Nuts and Bolts: Brief introduction
Nuts and Bolts are the basic hardware items used in every manufacturing industry across the globe. They belong to the family of Fasteners which cover everything from nails to rivets and bolts. To give you an idea about how many such small, yet significant tools are used in our day to day lives, check these interesting facts – A phone is held together with about 75 fasteners, a car with 3,500, and a jet plane with 1,500,000. From making a furniture to constructing a building, every industrial application needs to use these important tools to put their end-product in order.
The modern day nuts and bolts industry owe its existence to the great Industrial Revolution and to the technical innovations since then, which further improved fasteners to keep everything connected and moving.
In the early days there used to be lots of issues due to the quality of material used and irregular shapes and sizes. Thankfully, Nuts and bolts industry now have certain standards and metric sizes to adhere to for industry wide needs.Today we have reached a stage where a nut from one company and a bolt from another one can be fitted perfectly with no problem whatsoever.
Nuts and Bolts Suppliers New Dawn
After an erratic economic period, the nuts and Bolts manufacturing industry is on the verge of recovery. Experts say that the recovery of key industries like the automotive and construction markets will improve revenue as this industry relies on downstream demand. Additionally, exports are expected to grow, as developing countries like India will increase demand for such products. Observers also see consolidation in the industry as the rising import competition will threaten the profit margins.
The Market Leader So Far
As of now USA is the undisputed market leader. The last available statistics reveal, in USA about 600 companies make fasteners, employ about 60,000 workers, and make about 250 billion fasteners each year, bolts included. However with changing times, USA is losing its competitive edge to other low-cost foreign destinations.