Jason Sandefur

Freedonia financial analyst Dean Peters told FastenerNews.com he’s sticking to his forecast of 4.8% annual growth for the global fastener industry through 2012, despite the global financial crisis.

“I can’t deny that the potential is there, but I don’t think it substantively changes anything,” Peters noted during an interview with FastenerNews.com.

He pointed to oil price fluctuations to demonstrate his point, saying the price of crude has dropped as the markets plummeted, but he said that could quickly rebound if the markets stabilize.

Freedonia’s World Industrial Fasteners report found that global fastener demand will top $66 billion by 2012, driven by increased in “world economic output, fixed investment activity, manufacturing production, and aerospace equipment and motor vehicle output,”

Fastener demand in the world’s leading economies is still expected to grow, spurred by “generally favorable economic conditions,” continued fixed investment growth and higher income levels, the 372-page report concludes.

“The jury is unfortunately out, and it’s going to be a few months before we see if (the market has) reached the bottom.”

World Industrial Fasteners is available for $5,700 from The Freedonia Group, Inc., 767 Beta Drive, Cleveland, OH 44143-2326. Tel: 440 684 9600 Fax 440 646-0484 E-mail: pr@freedoniagroup.com Web: freedoniagroup.com �2008 FastenerNews.com