With the increase of fastener market scale, there is a huge demand for high-end products in the future

According to the report on the development of China's fastener industry between 2020-2024, in recent years, with the sustained and stable economic development, the continuous improvement of consumption demand in the downstream market,and the strong support of national policies, the size of China's fastener market shows an annual growth trend, from 105 billion yuan in 2014 to 139 billion yuan in 2019. The average annual compound growth rate is about 5.8%.In the future, with the continuous increasing demand, there is a large growth space. It is expected that in 2023, China's fastener market scale will exceed 200 billion yuan.

From the perspective of market competition, with the sustained and rapid development of the industry, the number of fastener manufacturing enterprises in China has increased to more than 7000. At present, an industrial agglomeration area centered on the Yangtze River Delta, Pearl River Delta and Bohai Area has been formed. The total market share of fastener enterprises in these regions has reached more than 75%. Currently, most fastener enterprises in China are small and medium-sized. The R&D ability is relatively weak and the quality of the products is low. There are few enterprises which can compete in high-end fastener market. Therefore, accelerating the development of high-end field, such as aerospace, high-speed railway, new energy, etc will be the mainstream trend of China's fastener market in the future.