Global Market for Industrial Fasteners to Exceed US$50.3 Billion by 2010, According to New Report by Global Industry Analysts, Inc.
Worldwide sales of Industrial Fasteners are projected to exceed US$50.3 billion by 2010, driven by an economic recovery in leading regional markets. Growth in the global industrial fasteners market over the next 4-5 years is to be powered mainly by an economic boom in the developing nations, particularly in the Asia and Latin America. Increased construction activities and a spurt in production levels of consumer durables are to increasingly drive demand for fasteners in both the advanced and developing nations.
San Jose, CA (PRWEB) February 26, 2008 -- With the global economic slowdown fading into the past, demand for industrial fasteners is projected to grow at a modest pace over the next five years. The growth is mostly expected in the areas of electronic and construction markets. Demand for industrial fasteners is growing significantly as a result of the boom in the construction industry, particularly in the non-housing sector. However, US market is expected to slowdown in 2007 & 2008 due to housing slump and weakness in industrial and automotive sectors.
A steep decline in profit margin along with a need to maintain the highest quality is driving relatively smaller players in the global fastener industry towards consolidation. An increasing number of players are tying up with other part/component manufacturers, positioning themselves as 'industry specific' system and service providers. Another trend that is holding the attention of consumers is the use of plastic fasteners. As most companies are focused on finding out different ways of getting a job done in a better, faster and more economical manner, plastic clamps, clips, and ties are expected to enter the fastener consumer market.
Bolts represent the largest product segment worldwide, with sales estimated at US$22.4 billion in 2007. Market for screws is projected to grow at a compounded annual rate of 5.8% over the analyzed period 2001-2010. Automotive industry remains the largest end user for Industrial Fasteners, accounting for about 26% of the global sales value in 2007. Mechanical Engineering segment is projected to post the fastest annual growth among end-use segments over the analyzed period.
Europe dominates the global market with sales estimated at US$13.6 billion in 2007. Germany is poised to emerge as the regional market with fastest annual growth rate, at a CAGR of 5% over the period 2001-2010. Bolts and screws dominate the US fasteners market with an estimated market share of 53 % and 22% respectively in 2007.
The global industrial fastener market is characterized by a high degree of fragmentation and as a result, an intense competition. While product quality continues to be a prominent strategy towards leadership, competitive pricing and service offerings are increasingly being considered as 'differentiating' elements.
Market participants include Acument™ Global Technologies, Inc., Alcoa Fastening Systems, Earnest Machine Product Company, Emhart Teknologies, FabriSteel, Federal Screw Works, Finnveden Bulten AB, Gem-Year Industrial Co. Ltd., Hilti Aktiengesellschaft, Illinois Tool Works Inc., Infasco, Infast Group Plc, Ingersoll Fasteners, KAMAX-Werke Rudolf Kellermann GmbH & Co. KG, LISI Group, MacLean-Fogg Company, McKechnie Limited, MNP Corporation, Nitto Seiko Co., Ltd., Nucor Corporation, SPS Technologies LLC, Sundram Fasteners Limited, The Marmon Group LLC, TRW Automotive, and Wilhelm Böllhoff GmbH & Co. KG.
"Industrial Fasteners: A Global Strategic Business Report" published by Global Industry Analysts, Inc., analyzes the global market with hard-to-find data and analytics for key regional markets such as Europe and the United States, alongside up and coming markets such as Asia-Pacific, and Latin America. The report provides a comprehensive review of market trends and issues, drivers, business profile, players, competitive landscape, recent developments, mergers, acquisitions, alliances, product launches and other strategic industry activities. Market analytics are presented in US$ over the years 2001 through 2015. Historic data is also provided for an insight into market evolution over the period 1991-2000.
For more details about this research report, please visit http://www.strategyr.com/Industrial_Fasteners_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press@StrategyR.com
Web Site www.StrategyR.com
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