Freedonia estimates European fastener demand at US$15.7 billion in 2015, according to a press release for the new ninth edition of the World Industrial Fasteners report. The press release includes a chart showing the distribution of demand across major markets.
According to the report, aerospace fasteners accounted for about 11% of Western European demand, with a higher share in France and the UK. The report estimates global fastener demand at US$69.6 billion. China, the US, Japan, Germany and Taiwan accounted for two-thirds of global fastener production in 2015. The report predicts that the Asia-Pacific region will continue to account for the largest share of global fastener sales in 2020. So, in 2015 it amounted to 42% of total sales.
Freedonia also expects industrialization to drive rapid growth in the fastening industry in Africa and the Middle East, although the region's share of the total will remain small. Fastener sales growth in North America and Western Europe will be slower than the global market average, limited by the maturity of most fastener markets in these regions. The forecast for fastener demand in central and southern Africa suggests a return to growth in 2020.
Demand for automotive fasteners will account for 28% of the total by 2020. Demand for aerospace fasteners will show its fastest growth rate between 2015 and 2020.</p
Freedonia expects standard fasteners to account for 90% of total sales in 2020.
