CLEVELAND, Dec. 7, 2016 /PRNewswire/ -- Demand for industrial fasteners in Western Europe totaled $15.7 billion in 2015, representing the third largest regional market for these products behind the Asia/Pacific region and North America. Western Europe has large aerospace equipment, electrical and electronic equipment, machinery, and motor vehicle manufacturing industries, all of which are major fastener markets. As a result, overall intensity of product use (gauged against durable goods manufacturing value added) is much higher than the global average. The West European fastener market tends to be highly cyclical, reflecting the maturity of manufacturing industries in the region. Fastener demand in Western Europe grew less than one percent per year between 2010 and 2015, constrained by limited growth in manufacturing markets and declining construction spending. These and other trends are presented in Global Industrial Fastener Market, 9th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Aerospace-grade fasteners account for an above average share of the West European sales total (11 percent in 2015), due to the large size of the region's aerospace and defense equipment industries. Aerospace-grade products account for particularly large portions of total fastener demand in France (where Airbus airliner models are assembled) and the UK (home to BAE Systems, a leading manufacturer of military aircraft, armored vehicles, and naval vessels).
Like their counterparts in the US and Japan, leading West European fastener manufacturers are highly sophisticated technologically, offering a wide variety of product types. Germany is the leading fastener producer in the region, followed by Italy, France, Spain, and the UK. The regional trade surplus in these products totaled $1.6 billion in 2015. Countries in the region engage in extensive fastener trade with Eastern Europe.
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#3442 World Bearings (August 2016)
#3413 Industrial Fasteners (May 2016)
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group