Global fastener demand to reach US$93.8 billion in 2018
14 January 2015
Worldwide demand for industrial fasteners is forecast to climb 5.4% annually through 2018 to US$93.8 billion (approximately 78.1 billion euros), accelerating from the 2008 – 2013 pace, according to the latest World Industrial Fasteners report from Freedonia.
Increases in motor vehicle, machinery, and other durable goods production will support growth in fastener markets as the global economy expands and fixed investment expenditures rise. In addition, product prices will climb at a faster pace than during the 2008 – 2013 period, boosting demand in value terms.
Industrial fastener market gains are expected to be strong in both developing and developed regions through 2018. Analyst Ken Long clarifies: “Advances in developing areas – including the Asia/Pacific and Africa/Middle East regions, Central and South America, and Eastern Europe – will outpace demand in the US, western Europe, and Japan.” Sales increases will be driven by healthy economic growth and ongoing industrialisation efforts in most developing nations, resulting in higher manufacturing output and fixed investment spending. Rising standards of living in these areas will help fuel demand for motor vehicles and other fastener-containing durable goods, boosting both original equipment manufacturing and aftermarket fastener sales. Rebounding levels of fixed investment, along with higher durable goods manufacturing output, will be a primary driver of fastener demand increases in the US, western Europe, and Japan.
Motor vehicle original equipment manufacturing, the leading market for industrial fasteners, will post the largest value gains through 2018. In addition, rising fixed investment spending and industry output will boost demand for fasteners used in machinery applications, the second largest market. Although it is comparatively small, the construction market will register the fastest growth through 2018, spurred by acceleration in construction expenditure worldwide.
The 502 page World Industrial Fasteners report was published in November 2014 and is available for US$6,500 (5,415 euros) from The Freedonia Group Inc.
