Global industrial fastener demand will grow 3% in 2017, according to Ken Long, manager of capital goods research at the Freedonia Group. Long spoke at the inaugural Fastener Industry Summit, held June 7th in Rosemont, Illinois. His presentation provided an analysis of current fastener market conditions and forecasts from two recent Freedonia studies, Global Industrial Fastener Market and US Industrial Fastener Market.
“Growth in world fastener demand in 2017 will be bolstered by a rebound in US sales and advances in areas where demand in dollar terms has been adversely affected by a rise in the value of the US dollar,” Long said. The fastest market gains will be posted in China, India, and other developing parts of Asia, fueled by increases in durable goods production. US fastener demand, which declined in 2016, is projected to climb 2.3% in 2017.
The Fastener Industry Summit was sponsored by the Fastener Industry Coalition, an organization composed of 13 national and regional fastener associations.
The Freedonia Group’s industrial fastener studies can be accessed here: