Freedonia: World Fastener Demand to Reach $46.4 Billion by 2006; China Will be 2nd Largest Fastener Market
Freedonia: World Fastener Demand to Reach $46.4 Billion by 2006; China Will be 2nd Largest Fastener Market
John Wolz
Worldwide demand for fasteners will increase 5% annually through 2006 to US$46.4 billion, according to a World Fasteners, a study by the Freedonia Group Inc.
“The major factor fueling market gains will be ongoing economic expansion within the developing nations of Asia and Latin America. As industrialization efforts continue in these countries, fastener demand will rise with increasing construction activity and manufacturing output, particularly production of motor vehicles and other equipment,” according to World Fasteners.
World fastener demand was US$28,.8 million in 1996, $36.3 million in 2001 and will reach $46.4 million in 2006.
Freedonia predicted China, which accounted for 9% of global demand in 2001, will surpass Japan to become the world�s second largest fastener market behind the U.S. by 2006.
The 344-page study is available for $4,900 from Cleveland, OH-based Freedonia. E-mail: pr@freedoniagroup.com Web: freedoniagroup.com �2002 FastenerNews.com
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