Global Fastener Demand Growing at 3%
Global industrial fastener demand will grow 3% in 2017, a Freedonia Group researcher told the Fastener Industry Summit.
Ken Long, Freedonia’s manager of capital goods research, revealed Asia is the “star” in multiple categories in increases in fastener demand and production, while the U.S. and Europe rank below global numbers.
Long, speaking at the first Summit sponsored by 13 fastener organizations, said trends include OEMs wanting the weight of fasteners to go down and “hybrid” fastener sales rise.
“Plastic fasteners will show the fastest growth as OEMs seek to cut production costs and weight, while improving strength,” Long said.
He cited PACCAR’s use of structural adhesives in truck cabs and Boeing’s one-piece carbon fiber fuselage as examples.
Daimler Trucks are reducing shipping costs with 3D printing of parts.
The latest Freedonia research shows use of plastic fasteners has grown 14%.
The U.S. and China dominate the fastener sales market, with the U.S. accounting for 19% of sales, followed by China at 16%; Japan at 9%; and Germany at 8%.
Long’s presentation was based on fastener market conditions from two recent Freedonia studies, Global Industrial Fastener Market and U.S. Industrial Fastener Market.
“Growth in world fastener demand in 2017 will be bolstered by a rebound in U.S. sales and advances in areas where demand in dollar terms has been adversely affected by a rise in the value of the U.S. dollar,” Long said.
The fastest market gains will be posted in China, India and other developing parts of Asia, fueled by increases in durable goods production. U.S. fastener demand, which declined in 2016, is projected to climb 2.3% in 2017.
Long said the top concerns for the fastener industry are (1) The general economic climate; (2) Political uncertainty; and (3) Energy and material costs.
Freedonia Group, a division of MarketResearch.com, is an international industrial research company publishing more than 100 studies annually. Freedonia has produced 25 studies on the U.S. fastener industry since 1987. Web: FreedoniaGroup.com
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