The Freedonia Group, a major industrial research firm, is predicting that
demand for industrial fasteners will grow 5.6% annually through 2007, when they
will hit $11.5 billion. Fueling the demand: increases in durable-goods
production, construction spending, as well as generally faster economic
growth.
Ironically, the continual improvement in fastener could hold back that growth
in maintenance/repair/operations applications.
The research firm says that high-performance fasteners, including most
application-specific standard fasteners and aerospace-grade fasteners, will see
the strongest gains. Demand for those products is expected to exceed $3 billion
in 2007.
Demand for application-specific standard fasteners will grow at a faster pace
than other standard fasteners as more manufacturers replace commodity items with
specialized designs. Meanwhile, renewed strength in aircraft production will
bolster use of aerospace fasteners. Plastic-fastener use will grow too, thanks
to the development of better plastics
Among the innovations in fastener design that will bolster their use are new
generations of self-locking and self-sealing fasteners. Those are components
that install without tools. Another innovation bound to increase fastener use is
the emergence of advanced alloys, composites, and plastics in the use of
fasteners.
The report's authors say that despite the growth of industrial fasteners,the
use of adhesives, clinching, and welding will likewise remain intense.
Industrial fasteners have been on a steady growth path. In 1997, demand for
them represented $8.5 billion. In 2002, demand represented $8.7 billion.
Engineers can purchase the full report at www.freedoniagroup.com.
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The OEM market for
industrial fasteners totaled nearly $7 billion in the year 2002, as
opposed to the nearly $2 billion MRO and construction market.© Copyright
by The Freedonia Group,
Inc.
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