The following is a specific analysis:
Growth in Market Size
·Global Market: According to relevant reports, the global fastener market size is in a continuous growth trend. The global industrial fastener market size was 85.83 billion US dollars in 2023, and the market size of the fastener industry is expected to grow at a rate of 4.3% per year in the future.
·Chinese Market: As the world's largest producer of fasteners, China has seen a continuous expansion of the overall scale of the industry in recent years. It is predicted that by 2028, the market size of China's fastener industry will exceed 180 billion yuan.
Driving Factors
·Rise of Emerging Industries: Emerging industries such as new energy vehicles, intelligent manufacturing, aerospace, and offshore engineering are developing rapidly. For example, in the new energy vehicle industry, with the rapid growth of the production and sales volume of new energy vehicles, the demand for fasteners has also increased significantly. In the aerospace field, the demand for high-strength, high-performance, and high-reliability fasteners is constantly rising, bringing new growth points to the fastener industry.
·Advancement of Infrastructure Construction: The advancement of infrastructure construction and urbanization processes around the world, such as construction, bridge, and railway projects, have a huge demand for fasteners, providing a broad development space for the fastener market.
·Promotion of Technological Innovation: The progress of materials science has led to the application of new high-strength and highly corrosion-resistant materials in fastener production, improving the performance of fasteners. The introduction of intelligent manufacturing and digital technologies into fastener production has increased production efficiency and precision, reduced costs, and enhanced the overall competitiveness of the industry, also driving the development of the market.
·Growth of Global Trade: The expansion of global trade has made international trade of fasteners more frequent. As a major exporter of fasteners, China occupies an important position in the global market. With the growth of international market demand for high-value-added products from China, Chinese fastener enterprises have more opportunities to expand into international markets, promoting the expansion of the market size.
Changes in Product Structure
·Strong Demand for High-End Products: The downstream industries have higher requirements for the performance and quality of fastener products. High-end equipment manufacturing industries such as aerospace, high-speed rail, and other fields, as well as emerging industries, have an increasing demand for high-strength, high-precision, and special-purpose fasteners, prompting fastener enterprises to transform towards high-end products.
·Development Trend of Green Products: Under the background of stricter environmental protection policies, green production has become the development direction of the fastener industry. Enterprises are strengthening the research on energy conservation, emission reduction, and new environmental protection technologies, promoting new green and environmentally friendly electroplating processes, and promoting the application of new materials such as non-quenched and tempered steel. The market share of green and environmentally friendly fastener products will gradually increase.
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Post time: Feb-13-2025