Russian Fastener Market Demand to Reach US$1.83 Billion by 2016

Russian fastener industry in the most recent years has greatly benefited by the stable and healthy growth in the automobile production and the fast growth in lightweight jetliner manufacturing industry. Russian market demand increased from US$1.11 billion in 2006 to US$1.45 billion in 2011(with a CAGR of 5.5%). It is expected by 2016 Russian fastener market demand will be US$1.83 billion.

In 2013, Russian fastener market demand was expected to be US$1.59 billion, making Russia the largest market for industrial fasteners in Eastern Europe (automotive fasteners represented the largest share, followed by other fasteners used in machinery and electronics applications). However, as not many investments have been recently proposed in the region, local Russian fastener manufacturers seldom renovate their manufacturing facilities, indirectly impeding the development of the industry. Meanwhile, the fastener production in Russia is still far away from fully satisfying its domestic market demand, that is why the fastener import continues to increase.

The value of fastener import of Russia in 2013 reached US$0.96 billion. Its major imports of origin were China, Germany, Belarus, and Taiwan. In the same year, the value of fastener export of Russia reached US$0.135 billion. The major destinations of shipment were Kazakhstan, India, and Belarus. Due to positive factors like the joining of Russia into WTO, potential fast growth in automotive and related industries, reinforcement of Russia’s military force and overseas weapon sales, all which may benefit the development of aircraft, vessel, and other military facilities, thus, the demand for industrial fasteners in Russia is expected to reach US$1.83 billion by 2016.