In the former days, the fastener market concentration was in the USA, EU, Japan, Taiwan, China, etc.
In 2022, the US import value from the world was 7,762 (in million USD) Taiwan, China, Japan, Canada, and Germany etc., were major sources. (HS code 7318)
However; with the consideration of escalating raw material costs, supply chain disruptions, other related operating costs, and technological advancement, many emerging countries have also entered into the manufacturing of fasteners.
Take a look at the US top 10 fastener imports (table 1), the 1st and the 2nd places were Taiwan and China (Taiwan significantly leading the pack compared to other countries) and the emerging countries were India, Mexico, and Thailand. India even surpassed Italy in 2021 and potential to surpass Korea soon.
Table 2 shows that the imported value of fasteners in Mexico increased from 2020-2022 and has significant growth potential throughout the entirety of 2022. (Mexico was still the largest U.S. fastener export destination).
Another noteworthy major market was Brazil, as in 2020 the US exported fasteners to Brazil from 90 to 122. However; the exports to Brazil were still far less than 1/10 of the scale of those to Mexico.
The newly appearing countries are becoming more and more influential in the global fastener trade. The fastener quality of those emerging countries is improving year by year.
But this is also the greatest driving force for the transformation and upgrade of production patterns in Taiwan. We expect the whole fastener industry in Taiwan to keep working hard and to retain its reputation as the “Kingdom of Fasteners”.
Photo Source: U.S.ITA of Department of Commerce
Article Source: The growing influence of emerging countries in the global fastener industry (Emerging Fastener Market no.12/2023) Fastener World, p. 58, 59, 60, 62, 63, 64
For further information please visit (related news): https://issuu.com/fastener-world/docs/emerging_fastener_markets_magazine_no.12/62
