New studies forecast the Asian industrial fastener industry to be worth over 44.12 Billion dollars as of the year 2020. Predictions based on a trend started in 2013, the Grand View Research Inc company have researched and expect the demand to increase over the next five years increasing total revenue. Offered in different sizes and dimensions these hexagon fasteners have endless amount of uses to connect and hold. As production of automotive, infrastructure, and the aerospace production increase the fastener industry does alongside with it.
As Asian countries such as China, India, Malaysia, Vietnam, Malaysia and Thailand plan to invest into innovation of their infrastructures over these next five years, it would be inevitable for them build without industrial fasteners such as bolts, screws, and rivets.Not only will infrastructures increase demand of fasteners, but will increase the need for a vehicle which will trickle down for more automotive rotable production in China. Production of different types of fasteners are required for the composition of rotables and in different parts of a vehicle.
“Increasing use of fasteners in the manufacturing of automotive parts including engine, body, molding, suspension system, frame, body assembling and wheels is expected to drive market growth.”
China's plans for innovation do not stop at infrastructures but branch off into the world of air crafts and aerospace, helping and boosting the demand for fasteners as well. With approval of “The 2011 State Council Policy “it gives locals a chance to compete in huge industries.
“a growing number of provincial and local governments have announced new indigenous innovation policies that favor domestic products in government procurement processes, contradicting State Council rules.”
With regional manufactures on the rise since the policy, Chinese cities such as Shanghai, Chengdu, Xi’an, Jiangxi and Shenyang will contribute to the mass production of industrial fasteners over the predicted time of expansion of the industry.