U.S. Fastener Demand Growth Slower Than Global Average
The Asia/Pacific region will continue to account for the largest share of world fastener sales in 2020, representing 42% of the total at that time, according to Global Industrial Fastener Market, 9th Edition, a new study from the Freedonia Group, a Cleveland-based industry research firm.
“Demand is expected to advance faster than the global average, as the world’s four fastest growing fastener markets — India, Thailand, Indonesia, and China — are all located in the region,” the report states.
Industrialization activity in developing countries is also expected to stimulate strong gains in the Africa/Mideast, although it will remain a small share of the total.
Sales of fasteners in North America and Western Europe are expected to grow more slowly than the global average through 2020.
“Gains will be limited by the maturity of most fastener markets in these regions. Eastern Europe is forecast to fare somewhat better, as it becomes an increasingly important manufacturer of goods for export to Western Europe.”
Demand for fasteners in Central and South America is forecast to increase. Overall, production of industrial fasteners is concentrated on a national basis: the major countries — China, the US, Japan, Germany, and Taiwan — accounted for two-thirds of global output in 2015.
Automotive Manufacturing to Remain Largest Fastener Market
Motor vehicle manufacturing will remain the largest single market for fasteners, accounting for 28% of the total demand in 2020.
The aerospace equipment market is expected to post the fastest gains.
Growth in demand for fasteners in the maintenance/repair/operations market is projected to trail advances in the original equipment manufacturing (OEM) market.
Standard Fasteners Outdistance Aerospace
Standard fasteners (including externally threaded, internally threaded, and non-threaded products) will represent 90% of total product sales in 2020. However, aerospace-grade products have increased their market share in recent years, and demand is expected to grow at an above average rate, benefiting from the strength of the aerospace equipment OEM market.
Global Industrial Fastener Market, 9th Edition (published 11/2016, 326 pages) is available for $6,500 from The Freedonia Group. Email pr@freedoniagroup.com Web: freedoniagroup.com
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