Fastener is a general term for a class of mechanical parts used when two or more parts (or components) are fastened together into a whole. The categories of fastener including bolts, studs, screws, nuts, self-tapping screws, wooden screws, retaining rings, washers, pins, rivet assemblies, and soldering studs, etc, which is a kind of general basic parts, the upstream of the industry chain for steel, copper, aluminum, zinc and other raw materials suppliers.
The global industrial fastener market size is expected to grow from US $84.9 billion in 2016 to US $116.5 billion in 2022 at a CAGR of 5.42%. In recent years, with the economic and industrial development in China, the United States, Russia, Brazil, Poland, India and other countries, will further drive the growth of fastener demand. In addition, the growth of home appliances, automotive industry, aerospace manufacturing, construction industry, electronics industry, machinery and equipment manufacturing, and manufacturing aftermarket will also stimulate the demand for fasteners market. The United States, Germany, the United Kingdom, France, Japan and Italy are importers of fasteners and exporters of high quality fastener products. In terms of product standards, the United States, Japan and other developed manufacturing countries started early, perfect industry standards, fastener production has certain technical advantages.
In recent years, China’s fastener industry has maintained a rapid development, with increasing production, sales and nationalization. Fasteners are widely used in all kinds of machinery, equipment, vehicles, ships, railways, Bridges, buildings, structures, tools and instruments and other fields, closely related to the development of equipment manufacturing industry. With the steady development of China’s economy, the continuous improvement of the downstream industry demand for fasteners, and the strong support of national policies, the market size of fasteners will continue to keep rising. It is expected that by 2021, the overall market size of fasteners in China will reach 155.34 billion yuan.
Post time: Sep-15-2022