, with a significant CAGR, and are expected to add major revenues during the forecast period.

Research Methodology

The market study of the North American industrial fasteners market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. North American Industrial Fasteners Market Research and Analysis by Product Type
2. North American Industrial Fasteners Market Research and Analysis by Material
3. North American Industrial Fasteners Market Research and Analysis by End-user

The Report Covers

• Comprehensive research methodology of the North American industrial fasteners market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the North American industrial fasteners market.
• Insights about market determinants that are stimulating the North American industrial fasteners market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.