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堡垒之夜天狐 > News > Exibition & Association News > India has a Great Demand for Fasteners, and Chinese Enterprises Seized the Chance to Dig for Gold in India

堡垒之夜手机壁纸:India has a Great Demand for Fasteners, and Chinese Enterprises Seized the Chance to Dig for Gold in India

堡垒之夜天狐 www.zueqd.icu By CFM , 2019-04-27 12:00:00

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During April 25th to 26th, the 7th edition of Fastener Fair India Mumbai was held successfully. Journalist of www.zueqd.icu came to the exhibition with the 25th issue of ChinaFastener Magazine 華人螺絲 to get the latest information on India’s fastener market.

Exhibits included industrial fasteners, construction fasteners, installation systems, fastener production technology and equipment, etc.

204 exhibitors from around the world attended this fair. The majority of exhibitors were from India, mainland China, Germany, Korea and Japan. Most of the exhibitors attended Fastener Fair India for the first time, and they stated that they were satisfied with the result. Buyers were enthusiastic, although it took longer time to negotiate.

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More than 60 exhibitors were from mainland China and Taiwan, including Jiangsu Washen Fastener Manufacture Co., Ltd., Shanghai UAZNC Precision Technology Co., Ltd., Zhejiang Eyason Intelligent Technology Co., Ltd., Jiaxing City Qunbang Hardware Co., Ltd., Yihong Environmental Machinery (Suzhou) Co., Ltd., Foshan Guangqingchang Metal Plastic Co., Ltd., Jiaxing Xuanyue Standard Fastener Co., Ltd., etc.

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Jiangsu Washen Fastener Manufacture Co., Ltd.

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Shanghai UAZNC Precision Technology Co., Ltd.

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Zhejiang Eyason Intelligent Technology Co., Ltd.

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Yihong Environmental Machinery (Suzhou) Co., Ltd.

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Foshan Guangqingchang Metal Plastic Co., Ltd.

Thousands of visitors came to this fair. They were mainly from electronics, automotive, metal industries. Many buyers would like to purchase molds, washers and rivets, etc.

According to the Global Competitiveness Report published by the World Economic Forum, India scored 62.02 points out of 100 in 2018, which broke a record in history. This means that the competitiveness in India is increasing rapidly. With the fast development in economy, the demand for fastener in India is also increasing dramatically, especially in automotive and infrastructure field.

According to statistics published by UN Comtrade, during 2014 and 2018, value of import of fastener that imported to India has been increasing year after year. In particular, the growth in 2018 made a big shot. In 2018, quantity of import of fastener was 268,394,280 kilograms, with year on year growth of 27.55%. Value of import even exceeded US$ 1 billion, with year on year growth of 43.08%. Average unit price of import was US$ 4.31 per kilogram, with year on year growth of 12.18%.

Table 1: Import of fastener in India from 2014 to 2018

Year

Quantity of Import (KG)

Value of Import (USD)

Average Unit Price

2014

134,670,455

721,679,410

5.36

2015

170,556,664

691,171,321

4.05

2016

161,231,296

692,380,611

4.29

2017

210,426,003

807,603,291

3.84

2018

268,394,280

1,155,529,611

4.31 

On the contrary, during 2014 and 2018, quantity of export was between 230 – 250 million kilograms, after a drop in 2015. In 2018, quantity of export was 253,730,257 kilograms, with year on year growth of 7.77%. Value of export was US$ 579,815,786, with year on year growth of 18.94%. Average unit price of export was US$ 2.29 per kilogram, with year on year growth of 10.36%.

Table 2: Export of fastener in India from 2014 to 2018

Year

Quantity of Export (KG)

Value of Import (USD)

Average Unit Price

2014

302,896,000

982,799,887

3.24

2015

254,192,702

552,016,647

2.17

2016

232,348,176

459,202,449

1.98

2017

235,436,930

487,499,776

2.07

2018

253,730,257

579,815,786

2.29 

By comparing the import and export, it can be seen that India has a great demand for fasteners. Meanwhile, fastener industry in India is developing very quickly. Industry chain has come into being. Over 70% of fastener manufacturers are gathering in Ludhiana, where manufacturers of raw materials, moulds, surface treatment, hot treatment and equipment can be found.

Ludhiana, located to the north of Delhi, is the industrial center in northern India. The BBC has called it India's Manchester. The World Bank ranked Ludhiana as the city in India with the best business environment in 2009 and 2013. Ludhiana is Asia's largest hub for bicycle manufacturing and produces more than 50% of India's bicycle consumption of more than 10 million each year. Ludhiana produces 60% of India's tractor parts and a large portion of auto and two-wheeler parts. Besides, it is one of the largest manufacturers of sewing machines, hand tools and industrial equipment are other specialties.

As one of the most important automotive manufacturing centers in the world, India has replaced Germany to be the fourth biggest automotive consumption market, and it is expected that it can surpass Japan to be the third biggest automotive consumption market in three years. According to statistics published by LMC Automotive, in 2018, 3.99 million commercial vehicles and passenger vehicles were sold in India, with year on year growth of 8.3%.

In recent years, India has been speeding up the pace of the localization of electric vehicles. In order to encourage automotive manufacturers to assembly automobiles in India, Indian government has decided to reduce the tariff of relevant parts from 15% to 10%.

In addition, India is trying to produce military equipment by domestic manufacturers, rather than import from abroad. Up until now, Indian government has released over 300 national defense licenses to more than 200 enterprises, some of which are private enterprises. For example, Tata Group, a renowned company in India, has signed an agreement with a U.S. arms manufacturer to produce F16 combat aircrafts on a large scale.

With the fast development in economy, Indian government invests heavily in infrastructure, mainly in highways, renewable energy and city transportation. According to the budgets in fiscal year 2019 to 2020 published by India government, budgets of some segments are as follows:

Project Name

Budget (USD)

Communications

5.36 billion

Railways

9.25 billion

Highways

11.51 billion

Renewable energy

540.53 billion

Telecom equipment

1.16 billion

According to Ministry of Commerce, P.R. China, up until January, 2019, China is India’s third largest export destination, and the largest origin of import. Goods imported from China were mainly industrial products. For example, imported goods relating to electric machines, nuclear reactors and chemical products account for 62.5% of all the goods imported from China. It can be concluded that India has a great demand for parts made in China.

China and India are building a closer business relationship, and it is expected that cooperation will be strengthened in the near future.

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