Fastener growth is fuelled by industrialisation
A
The Freedonia Group product story
Edited by the Engineeringtalk editorial team
Oct 22, 2004
Global demand for industrial fasteners is forecast to increase 5.0% annually through 2008 to over US $48 billion.
Global demand for industrial fasteners is forecast to increase 5.0% annually through 2008 to over US $48 billion.
Advances will be fuelled by an acceleration in economic growth in most parts of the world.
The developing countries of Asia/Pacific, Latin America, Africa/Mideast and Eastern Europe will register the strongest market gains, stimulated by increases in construction activity and durable goods manufacturing.
China, which accounted for close to 10% of all fastener demand in 2003, will surpass Japan to become the second largest national market (behind the USA) by 2008.
These and other trends are presented in "World industrial fasteners", a new study from The Freedonia Group.
Product demand in Western Europe will climb as economic fundamentals improve in most nations, and the Japanese fastener market will benefit from growth in fixed investment and manufacturing activity following an extended period of sluggishness.
Hit hard by the early 2000s recession, fastener demand in the USA is expected to rise along with economic output and will outpace market gains in most other industrialised countries.
Electrical and electronic equipment will be the fastest growing industrial fastener market through 2008, driven by increases in production of items like digital cameras and mobile phones.
Fastener demand in industrial machinery applications will also be healthy, spurred by ongoing industrialisation activity in developing parts of the world.
Motor vehicle applications will continue to account for the largest share of fastener demand.
Market growth will be constrained somewhat by automotive manufacturers' continuing efforts to cut costs and by increased use of competitive joining technologies such as adhesives, but the introduction of better-performing, proprietary fastener designs will help support value gains through 2008.
"World industrial fasteners" is available for $5200 from The Freedonia Group.
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