If the idea of investing in industrial stocks puts you off because it sounds boring, you'd certainly reconsider once you learn how big and vital the industrials sector is and how well-positioned some stocks are to grow immensely in coming years. Yes, I'm talking about potential multibaggers here. With their excellent past records and incredible growth drivers ahead, these two industrial stocks are available for you to buy and hold for as long as 10 years, and even longer.

Here's an "industrial-tech" stock you simply can't ignore

Honeywell (NYSE:HON) is a formidable mix of industrials and technology, which is where the stock's appeal lies.

In August, Honeywell stock bagged a spot in the Dow Jones Industrial Average (DJINDICES:^DJI). It was part of an index reshuffle to accommodate businesses that "better reflect the American economy." There couldn't be a better contender than Honeywell, given its massive portfolio that serves most key sectors, including but not limited to aerospace, manufacturing, retail, chemicals, and healthcare, among its key end markets. Here's what Honeywell's segment contribution to total sales looked like in 2019: 

  • Aerospace: 38%
  • Performance materials and technologies: 29%
  • Safety and productivity solutions: 17%
  • Building technologies: 16%

If you want exposure to, say, aerospace, without much of the industry's inherent cyclicality, you might as well buy Honeywell shares!

A buy button on a keyboard.

Image source: Getty Images.

Between 2010 and 2019, Honeywell's adjusted earnings per share grew at a compound annual clip of 12%. Its shares handily beat the S&P 500 during the period, both in absolute terms and including dividends. 

HON Chart

HON data by YCharts.

Honeywell has solid growth catalysts ahead, especially its innovation prowess. Consider COVID-19. Below are just some of the products revolving around the pandemic that Honeywell's making: 

  • Rapid scaling of production of personal protective equipment and respirator masks.
  • ThermoRebellion, an artificial-intelligence-powered camera to measure body temperature.
  • UV cabin system, an ultraviolet-c light system that can disinfect planes. JetBlue Airways is already trying out the product.
  • Vaccine packaging.
  • Safety packs, primarily for air travel.

If these products reflect Honeywell's agility to adjust to market conditions, its technological capabilities have a lot more to offer. Its recent launch -- the "world's highest-performing quantum computer" -- is a great example. Honeywell has partnered with big names like Microsoft for the venture.

From Internet of Things to cloud and analytics to smart cities and quantum computing, Honeywell has significant technology-driven growth drivers lined up to supplement its core industrials business. With a rock-solid balance sheet and a growing dividend to boot, Honeywell is a fantastic stock to own for decades.

This behemoth's isn't just credible but also cheap

3M (NYSE:MMM) has found an opportunity in COVID-19: It's a leading manufacturer of N95 respirator masks and aims to produce 2 billion respirators in 2020, up threefold from 2019.

3M has been a nimble company right from birth. When it started off as a mining venture in 1902 but failed, its founders decided to take bigger risks and focus on innovation, giving us one of the biggest industrial conglomerates today. 

With 60,000 products, top-notch brands like Post-it, Scotch, and Nexcare, and sales across 200 countries, 3M has penetrated the daily lives of people the world over. 3M's four business segments -- safety and industrial, transportation and electronics, healthcare, and consumer -- serve several key industries, and the company is well-diversified geographically: It generated 60% of sales from outside the U.S. in 2019.

MMM Chart

MMM data by YCharts.

This diversification has propelled 3M's cash flow over the years, as strength in one or more industry or region can offset weakness in another. That's exactly what we're seeing right now: 3M's total sales grew 6% and 2%, respectively, in the months of July and August, as strong demand from healthcare offset lower sales from segments like transport and electronics.

3M's dividend has grown alongside cash flows. Last year, the company increased its annual dividend for the 62nd consecutive year, making it one of the best Dividend Kings.

In the coming decade, restructuring and disciplined capital allocation should drive 3M shares higher. The company has consistently spent 5%-6% of revenue on research and development. Presently, the company is aggressively investing in high-margin areas -- it acquired healthcare businesses worth $7.7 billion in 2019.

3M generated record free cash flow of $5.4 billion in 2019. It could easily beat its own record in coming years. With the stock price down significantly from its 2018 peak and yielding 3.5%, now's the time to buy.