Where to buy cheaper and high-quality Fastener?
Where to buy custom made Fastener?
How to choose excellent fastener factory？
This article will explain the following points:
Current status of global fastener industry
Current status of China’s fastener industry
Application fields of fasteners and advantages of China’s fastener industry
Development trends of China’s fastener industry
Analysis of China’s fastener export data
How to judge whether it is a high-quality fastener supplier?
The global industrial fasteners market is expected to grow from US$84.9 billion in 2016 to US$116.5 billion in 2022. The global industrial standard fastener market size will drop to US$69.37 billion in 2024, and the market is expected to reach US$96.41 billion by 2032, with a compound annual growth rate of 4.2% during the forecast period.
In recent years, with the economic and industrial development of countries such as China, the United States, Russia, Brazil, Poland and India, it will further drive the growth of fastener demand. In addition, the growth of industries such as household appliances, automobile industry, aerospace manufacturing, construction industry, electronics industry, machinery and equipment manufacturing, and manufacturing after-sales markets will also stimulate an increase in market demand for fasteners.
As the world’s manufacturing factory, China has advanced fastener manufacturing capabilities. It also has experienced engineers, skilled workers, complete production management capabilities, and advanced production technology. It can deliver high-yield, high-quality products in a timely manner. It is the most important fastener production base in the world. On the basis of continuously improving their technical strength and enhancing their technological advantages, Chinese manufacturers are gradually seeking to develop overseas markets.
In recent years, many powerful Chinese companies have acquired Japanese home appliance companies, overseas home appliance suppliers have shifted to China, and Chinese home appliance manufacturers have explored overseas markets. The development of overseas home appliance markets will further drive demand for Chinese fastener products. At the same time, the customized research and development of home appliance fasteners will further promote the diversification of non-standard product types in China.
The development of China’s automobile industry has attracted much attention in recent years. In 2023, China’s automobile manufacturing industry will achieve operating revenue of 10,097.58 billion yuan, a year-on-year increase of 8.7% to 11.9% (according to statistical results from different data sources). This growth is mainly due to the continuous increase in automobile production and sales and the rapid development of the new energy vehicle market.
The rapid development of the automobile industry has also driven the development of China’s fastener industry. China’s automotive fasteners have undergone great evolution in terms of quality and price. The research and development level of automotive fasteners has also been greatly improved.
The development of China’s automobile industry has attracted much attention in recent years. In 2023, China’s automobile manufacturing industry will achieve operating revenue of 10,097.58 billion yuan, a year-on-year increase of 8.7% to 11.9% (according to statistical results from different data sources). This growth is mainly due to the continuous increase in automobile production and sales and the rapid development of the new energy vehicle market.
The rapid development of the automobile industry has also driven the development of China’s fastener industry. China’s automotive fasteners have undergone great evolution in terms of quality and price. The research and development level of automotive fasteners has also been greatly improved.
To sum up, with the accumulation of technology, equipment updating and investment, China’s fastener product structure continues to be optimized.
Products such as new fasteners of different designs have made great progress.
China’s fastener output ranks first in the world and is a major producer and exporter of fasteners. In recent years, the entire fastener industry has basically maintained a market size of more than 100 billion. However, China’s low-end fastener production capacity is overcapacity and the supply of mid-to-high-end products is insufficient. The upgrading and adjustment of the product structure is an inevitable trend in the development of the industry. In the future, with the development of modernization and robotic technology, the cost of fasteners in China will be further controlled and reduced.
The main difficulty in mid-to-high-end fasteners lies in non-standard customization, which places high requirements on factory quality system management, such as process management of finished product inspection. At the same time, there are relatively high requirements on the automation level of equipment and the experience of personnel in the production process. Therefore, looking for fastener suppliers in China is a good choice.
In short, Chinese fasteners still have great advantages under the dual evaluation of technology and price.
The top 20 export destinations of China’s steel fasteners from January to October 2024 (calculated by export value) are: the United States, Russia, Vietnam, Germany, Japan, South Korea, Mexico, the United Arab Emirates, India, Thailand, Australia, the United Kingdom, Brazil, Italy, Malaysia, Saudi Arabia, Poland, Indonesia, Canada, and Singapore.
The top 20 export destinations accounted for 71.75% of the total export value. The United States continues to remain the first export destination (14.30%), far ahead of Russia (5.67%), which ranks second, followed closely by Vietnam, Germany, and Japan.
In addition, the top 21-30 countries and regions of China’s export destinations are: the Netherlands, Spain, Hong Kong, Philippines, South Africa, France, Kyrgyzstan, Kazakhstan, Iraq, and Egypt. They are also potential export markets worthy of attention by Chinese fastener merchants.
From the above analysis, we can see that Asia is the largest export regional market for China’s fasteners, followed by Europe, North America, South America and Australia also have a certain share. Southeast Asian markets, such as Vietnam, Thailand, Malaysia, Indonesia, and Singapore, have seen rapid growth in demand for Chinese fasteners in recent years and are an important growth point for China’s fastener exports. Although the European and American markets are restricted by trade barriers such as anti-dumping duties, they still have high demand for Chinese fasteners. Central and South American markets, such as Mexico and Brazil, have high import demand for Chinese fasteners, but regional economic fluctuations will also have a certain impact on export stability.
How to choose excellent fastener factory？
Finally, how to judge whether a fastener manufacturer is a high-quality supplier? Assessment should be made from the following five aspects.
- First look at the R&D capabilities, whether it has an independent research laboratory, an independent mold workshop, advanced and comprehensive testing equipment, and strict production and equipment management procedures.
- Have sources of raw materials and quality control procedures. Whether materials are strictly tested and processed before being used in production.
- An excellent fastener manufacturer should have diversified product categories and customized service capabilities. In order to ensure the safety and reliability of fasteners, manufacturers usually conduct a series of testing and certification on their products, including dimensional testing, strength testing, hardness testing and salt spray testing.
- Choosing manufacturers with good delivery times and inventory management capabilities can reduce uncertainty and the risk of production shutdowns in the supply chain. Understanding the manufacturer’s production capacity, stocking status and flexibility in responding to order changes is the key to evaluating delivery time management capabilities.
- Excellent fastener manufacturers have a complete customer service and support system, providing all-round support from product selection, technical consultation to after-sales service. The after-sales problem handling and feedback mechanism is also an important aspect when inspecting manufacturers. Timely and effective problem solving and customer feedback can improve customer satisfaction and loyalty.
