With the global economic slowdown slowly fading into the past, demand for industrial fasteners is projected to grow at a modest pace over the next few years. The growth is mostly expected in the areas of electronic and construction markets. Demand for industrial fasteners is growing significantly as a result of the boom in the construction industry, particularly in the non-housing sector. Growth rates for the U.S. market, however, are expected to slow in 2008 due to the continuing housing slump and weakness in industrial and automotive sectors.

A steep decline in profit margins along with a need to maintain the highest quality is driving relatively smaller players in the global fastener industry towards consolidation. An increasing number of players are tying up with other part/component manufacturers, positioning themselves as "industry specific" system and service providers.

Another trend that is holding the attention of consumers is the use of plastic fasteners. As companies focus on finding different ways of getting a job done in a better, faster and more economical manner, plastic clamps, clips, and ties are expected to increase their share of the overall market.

Bolts represent the largest product segment worldwide, with sales estimated at $22.4 billion in 2007. The market for screws, meanwhile, is projected to grow at a compound annual rate of 5.8% over the analyzed period through 2010. The automotive industry remains the largest end user for industrial fasteners, accounting for about 26% of the global sales value in 2007.

The mechanical engineering segment is projected to post the fastest annual growth among end-use segments over the analyzed period. Europe dominates the global market, with sales estimated at $13.6 billion in 2007. Germany is poised to emerge as a key regional market, with its annual growth rate hovering around 5% over the period through 2010. Bolts and screws dominate the U.S. fasteners market with an estimated market share of 53% and 22%, respectively, in 2007.

The global industrial fastener market is characterized by a high degree of fragmentation as well as intense competition. While product quality continues to be a key strategy for firms to become market leaders, competitive pricing and service offerings are increasingly being considered as "differentiating" elements.

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