World Industrial Fastener Demand to Reach $55 Billion
CLEVELAND-Global demand for industrial fasteners will rise 4.8 percent annually to $55 billion in 2010, accelerating from the 2000-2005 period, according to a study by The Fredonia Group Inc.
Not surprisingly, leading the way in terms of increased industrial fastener use will be the developing economies of Asia, Latin America, the Middle East and Eastern Europe. Growth in demand in these nations will "considerably outpace" growth in demand in the United States, Western Europe and Japan. In fact, according to the report, titled "World Industrial Fasteners," by 2010 China will surpass Japan to become the second largest consumer of industrial fasteners in the world, behind the United States.
Nonetheless, while gains will be less dramatic, the United States, Western Europe and Japan will continue to consume the bulk of the world's Indus trial mechanical fasteners, reflecting the advanced industrial and technological nature of their economies.
With regard to fastener types, threaded fasteners will continue to dominate the market in dollar terms. However, nonthreaded standard fasteners are expected to record substantial gains through 2010, thanks in part to strong demand in the aerospace industry.
In addition, the study notes that future market gains will be limited to some extent by the use of new materials and manufacturing methods that reduce the number of fasteners required aircraft and automobile production.
For a complete report, call 440-684-9600 or visit www.freedoniagroup.com.