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World demand for industrial fasteners to rise 5.4 percent annually through 2018
- April 17, 2015
- News Release
- Assembly and Joining
Worldwide demand for industrial fasteners is forecast to climb 5.4 percent annually through 2018 to $93.8 billion, accelerating from the 2008-2013 pace. According to the “World Industrial Fasteners” study released by ReportLinker, 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.
Industrial fastener market gains are expected to be strong in both developing and developed regions through 2018. However, advances in developing areas—including the Asia-Pacific and Africa-Mideast regions, Central and South America, and Eastern Europe—will outpace demand in the U.S., Western Europe, and Japan. Sales gains will be driven by healthy economic growth and ongoing industrialization efforts in most developing nations, resulting in higher manufacturing output and fixed-investment spending.
Rising living standards in these areas will help fuel demand for motor vehicles and other fastener-containing durable goods, boosting both OEM and aftermarket fastener sales. Although market growth in developed countries will not be as strong as that forecast for industrializing regions, it will represent a significant improvement over sales performance during the 2008-2013 period. Rebounding levels of fixed investment, along with higher durable goods manufacturing output, will be a primary driver of fastener demand in the U.S., Western Europe, and Japan.
Motor vehicle original equipment manufacturing, the biggest 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 in absolute terms, the construction market will register the strongest increases in percentage terms through 2018, spurred by an acceleration in construction expenditures worldwide.
Developing areas of the world will record the biggest advances in fastener output through 2018. However, the U.S., Western Europe, and Japan will remain the largest suppliers of aerospace-grade fasteners because of their technological and marketing expertise, as well as greater availability of capital and skilled labor.
To read the full report, click here.
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