China To Be Second Largest Fastener Market By 2010 As Global Demand Grows
China To Be Second Largest Fastener Market By 2010 As Global Demand Grows
Jason Sandefur
By 2010, China will surpass Japan to become the second largest fastener market in the world behind the U.S., registering the largest gains of any national market in dollar terms, according to World Industrial Fasteners, a new 369-page report by The Freedonia Group.
Global demand for industrial fasteners is projected to grow 4.8% annually to $55 billion by 2010, representing a gain of 51% since 2000. Fastener demand will be driven by a mix of world economic growth, increased fixed investment activity, higher manufacturing production and rising aerospace equipment and automobile output, the Cleveland-based industry research firm found. Market gains will be constrained by new materials and manufacturing methods that reduce the number of fasteners needed for production, World Industrial Fasteners noted.
Geographically, “market advances in developing parts of the world will considerably outpace demand in the U.S., Western Europe and Japan,” Freedonia stated. Fastener demand is also expected to be strong in India, Thailand, Taiwan and Russia.
While not as robust, industrial fastener demand in “mature markets” – the U.S., Western Europe and Japan – will also accelerate through 2010. Fastener demand in North America is expected to see an annual gain of 3.6% to $16.05 billion by 2010, while Western Europe will increase at a 3.1% pace to $13 billion.
Non-threaded standard fasteners will record the strongest sales gains, fueled by growth in construction expenditures and supported by increased military spending, according to Freedonia. Aerospace fastener demand will expand at an above-average pace as well. Threaded fasteners will remain larger product segments, supported by new product innovations that should boost demand for more high-end items.
World Industrial Fasteners is available for $5,300 from The Freedonia Group Inc., 767 Beta Dr., Cleveland, OH 44143-2326. For more information contact Corinne Gangloff. Tel: 440 684 9600 E-mail: pr@freedoniagroup.com Web: freedoniagroup.com �2006 FastenerNews.com
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