Fastest demand for fasteners in Asia Pacific

According to a recent report from Friedonia, a leading industry research firm, the global industrial fastener market is expected to grow at a steady pace of 5.2% annually, reaching $82.9 billion by 2016. This growth is largely driven by the recovery of major economies following the 2009 financial crisis, which has boosted demand for durable goods—an area that heavily relies on fasteners.

The automotive sector has played a key role in this trend. With the resurgence of the motor vehicle market in developed countries, global car production is projected to rise significantly, directly benefiting fastener manufacturers. In fact, in 2011, original equipment manufacturers (OEMs) became the largest consumers of industrial fasteners, and this trend is expected to continue, with vehicle output hitting new highs by 2016. Additionally, increased manufacturing activity and infrastructure investment are also fueling demand for fasteners across various industries.

Despite these positive trends, the market faces challenges from alternative connection technologies such as adhesives, which are gaining traction in certain segments and could slow down growth in some areas.

The Fastest Growth in the Asia-Pacific Region

Between 2011 and 2016, the Asia-Pacific region is set to experience the most rapid increase in fastener demand, with an average annual growth rate of around 7.4%. China, the region’s largest market, will be a major driver of this growth. While Chinese fastener demand grew steadily from 2006 to 2011, it is anticipated to accelerate further through 2016, fueled by expanding industrial activity and infrastructure development.

India, the second-largest fastener market in the Asia-Pacific region, is also expected to see significant growth. By 2016, India's fastener sales are projected to grow at the fastest rate in the region. The continued expansion of durable goods manufacturing in both China and India, along with the ongoing need for replacement parts and components in infrastructure projects, will further support the industrial fastener market.

Other developing nations in the region are also showing strong potential. Fastener sales in these markets are expected to grow steadily, contributing to the overall regional expansion.

In contrast, demand in developed economies such as the United States, Western Europe, and Japan has grown more slowly. From 2006 to 2011, their fastener consumption lagged behind that of emerging markets. Even by 2016, their growth rates are expected to remain below the global average. This is due to the maturity of their manufacturing sectors, which offer fewer opportunities for rapid expansion. However, as automobile production recovers and construction spending increases, advanced economies may still see gradual improvements in their fastener markets in the coming years.