Study profiles industrial fasteners worldwide
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The Freedonia Group product story
Edited by the Engineeringtalk editorial team
May 12, 2006
Global demand for industrial fasteners is projected to rise 4.8% annually to $55 billion in 2010, accelerating from the 2000-2005 period.
Global demand for industrial fasteners is projected to rise 4.8% annually to $55 billion in 2010, accelerating from the 2000-2005 period.
Fastener demand will be stimulated by a pickup in world economic growth, increased fixed investment activity, higher manufacturing production, and rising aerospace equipment and motor vehicle output.
However, future market gains will be constrained to some extent by the use of new materials and manufacturing methods that reduce the number of fasteners required in aircraft and automobile production.
These and other trends are presented in "World industrial fasteners", a new study from The Freedonia Group, a Cleveland-based industry research firm.
Market advances in developing parts of the world - including the Asia/Pacific, Africa/Mideast, Eastern Europe and Latin America regions - will considerably outpace demand in the USA, Western Europe and Japan.
China will register the largest gains of any national market in dollar terms as the country continues to develop as an economic power and manufacturing and fixed investment activity climb.
By 2010, China will surpass Japan to become the second largest fastener market in the world behind the US.
Market growth is also expected to be strong in India, Thailand, Taiwan and Russia.
Though less robust than in developing areas, industrial fastener demand in the USA, Western Europe and Japan will accelerate through 2010.
Although representing mature markets, these areas - along with Australia and Canada - will remain the most intensive users of industrial fastening products, reflecting the advanced industrial and technological nature of their economies.
Nonthreaded standard fasteners will record the strongest sales gains through 2010, fueled by growth in construction expenditures and supported by stepped-up spending for aircraft and other military equipment in many areas.
Aerospace-grade fastener demand will expand at an above-average pace as well.
However, externally and internally threaded fasteners will remain larger product segments in dollar terms.
Demand for these items will be stimulated by industrialisation efforts in developing countries, leading to higher product sales in both construction and manufacturing settings, and supported by new product innovations, boosting demand for more expensive, upper-end items.
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