Demand for Industrial Fasteners in Indonesia to Grow 7.3% Annually Through 2023

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Jan 27, 2020, 09:52 ET

CLEVELAND, Jan. 27, 2020 /PRNewswire/ -- According to the study Global Industrial Fasteners, the OEM motor vehicle market is the largest outlet for industrial fasteners in Indonesia. However, manufacturing markets in general account for a below average share of sales by global standards. The country sustains significant markets for industrial fasteners in maintenance and repair operations and construction, as the large population contributes to sizable sales in spite of the underdeveloped economy.
https://www.freedoniagroup.com/industry-study/global-industrial-fasteners-3765.htm

Demand for industrial fasteners in Indonesia is projected to increase 7.3% per year to $1.1 billion in 2023, the second fastest among major national markets worldwide behind only India. Local manufacturing industries will achieve rapid gains, with the OEM motor vehicle market accounting for 30% of sales growth. Japanese automakers are expected to continue investing in Indonesian capacity, and foreign firms from other nations are also establishing a presence in the country.

Growth in the Indonesian economy will also support strong sales gains for fasteners in the maintenance and repair operations and construction markets. The former will benefit from the expanding quantity of machinery in use in the country, while the latter will be boosted by growth in both residential and commercial construction.

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