Despite the challenges of recent years, the fastener sector is experiencing significant growth as the market regains momentum. Statistics suggest that the global industrial fasteners market was valued at US$92.16 billion in 2021 and is expected to reach US$131.56 billion (€123.2 billion) by the end of 2031. In addition, the sector is estimated to grow at a CAGR of 3.2% from 2022 – 2031 with the biggest CAGR growth this year predicted to be in the construction sector, fuelled by an increase in building projects globally – as projects previously delayed by Covid-19 are put back on the agenda.
With a significant proportion of standard commodity fasteners manufactured overseas, especially in China, it is essential that supply chain risks are properly identified and managed in order to prevent delays and backlogs, which will invariably create a chain reaction of problems further up the supply chain. The solution to this issue lies in improved supplier mapping.
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