Global Fastener News

Report: Global Industrial Fastener Sales To Grow ‘Modestly’

Jason Sandefur

Worldwide sales of industrial fasteners are projected to exceed $50.3 billion by 2010, according to a new report by San Jose, CA-based Global Industry Analysts.
“Growth in the global industrial fasteners market over the next 4-5 years is to be powered mainly by an economic boom in the developing nations, particularly in the Asia and Latin America,” according to Industrial Fasteners Market Report. “Increased construction activities and a spurt in production levels of consumer durables are to increasingly drive demand for fasteners in both the advanced and developing nations.”
The 506-page report found that industrial fastener demand will growth mostly in the areas of electronics and construction markets. Demand for industrial fasteners is growing significantly as a result of the boom in the construction industry, particularly in the non-housing sector. However, the U.S. market is expected to slowdown in 2007 & 2008 due to housing slump and weakness in industrial and automotive sectors, the report found.
“A steep decline in profit margin along with a need to maintain the highest quality is driving relatively smaller players in the global fastener industry towards consolidation. An increasing number of players are tying up with other part/component manufacturers, positioning themselves as ‘industry specific’ system and service providers.”
Bolts represent the largest product segment worldwide, with sales estimated at $22.4 billion in 2007. The market for screws is projected to grow at a compounded annual rate of 5.8% over the analyzed period 2001-2010. The automotive industry remains the largest end user for industrial fasteners, accounting for about 26% of the global sales value in 2007. However, the mechanical engineering segment is projected to post the fastest annual growth among end-use segments by 2010.
Europe dominates the global market with sales estimated at $13.6 billion in 2007. Germany is poised to emerge as the regional market with fastest annual growth rate, at a CAGR of 5% over the period 2001-2010. Bolts and screws dominate the U.S. fastener market with an estimated market share of 53% and 22% respectively in 2007.
The report also noted that the use of plastic fasteners is a trend catching on with consumers. Plastic clamps, clips, and ties are expected to enter the fastener consumer market.

Industrial Fasteners Market Report includes 212 market data tables and utilizes information from 265 companies. The complete report sells for $3,950. It can also be purchased in sections. Web: strategyr.com/Industrial_Fasteners_Market_Report.asp �2008 FastenerNews.com