Global demand for fasteners will grow steadily

Global demand for fasteners will grow steadily

According to the relevant research report, the global industrial fastener market demand in 2011 was USD 65.5 billion. By 2018, this figure will reach USD 94.65 billion, and the compound annual growth rate (CAGR) will be 5.4%.

The economic development in countries such as China, Brazil, and India has led to an increase in the disposable income of consumers, which in turn has driven the growth of demand in the automotive industry. This will be one of the most important factors in the growth of the fastener market in the future. In addition, the development of the global construction and maintenance industry from 2012 to 2018 will also be one of the important reasons for the increase in the demand for fasteners. In spite of this, the high anti-dumping duties imposed by the EU will, to a certain extent, hinder the growth of the fastener market. The development of customized fasteners such as railways and solar energy equipment will bring new opportunities for the development of the entire fastener market.

In 2011, external thread industrial fasteners accounted for the largest proportion, accounting for 38% of all fastener demand, reaching US$25 billion. In view of the near future, with the development of industrialization and the increase in the demand for durable goods, the fastest growth of externally threaded fasteners will occur.

In 2011, other OEM industries such as electronics, electric and assembly metal products, and aerospace equipment were the main application areas of industrial fasteners, accounting for more than 30% of the total demand for fasteners in 2011. However, with the continuous rise of the global construction and maintenance industry, the construction industry will become the industry with the greatest demand for fasteners. The agency predicts that the composite annual growth rate (CAGR) of the building application industry will reach 9% in 2012-2018. In addition, the growth rate of the automotive OEM industry will also break through the average.

In 2012, the demand for industrial fasteners in the Asia-Pacific region was the strongest. The agency predicts that by 2018, the demand for fasteners in the Asia-Pacific region will account for more than 45% of the total value of global fastener market demand. This trend will continue in the next six years, mainly due to the rapid development of industrialization in the Asia-Pacific region as well as a favorable economic environment, which in turn will promote demand for durable goods and other manufacturing industries.

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