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.