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.
|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.(C) Copyright by The Freedonia Group, Inc.|