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In the past decade, the fastener industry has experienced significant transformations. Over 95% of fastener companies have transitioned into joint-stock or private enterprises, which has greatly revitalized the sector and increased the number of enterprises above a certain size—exceeding 4,000. The industry's product structure has also evolved rapidly, with production capacity expanding and output reaching the top globally. As a result, China has become one of the largest fastener manufacturing nations, significantly enhancing its position in the international market.
Since 2012, China’s fastener industry has entered a "micro-growth era." While this period presents challenges, it also offers opportunities for improvement. This phase is expected to drive out outdated technologies, enhance industrial concentration, promote technological upgrades, and improve the relationship between fastener manufacturing and environmental resources. It also encourages more focus on independent innovation and core competitiveness. The micro-growth era has three key characteristics: **micro growth**, **micro transformation**, and **micro profit**.
First, **micro growth** means that although the growth rate has slowed, stable development remains the norm. In the long run, demand for fasteners in China is still expected to grow rapidly. According to a 2012 report by the Fasteners Association, despite a slowdown in 2012, production and sales were projected to reach 720 to 750 million tons in 2013.
Second, **micro transformation** reflects the shift toward a more diversified market, both in terms of product types and customer segments. Opportunities are no longer about expansion but about upgrading. As developed countries show, high-strength fasteners see rapid growth once an industry enters a stage dominated by advanced manufacturing. Therefore, fastener companies must invest in better equipment and technology. Domestic manufacturers are increasingly moving away from imports, which is a positive trend.
Third, **micro profit** refers to the shrinking margins due to rising costs of raw materials, labor, and other inputs, as well as oversupply leading to falling prices. Companies must now operate with tighter budgets and be more efficient.
In today’s socialist market economy, fastener companies should rely on government support policies, understand industry trends, and make full use of platforms like industry associations, government communication, and trade exhibitions. The future outlook for the industry remains complex and uncertain, so companies must leverage both internal and external conditions to expand both domestic and international markets. They must think strategically, understand national industrial policies, and seize opportunities for technological upgrades.
Currently, the fastener industry is undergoing a major reshuffle. Stronger companies are thriving, while weaker ones are struggling. With overcapacity and declining sales, many businesses are facing tough times. To survive, companies need to focus on market expansion and solid management, preparing for a prolonged competition. Ultimately, quality products and satisfied users are the key to success.
Recently, Feng Jinyu, president of the Fasteners Branch of the China Machinery General Parts Industry Association, emphasized at the 25th National Fastener Economy Trade and Technology Fair: "To achieve a fundamental transformation of the industry's growth model, we must shift from quantity-driven to quality-focused development. We need to enhance brand value, move towards specialized and refined products, and evolve from pure manufacturing to integrated services. Only then can the entire industry maintain sustainable, stable, and healthy development. China’s fastener industry will continue to grow modestly and remain a major player on the global stage."