Growing Market Demand Boosts Expansion of Malaysian Fastener Manufacturers

According to the industrial market research of the Freedonia Group, the global fastener sales is expected to rise by 5.2% to US$82.9 billion before 2016. Benefited by the substantial and growing Chinese domestic demand, The Asia Pacific region is expected to increase roughly 7.4% from 2011 throughout 2016, which will be the fastest growing trend. Facing challenges from the outside, Malaysian fastener producers in the gradually recovering market keep strengthening the R&D of products and are active in expanding operations around the world. One carbon steel fastener supplier from Malaysia said that the company will reinforce the manufacture of DIY fasteners in its Bukit Tengah plant in Penang. Chin Well also has another manufacturing plant in Vietnam for various fastening products. As is planned, Chin Well will gain its new CE certificate, which is also favorable for the company to win the bids in European, U.S., or Asian governmental infrastructure projects in the future. The fastener production of Chin Well is expected to grow 9% to 126,000 tons by the end of this year.