The United States represents the single largest market for industrial fasteners, as stated by a new market research report on Industrial Fasteners.Europe and Asia-Pacific are the other major regions. Toget.
Asia-Pacific is forecast to grow at the fastest growth rate of more than 6.0% through 2015. China is one of the largest producers and exporters of fasteners in the world. Increased production of motor vehicles, industrial machinery, and electrical and electronic components and renovation of infrastructure provided ample opportunity for growth of industrial fasteners market in China. Government investments in commercial and military aircrafts and impending aerospace projects such as solar research, aerospace shuttle Shenzhou VII and scientific recoverable satellites, propelled the market demand for aerospace fasteners.
Bolts represents the largest product segment in the industrial fasteners market. Fasteners play a vital role in determining the overall quality of a product. Non-threaded fasteners are forecast to experience the highest demand in the next few years. Automotive Industry constitutes the largest end-use market for industrial fasteners, followed by aerospace and construction. Aerospace and automotive would continue to generate bulk of the demand for industrial fasteners. With the rise in global population, construction of new homes and apartment is also expected to increase in future. Renovations, upgradations, add-ons of existing houses, apartment complexes, and other buildings also play a prominent role in this sector. In addition, the increasing construction needs building materials which permits bodes well for the construction sector, and in turn for the industrial fasteners market. Fasteners used in electronic products, along with plastic fasteners and high-performance and high-end specialty designs are expected to experience the fastest growth.
The global market for Industrial Fasteners is forecast to reach US$55 billion by 2015. Key factors fuelling market growth include revival in motor vehicle production, increased demand from developing regions, and potential growth in construction and aerospace sectors. Demand for fasteners in the electrical and electronic sector is also on the rise. More specifically, fasteners are in high demand in the manufacture of electrical oriented products, such as lightening and wiring devices, home appliances, and construction equipment.
With the global economy gradually recovering from the economic crisis, demand for industrial fasteners is projected to grow over the ensuing years. Future demand for industrial fasteners is likely to be stimulated from developing regions, including Asia-Pacific, Latin America, Eastern Europe, and the Middle East & Africa. China is forecast to register an impressive growth in demand, to rank among the world's top three industrial fasteners markets over the coming years. By 2012, China is expected to emerge as a major market. Potential growth is also expected in Brazil and other Latin American countries, due to economic liberalization programs designed to attract external capital. Prospects are even favorable in Eastern European countries and Russia with ongoing economic transition.
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