Abstract
US fastener demand to reach $12.5 billion in 2013
US demand for industrial fasteners will advance 1.2 percent per year to $12.5
billion in 2013. Sales will be bolstered by the expected recovery in motor
vehicle production from the low levels of 2008. Market expansion will also be
supported by accelerating growth in construction spending, particularly a
strong rebound in residential building expenditures. In addition, gains will
be driven by fastener manufacturers offering innovative products with
performance enhancing features, which can be sold at a premium. However, the
pace of increase will be restrained by competition from alternative joining
technologies such as adhesives, clinching and welding. Furthermore, output in
several important OEM industries is expected to moderate, and in some cases
even decline, which will limit fastener advances. Perhaps the most significant
factor restricting advances will be a forecast decline in fastener prices. Due
primarily to falling raw material costs, average industrial fastener prices
will decrease through 2013, in stark contrast to the robust price increases
posted during the 2003 to 2008 period. After adjusting for inflation, growth
through 2013 will be stronger than that of the 2003 to 2008 period.
Aerospace-grade fasteners to outpace standard types
The market for aerospace-grade fasteners will outpace standard fastener sales
by a narrow margin, with expected growth of 1.4 and 1.1 percent respectively.
Increased shipments of aerospace equipment will drive gains in this area. The
trend toward larger aircraft will also support the use of more fasteners.
Further market expansion will be held back by a slowing in national defense
spending. In addition, aircraft and space vehicles will be increasingly
constructed using composite materials, which often require the use of fewer
fasteners.
Construction market to grow the fastest
The construction segment will post the fastest gains through 2013, driven by
an expected solid recovery in new home construction from the low levels of
2008. Original equipment manufacturing (OEM) applications will continue to be
the most significant market for producers of industrial fasteners, due to the
dominant size of the market. Advances in the OEM segment will be supported by
a recovery in motor vehicle production, as well as by continued growth in
aerospace equipment shipments. Further expansion will be restrained by
moderating performance in a number of key OEM industries, including machinery
and electrical/ electronic products. In addition, the important fabricated
metal product industry is expected to see decreasing output levels through
2013, which will limit fastener demand.
Study coverage
This new Freedonia industry study, Industrial Fasteners, presents historical
demand data (1998, 2003 and 2008) and forecasts for 2013 and 2018 by product
and market. The study also considers market environment factors, evaluates
company market share and profiles 39 industry competitors.
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