Industry News

Freedonia Predicts a Growth in World Demand for Industrial Fasteners

Published on 2010-09-23. Author : SpecialChem

The Freedonia Group, Inc., an industry market research firm conducted a study on World Industrial Fasteners. As per the study the demand for industrial fastener is expected to grow at 8.5 percent per year to $80.5 billion (US) in 2014. The fastener sales gains will be reserved in some markets by the use of alternative joining technologies (such as adhesives) or production methods that consume fewer fasteners.

The Asia/Pacific region is expected to post the strongest sales led by 12.8 percent yearly demand gains in China. Advances will be supported by the country's ongoing industrialization and growing manufacturing output. China is expected to account for one-quarter of all additional global fastener demand through 2014, and by 2019 the country is forecast to have a fastener market larger than Japan and the US combined.

Due to lower production costs, foreign companies will continue to establish manufacturing facilities in China and domestic firms will continue to grow. Chinese firms are narrowing the technological gap as their access to capital grows and they gain more manufacturing experience. Firms in developed areas like the US, Japan and Western Europe will still lead the world in production of more advanced, highly-engineered fasteners.

In spite of the slow demand of industrial fastener in the developed areas of the US, Western Europe and Japan it is anticipated that through 2014 the fastener sales in many developed countries will bounce back.

Source: SpecialChem Editorial Team
(Based on information displayed on http://www.cienmagazine.com)

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