Average Annual Asia-Pacific Fastener Demand to Grow 7.4% Before 2016

According to a report of the Freedonia Group for the global industrial fastener market, the sales of global industrial fasteners will grow 5.2% per year and reach USD82.9 billion by 2016. Many economies will recover from the crisis starting from 2009, boosting the sales of durable goods with the largest demand for fasteners. Due to the recovery of the motor vehicle market in developed countries, the growth of the global production of motor vehicles is expected to speed up, boosting the fastener sales. Up to 2011, the OEM of motor vehicles became the largest market of industrial fasteners and is expected to achieve a record high production value by 2016. Additionally, the production and investment in fixed assets will also facilitate the demand for machine fasteners.

From 2011 to 2016, the fastener demand of Asia Pacific will reach a new record and increase with the average annual growth rate at 7.4%, mainly benefited by the strong demand of China. Regardless of the stable growth of fastener demand in China from 2006 to 2011, the growth of fastener demand in China will keep increasing at a faster pace by 2016. On the other hand, India, the country with the second largest fastener demand in Asia Pacific, will also take further steps to facilitate the fastener demand. It is expected by 2016 the global sales of Indian-made fasteners will show the fastest increase. The continuous growth of Chinese and Indian durable goods manufacturing industries and the demand for industrial parts for infrastructure will both stimulate the demand for industrial fasteners.

From 2006 to 2011, the fastener demand in the US, Western Europe, Japan, and other developed economies was much lower than that in developing countries and the growth of fastener sales in developed countries by 2016 will be still below the global average level, as the durable goods manufacturing industries within these regions have been quite matured, inhibiting most of the margin for fastener suppliers to grow. However, with the production of motor vehicles jumping out of the recession and the increasing expenditure in construction investment, the fastener markets in developed economies will show further development.