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This study analyzes the US industrial fastener industry. It presents historical demand data for 2002, 2007 and 2012, and forecasts for 2017 and 2022 by type (e.g., externally threaded, internally threaded, nonthreaded, application-specific, aerospace-grade) and market (e.g., original equipment manufacturing, maintenance/repair/operations, construction). The study also considers market environment factors, details industry structure, evaluates company market share and profiles industry players.
US demand to rise 4.3% annually through 2017
US demand for industrial fasteners is forecast to increase 4.3 percent per year to $14.8 billion in 2017. This considerable improvement from the performance registered during the 2007 to 2012 period will be driven by improved outlooks in a majority of the industries in which industrial fasteners are utilized. Sales growth will be supported by rebounding levels of motor vehicle manufacturing, along with rising aerospace equipment and machinery shipment levels. Fastener producers will also benefit from renewed strength in both construction activity and fixed investment spending. In addition, gains will be bolstered by fastener manufacturers offering highly engineered, advanced fastener products that can be sold at a premium. On the other hand, demand will be held back by competition from producers in lower-cost regions, and from moderating raw material costs, both of which will serve to restrict industrial fastener price increases. Furthermore, these products will continue to face competition in a number of applications from alternative joining technologies, such as adhesives, clinching, and welding.
Motor vehicle market to post above-average growth
The large US motor vehicle market for industrial fasteners is expected to post above-average yearly growth through 2017. This will be a major improvement from the lack of sales gains experienced from 2007 to 2012. Market expansion will be the result of modest annual increases in motor vehicle production through 2017, a major turn-around from the output declines posted during the 2007 to 2012 period. In many cases, motor vehicle manufacturers will continue attempts to decrease the number of fasteners per vehicle in order to reduce weight and simplify production. However, fastener producers will find opportunities for growth by offering lighter and more durable product designs, as well as fasteners specifically for the increasing electric and hybrid vehicle market.
Standard fasteners to outpace aerospace-grade
The market for standard fasteners is expected to outpace aerospace-grade fastener sales through 2017. This will largely be a reflection of the improved conditions in the motor vehicle market, which uses primarily standard fasteners. Externally threaded and application specific standard fasteners will post the fastest gains through 2017, although the outlook is positive for every major product category. While not forecast to match standard products, aerospace-grade fastener sales will fare better than they did during the 2007-2012 period. Suppliers will benefit from increasing levels of commercial aircraft production. The growing use of composite materials in plane manufacturing will reduce the total number of fasteners required on a per plane basis in many cases, but this will be partially offset by sales of higher value fastening products designed specifically for use with composites.
Imports to grow slightly faster than exports
Shipments of industrial fasteners from US manufacturers are forecast to slightly lag the rate of growth in domestic demand through 2017. Gains will be supported by improved market conditions and the reshoring of some fastener-using manufacturing operations. However, competition from foreign suppliers will remain intense. Import growth will narrowly outpace export growth through 2017, and the US trade deficit in industrial fasteners will expand.
Profiles 32 competitors in the US industry including Alcoa, Illinois Tool Works, Precision Castparts and Stanley Black & Decker
This study analyzes US supply of and demand for industrial, mechanical fasteners. The following types of products are included: standard and aerospace-grade externally threaded fasteners (such as bolts and screws), internally threaded fasteners (nuts, threaded inserts, etc.), nonthreaded fasteners (such as rivets, pins and washers), and application-specific (or specialized) standard fasteners, including miscellaneous formed fasteners.
Excluded from the scope of the study are nails, brads, spikes, tacks, and related items, along with adhesives and other joining/bonding products, although these are discussed for their potential impact on industrial fastener demand. Nonindustrial type products like buttons, paper clips, and zippers are excluded as well. For the purposes of this study, the term “aerospace-grade” refers to a category of high performance industrial fasteners manufactured to the specifications of aerospace/defense companies and agencies. End use applications for these fasteners, however, are not confined to the aircraft/ aerospace industries, but can also include construction, high performance automobiles, industrial machinery, and various other settings where the capabilities of such fasteners are warranted.
Historical data (2002, 2007, and 2012) and forecasts for the years 2017 and 2022 are provided in current dollars for demand, shipments, and net exports for industrial fasteners overall and for the aggregate standard and aerospacegrade fastener product categories. Shipment statistics for these categories are also provided in constant 2005 dollars. Historical sales data and projections for detailed product types and for markets are provided in current dollars. As used in this study, the term “shipments” includes all production from US manufacturing sites that is shipped to both US and foreign markets. The term “demand” — used interchangeably with “market,” “sales,” and “consumption” — is defined as all shipments from US plants, plus imports minus exports. Tabular details may not add to totals due to independent rounding, and some ratios are based on unrounded numbers. In addition, major fastener manufacturers are identified and profiled, and the key industry competitive variables are discussed. The entire report is framed within the fastener industry’s economic, technological, and market environments.