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In the background of optimizing products and upgrading products, China general machine components industry remains increasingly mushrooming; besides, efficiency is improving and quantity is increasing. Also, benefited from the developments of automotive, wind-power, architecture, and manufacturing industries, the fastener market size in China will grow to nearly RMB200 billion by 2015.
According to "fastener industry marketing forecast and business transformation analysis in China from 2011 to 2015" released from China Advanced Industry Institute, gradually after China joined WTO in 2001 and become one of the international countries, China has substantially exported its fastener products to all over the world while fastener products from all over the world have been constantly imported to China. China has set up a professional fastener manufacturing system in the world with large-scale, clear specification, and high quality. In addition, it has become the largest fastener manufacturing and exporting country in the world. Based on the statistics revealed by the National Bureau of Statistics, in 2010, there were 2,280 fastener-manufacturing enterprises above designated size (annual revenue is up to RMB5 million) with over 200 thousand employees. All of them achieved sales revenue of RMB108.5 billion, up 42.57% over 2009 and achieved total profits of RMB5.746 billion, up 64.32% over 2009.
Global demand for fastener is mainly from North America, Western Europe, and Asia; annual total demand of each of them are above USD10billion. Among three areas, the US is the largest fastener distribution and consumption center while developing countries in Asia mainly manufacture standardized low-quality fasteners considerably exporting to North America or Western Europe. So far, high-quality fasteners applying to aerospace and auto industries have been mainly manufactured in North America and Europe; however, the production of these high-quality products is transferring to Asia recently due to Asian manufacturers' higher skill than before and comparatively lower labor cost.
China fastener industry research committee of Advanced Industry Institute forecasted that global demand for industrial fasteners will be up to USD66 billion, an annual increase by 4.8%. Among countries, demand for industrial fasteners of the emerging countries including Asia, Africa, Middle East, Eastern Europe, and Latin America will substantially increase over those developed countries.
