Brief Introduction
Manufacturing industry is held together with little but its most indispensable items called nuts and bolts.They are used in all industries across the globe.Nuts and bolts are family members of the fasteners family,which covers everything from nails to rivets and bolts.You will be surprised to notice the large number of nuts and bolts required even to make small devices,such as a telephone.Subsequently,bigger things such as car or a jet plane requires these essential elements in a number that easily surpasses thousands.
Let's go back in history and understand from where did nuts and bolts gained their supreme importance.The credit has to be given to the great Industrial revolution and to the technical innovations since then,which further improved fasteners in order to fit the requirements of the new designed things.
Since the world was not so sought after in the earlier days,therefore there used to be lots of issues due to the quality of the material used and the irregular shapes and sizes,but a great deal have changed since then.Nuts and bolts industry now has certain standards and metric sizes to adhere to the industry wide needs.And now,we are at a stage where a nut from one company and a bolt from another company can be fitted perfectly with no problem whatsoever.
Post an erratic economic period,the nuts and bolts manufacturing industry is on the verge of recovery.Experts believe that the revival of key industries such as automotive and construction markets will improve revenues for the nuts and bolt industry.
The Market Leader So Far
Till very now,USA has been the undisputed market leader.Statistics reveal that in the United States,about 600 companies make fasteners,employ about 60,000 people and manufacture about 250 billion fasteners each year,bolts included.However with changing times,USA is losing its competitive edge to other low-cost destinations such as China.Chinese industries by virtue of cheap chines labour and it's not so stringent working conditions are equipped to outpace the exporters from the US,UK and other European countries.Therefore,chines threat is looming all over traditional industrial giants.
Besides the fierce competition,every industry today has its fair share of challenges.Nuts and bolts industry is no exception.The industry today needs to address the challenge of producing environmental friendly fasteners which would not use carcinogenic plating such as cadmium.The industry also needs to keep looking for more ways to produce stronger,lighter and more easy to use fasteners than ever before.
Conclusion
Manufacturers are advised to keep themselves abreast with all the advancement in the industry,as new products would require nuts accordingly.Also,they should take steps to optimize their pricing,in order to successfully compete with industry giants in China.
