Industrial Fasteners to 2017

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Date: 31-Oct-2013
No. of pages: 260
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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.

Company Profiles

Profiles 32 competitors in the US industry including Alcoa, Illinois Tool Works, Precision Castparts and Stanley Black & Decker

Additional Information

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.

Industrial Fasteners to 2017

Table of Contents

Introduction IX

I.Executive Summary 1

II.Market Environment 4
General 4
Economic Environment 5
Cyclical Trends 9
Long-Term Trends 12
Market Dynamics 14
OEM 14
MRO 18
Construction 22
Pricing Patterns 26
Fastener Materials 29
Metals 30
Plastics 32
Technology 33
Basic Fastener Technology 34
Specialty Fasteners 36
New Fastening Technologies 37
Competitive Joining Technologies 38
Legal & Regulatory Environment 41
International Environment 44
World Supply & Demand 46
US Foreign Trade 48
Imports 49
Exports 52

III.Products 55
General 55
Standard Fasteners 59
Externally Threaded 62
Standard Screws 65
Standard Bolts 66
Other 67
Internally Threaded 68
Conventional Nuts 70
Other 71
Nonthreaded 72
Rivets 74
Washers 76
Other 77
Application-Specific 77
Market Share 79
Aerospace-Grade Fasteners 81
Externally Threaded 84
Internally Threaded 86
Nonthreaded 87
Market Share 89

IV.Markets 91
General 91
Original Equipment Manufacturing 94
Motor Vehicles 97
Industry Outlook 98
Fastener Market 102
Machinery 105
Industry Outlook 106
Fastener Market 108
Aerospace 110
Industry Outlook 111
Fastener Market 112
Fabricated Metal Products 115
Industry Outlook 115
Fastener Market 117
Electrical & Electronic Products 118
Industry Outlook 119
Fastener Market 122
Furniture & Wood Products 124
Industry Outlook 125
Fastener Market 126
Other OEM Applications 127
Maintenance/Repair/Operations 129
Services 132
Sector Outlook 132
Fastener Market 133
Industrial 135
Sector Outlook 135
Fastener Market 137
Public/Institutional Sector 139
Sector Outlook 140
Fastener Market 141
Construction 142

V.Industry Structure 146
General 146
Industry Composition 148
Market Share 150
Product Development & Manufacturing 154
Marketing & Distribution 157
Cooperative Agreements 159
Financial Issues 162
Mergers, Acquisitions, & Industry Restructuring 164
Company Profiles 167
AAA Aircraft Supply, see Precision Castparts Acument Global Technologies Incorporated 168
Air Industries, see Precision Castparts Ajax Metal Processing, see Cold Heading Alcoa Incorporated 171
Allfast Fastening Systems Incorporated 175
Anixter International Incorporated 176
Aoyama Seisakusho Company Limited 179
Atlas Bolt & Screw, see Berkshire Hathaway Avibank Manufacturing, see Precision Castparts Berkshire Hathaway Incorporated 181
Cherry Aerospace, see Precision Castparts Cold Heading Company 185
Deerwood Fasteners International, see Berkshire Hathaway Delo Screw Products, see Park-Ohio Holdings Doncasters Group Limited 187
Emhart Teknologies, see Stanley Black & Decker ERICO International Corporation 190
Facil & Cie GCV, see KAMAX-Werke Rudolf Kellermann & and Raymond (A.) Group Fastenal Company 191
Fastener & Automotive Products, see MNP Fatigue Technology, see Precision Castparts Federal Screw Works 193
Ferry Cap & Set Screw, see Doncasters Group General Fasteners, see MNP Hilti AG 194
Huck Fasteners, see Alcoa Ifastgroupe 196
Illinois Tool Works Incorporated 199
Indiana Automotive Fasteners, see Aoyama Seisakusho Infastech, see Stanley Black & Decker KAMAX-Werke Rudolf Kellermann GmbH & Company 208
Lamons, see TriMas Link Solutions for Industry 211
MacLean-Fogg Company 214
Marmon Group, see Berkshire Hathaway MNP Corporation 217
Monogram Aerospace Fasteners, see TriMas Nelson Stud Welding, see Doncasters Group Nifco Incorporated 220
Nucor Corporation 222
NYLOK, see Berkshire Hathaway Pan-American Screw, see Berkshire Hathaway Park-Ohio Holdings Corporation 223
PennEngineering & Manufacturing Corporation 225
Piolax Incorporated 229
Powers Fasteners, see Stanley Black & Decker Precision Castparts Corporation 231
QRP, see PennEngineering & Manufacturing Raymond (A.) Group 237
RB&W Manufacturing, see Park-Ohio Holdings Robertson, see Berkshire Hathaway Rockford Products LLC 241
SFS Holding AG 242
Shur-Lok, see Precision Castparts Southco Incorporated 244
Specialty Bolt & Stud, see Berkshire Hathaway SPS Technologies, see Precision Castparts Stanley Black & Decker Incorporated 246
Sure Drive USA, see Berkshire Hathaway 3V Fasteners, see PennEngineering & Manufacturing TriMas Corporation 252
TRW Automotive Holdings Corporation 255
Ty-Lan Enterprises, see Berkshire Hathaway Würth (Adolf) GmbH & Company KG 257

List of Tables

Section I -- Executive Summary
Summary Table 3

Section II -- Market Environment
1 Macroeconomic Indicators 8
2 Industrial Fastener Demand, 2002-2012 11
3 Manufacturers’ Shipments 18
4 Private Fixed Investment by Sector 22
5 Construction Expenditures 26
6 Industrial Fastener Price Deflators 28
7 Industrial Fastener Demand by Material 30
8 World Industrial Fastener Demand by Region 47
9 US Foreign Trade in Industrial Fasteners 49
10 US Industrial Fastener Imports by Source 52
11 US Industrial Fastener Exports by Destination 54

Section III -- Products
1 Industrial Fastener Supply & Demand 58
2 Standard Fastener Supply & Demand 61
3 Externally Threaded Standard Fastener Demand 64
4 Internally Threaded Standard Fastener Demand 70
5 Nonthreaded Standard Fastener Demand 74
6 Application-Specific Standard Fastener Demand 79
7 Aerospace-Grade Fastener Supply & Demand 83
8 Externally Threaded Aerospace-Grade Fastener Demand 86
9 Internally Threaded Aerospace-Grade Fastener Demand 87
10 Nonthreaded Aerospace-Grade Fastener Demand 89

Section IV -- Markets
1 Industrial Fastener Demand by Market 93
2 OEM Industrial Fastener Demand by Market 95
3 Motor Vehicle Indicators 102
4 Motor Vehicle Fastener Demand 105
5 Machinery Shipments 108
6 Machinery Fastener Demand 110
7 Aerospace Equipment Shipments 112
8 Aerospace Fastener Demand 114
9 Fabricated Metal Product Shipments 116
10 Fabricated Metal Product Fastener Demand 118
11 Electrical & Electronic Product Shipments 122
12 Electrical & Electronic Product Fastener Demand 124
13Furniture & Wood Product Shipments 126
14 Furniture & Wood Product Fastener Demand 127
15 Other OEM Fastener Demand 129
16 MRO Fastener Demand by Market 131
17 Selected Service Revenues 133
18 Service Sector Fastener Demand 135
19 Industrial Sector Outlook 137
20 Industrial Sector MRO Fastener Demand 139
21 Government Spending & Investment 141
22 Public/Institutional Sector Fastener Demand 142
23 Construction Sector Fastener Demand 145

Section V -- Industry Structure
1 Selected US Industrial Fastener Sales by Company, 2012 149
2 Capital Spending Patterns: Selected Industrial Fastener M anufacturers, 2010-2012 157
3 Selected Cooperative Agreements 161
4 Composite Financial Ratios: Selected Industrial Fastener Manufacturers 163
5 Selected Acquisitions & Divestitures 166

List of Charts

Section II -- Market Environment
1 Industrial Fastener Demand, 2003-2012 12
2 Industrial Fastener Price Deflators, 2002-2012 29

Section III -- Products
1 Standard Fastener Demand by Type, 2012 62
2 US Standard Fastener Market Share, 2012 80
3 Aerospace-Grade Fastener Demand by Type, 2012 85
4 US Aerospace-Grade Fastener Market Share, 2012 90

Section IV -- Markets
1 Industrial Fastener Demand by Market, 2002-2022 93
2 OEM Industrial Fastener Demand by Market, 2012 96
3 Value Growth by OEM Market, 2012-2017 97
4 MRO Industrial Fastener Demand by Market, 2012 131

Section V -- Industry Structure
1 US Industrial Fastener Market Share, 2012 151

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