Industrial fasteners market to reach $14.8 Billion
MRO MagazineManufacturing Manufacturing
Cleveland, ON – Demand for industrial fasteners in the United States is expected to increase 4.3% per year to $14.8 billion in 2017. Gains will be supported by rebounding levels of motor vehicle manufacturing, a segment that makes up...
Cleveland, ON – Demand for industrial fasteners in the United States is expected to increase 4.3% per year to $14.8 billion in 2017. Gains will be supported by rebounding levels of motor vehicle manufacturing, a segment that makes up roughly one-quarter of all fastener demand. The fastest growth in fastener sales will be found in the construction market, as construction activity – both residential and non-residential – makes a strong recovery from the declines posted during the 2007-2012 period.
These and other trends are presented in Industrial Fasteners, a new study from The Freedonia Group, a Cleveland-based industry market research firm.
The original equipment manufacturing market (OEM) for industrial fasteners will outpace growth in the maintenance, repair and operations (MRO) market, as US manufacturing output continues to recover from the 2007-2009 recession.
Machinery and aerospace equipment shipments are forecast to expand at improved rates. US fabricated metal product output will rise, and the ongoing trend of ‘reshoring’ in a range of industries will support increases in fastener demand.
Growth in fastener sales in MRO applications will improve from the performance registered during the 2007 to 2012 period, as fixed investment rises and fastener-containing equipment sees more use with expanding production.
Competition from alternative joining technologies, such as adhesives, clinching and welding, will prevent further gains in a number of applications. Moreover, fasteners are a mature product; while opportunities for value-added technological improvements certainly exist, they tend to be limited in many markets.
Externally threaded standard fasteners will remain the largest single product category, posting the fastest gains, along with application-specific products.
Industrial Fasteners (published 10/2013, 260 pages) is available for US$5,100 from The Freedonia Group Inc. at www.freedoniagroup.com.