Report on the development of fasteners in China

As an important part of the field of machinery manufacturing, the fastener industry has developed rapidly in recent years. Here is an analysis of some of the latest developments and trends in the fastener industry in 2024:
1. Industry status: China is a major fastener manufacturer in the world, and the output of fasteners is expected to reach 9.7798 million tons in 2023, and the market demand is growing steadily. The fastener industry plays an important role in many fields such as automobiles, energy, electronic appliances, machinery and chemical industry, metallurgy, and molds.
2. Technological progress: With the rapid development of downstream industries such as wind power, construction machinery, rail transit, and aerospace, the demand for high-strength, specialized high-end fasteners continues to grow. At the same time, enterprises in the industry are meeting market demand through technological innovation and product upgrading.

3. Market analysis: The market size of China's fastener industry will be about 147.5 billion yuan in 2023, and it is expected that the market size will continue to grow in the future, and it is expected to exceed 180 billion yuan by 2028. The industry competition pattern shows that enterprises are mainly concentrated in the Yangtze River Delta region, such as Zhejiang and Jiangsu, and a number of industry leading enterprises have emerged.

4. Policy background: The national policy encourages the development of the fastener industry, especially high-strength fasteners, supports enterprises to implement industrial base reengineering projects, and accelerates the completion of shortcomings in the field of high-end basic parts.

5. Development trend: It is expected that in the next five years, China's fastener industry will continue to maintain a growth trend, the direction of product structure adjustment is increasingly clear, the rapid development of high-end fastener products, and the development of overseas markets will further promote the development of export trade.

6. Industry pain points: Despite the large market scale, the fastener industry is facing problems such as small enterprise scale, low level of automation, and low technical process. There are few effective suppliers in the field of high-end fasteners, and most companies rely on imports.

7. Global Market: The global industrial fastener market size was valued at USD 85.83 billion in 2023 and is expected to reach USD 125.87 billion by 2032, registering a CAGR of 4.3% during the period. The development of the construction and aerospace industries is the major factor driving the growth of the market.

8. Industry activities: On March 26-28, 2025, the Shenzhen International Fastener Exhibition will be held at the Shenzhen World Convention and Exhibition Center, which is the first fastener industry chain terminal exhibition with an area of more than 20,000 square meters in South China, and it is expected that 300 fastener companies will participate in the exhibition.

The fastener industry is facing the opportunities and challenges of transforming from traditional manufacturing to high-end manufacturing, and technological innovation and product upgrading will be the key factors to promote the sustainable development of the industry.