Construction fastener market expands in North America, Europe and OceaniaEngineering360 News Desk | December 01, 2021
A new report from ResearchAndMarkets projects the North America, Europe and Oceania building and construction fasteners market size to reach U.S. $5.72 billion by 2028 and to register a compound annual growth rate (CAGR) of 5.0% from 2020 to 2028
An increase in the development of residential and commercial building structures across these regions is expected to drive the demand for construction-grade fasteners. Growing 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.
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 due to rising demand for residential construction, especially single home units.