Italian Fastener Market | FASTENER EURASIA MAGAZINE
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Italian Fastener Market

Population: 60.359.546 (IMF 2019) 
Surface Area: 301.338 km² 


ECONOMIC OUTLOOK
Italy is the world’s ninth biggest economy. Its economic structure relies mainly on services and manufacturing. The services sector accounts for almost three quarters of total GDP and employs around 65% of the country’s total employed people. Within the service sector, the most important contributors are the wholesale, retail sales and transportation sectors. Industry accounts for a quarter of Italy’s total production and employs around 30% of the total workforce.
 Manufacturing is the most important sub-sector within the industry sector. The country’s manufacturing is specialized in high-quality goods and is mainly run by small- and medium-sized enterprises. Most of them are family-owned enterprises. Agriculture contributes the remaining share of total GDP and it employs around 4.0% of the total workforce.

The country is divided into a highly-industrialized and developed northern part, where approximately 75% of the nation’s wealth is produced; and a less-developed, more agriculture-depended southern part. As a result, unemployment in the north is lower and per capita income in higher compared to the south.

The economic recession intensified markedly in Q2 at the hands of Covid-19, with domestic and foreign demand hit hard by the pandemic. Moreover, the health crisis likely further weakened the country’s fragile banking system and government finances, leading to a widening fiscal deficit and rising public debt. Turning to Q3, the country is expected to return to growth in quarter-on-quarter terms. Composite PMI data showed that operating conditions in the economy improved in July for the first time in five months. Moreover, consumer confidence reached its highest level since before the crisis in August and business sentiment continued to trend upwards. In other news, Italy is set to receive EUR 27.4 billion from the EU’s SURE scheme to support the labor market, which, together with additional support from the EU and the government’s own fiscal stimulus, should mitigate the shock from Covid-19.

MACHINERY
Due to the progress made in the fields of design, construction and techniques, the Italian industry has conquered a world-leading position in the machinery sector, as witnessed by the result reached in the international export flows.
At the institutional level, Italian initiatives in the past years have also aimed at broadening the geographical range of intervention with the inclusion of "minor" markets not yet touched by promotional activities focusing not only on instrumental mechanics but on Italian technology and know-how as a whole.
 Italian goods are highly appreciated by international customers thanks to their high technological standards and the custom-made approach of the offer.

MANUFACTURING
In Italy, Manufacturing is the most important sector and accounts for 88 percent of total production. The biggest segments within manufacturing are: Metallurgy and fabricated metal products (14 percent of total production); machinery and equipment (12 percent); food, drink and tobacco (10 percent); rubber and plastics products and non-metallic mineral products (9 percent); textile, clothing and leather (8 percent); transport equipment (7 percent); and other manufacturing, repair and installation of machinery and equipment (7 percent).


AEROSPACE
The aerospace industry is taking on an increasingly important role for regional economic development in Italy. The technological skills and know-how if Italian aeronautics and space companies, combined with the increasingly advanced technological knowledge required in production processes and Italian companies’ growing participation in major international research programmes, have become critical growth drivers for Italy in the sector.

The new technologies deriving from the aerospace research and development programmes are applied also to other sectors. The spacecraft sector is in fact influencing other markets such as radars and geoinformation. Meanwhile, technological developments in aeronautics, particularly in the production of helicopters and airplanes are, thanks to an integrated production chain, positively influencing not only key industry players but even microbusinesses and SMEs along the chain.
The Italian aerospace sector is developing an ever more international strategic approach.

According to the European Space Agency (ESA), Italy is the 6th leading global space power, with total space industry revenue amounting to €2.23 billion in 2018.

AUTOMOTIVE
The automotive industry has played and continues to play a very important role in Italy’s economic development, especially given the huge number of jobs filled. This is true for the entire value chain, from vehicle and component design to the manufacture and marketing of finished goods both inside the country and around the world. 
With regard to vehicle production, in 2019 the Italian automobile industry ranked 6th in Europe and 19th in the world. In terms of vehicles sales, the Italian market is the 4th largest in Europe and 9th in the world.
The sector can be split into three main segments:
    automobiles
    commercial vehicles, trucks and buses
    components

There are four main automotive industry regions in Italy:

    the industrial district in Piedmont, dominated by the FIAT-Chrysler group;
    “Motor Valley” in Emilia Romagna, where the world-famous Italian luxury brands are produced;
    Lombardy, where there is a high concentration of component manufacturers, especially in the province of Brescia;
    The Abruzzo automotive industry district, which is active in new technological developments for motor vehicles and other machinery.

In Italy, R&D expenditures in the motor vehicle manufacturing sector account for 12.6% of all R&D investments made in the country. Globally, the automotive sector is the third-leading industry for R&D spending, behind ICT and healthcare. Notably, Ferrari, a symbol of Italian motoring excellence, ranks 9th in the world for the intensity of its R&D investments.

EXPORT

Since the country’s manufacturing sector is specialized in high-quality goods, Italy plays an important role in the global market of luxury goods. The country’s main exports are mechanical machinery and equipment, which account for around 24% of total exports, as well as motor vehicles and luxury vehicles (7.2%). Home to some of world’s most famous fashion brands, Italy occupies a special niche in the global market of fashion and clothing. In fact, exports of clothing and footwear account for around 11.0% of the country’s total exports. Other important exports include electronic equipment (5.6%) and pharmaceutical products (4.6%).


IMPORT

Italy’s main imports are fuels, which account for around 17% of total imports. This is due to the country’s lack of natural resources, which makes it highly dependent on energy imports. Other imports include machinery (14.2%), raw materials (10.0%) and food (7.0%)— Italy is a net food importer because the landscape is not suitable for developing agriculture.

Since the financial crisis, merchandise imports have expended at a slower rate on average than merchandise exports. In fact, in the last six years merchandise imports have grown a meager 0.4%.

Sources: Italian Trade Agency, Trading Economics, Focus Economics

 

Italy’s Import by Countries (2019)

Exporters

Value/USD  (thousand)

Share in Italy’s import (%)

Total

473,562,250

100

Germany

77,947,886

16.5

France

41,015,803

8.7

China

35,457,957

7.5

Netherlands

25,764,662

5.4

Spain

24,010,955

5.1

Source : Trademap

 

Italy’s Export by Countries (2019)

Importers

Value/USD  (thousand)

Share in Italy’s export (%)

Total

532,683,665

100

Germany

65,055,850

12.2

France

55,776,883

10.5

USA

51,041,709

9.6

Switzerland

29,193,048

5.5

UK

27,891,601

5.2

Source: Trademap

FASTENER MARKET

 
In Italy, the development of Fastener  Industry is supported by local associations and fastener fairs organized in the country. The intensive participation of Italian producers and exporters in international fairs keeps the sector alive and open to sectoral developments  As there are many manufacturers still working inward many of them work in the world through representatives also supports faster access, international trade and globalization.
 
The most important reason why Italy is one of the leading countries both in Europe and in the world in the fasteners sector is that it has an improved quality in fastener technologies such as machine, die, wire and in customized fastener products. The fact that there are many Italian companies selling machines, dies and wire to the world is a sign of this quality. There are also many Italian companies in die design and software that are quite advanced.Many of the second-hand machines used by the newly-emerging countries in the fasteners sector are Italian. Italy is also known for its quality in the production of packaging machines, coatings and heat treatment plants. The fact that 30-40 year old machines still work, indicates the quality of Italian production machines.
 
One of the major trends emerging in Italian industrial fastener market is the development of industry- specific fasteners. For instance, companies are developing alloy fasteners and wrenchable nuts with increased strength and corrosion and temperature-resistance properties for the aerospace and defence sector. Other developments are in the area of self-clinching and self-locking fasteners that are expected to enhance the operational efficiency for plastic assemblies.
 
Light weight fasteners are clearly increasing in popularity in Western Europe, especially in the professional markets in Italy. Such fasteners are increasingly made of stainless steel, and aluminum. Steel light weight fasteners are coated with teflon or geomet, instead of being galvanized.
 

 

Italy’s Fastener Export in 2019

 

Importers

Value/USD  (thousand)

İExport quantity (ton)

Share in Italy’s export (%)

Total

1,912,633

429,765

100

Germany

559,900

144,726

29.3

France

308,325

78,816

16.1

USA

106,628

15,582

5.6

Poland

100,531

24,042

5.3

Spain

98,261

25,213

5.1

UK

80,535

16,396

4.2

Switzerland

58,910

8,191

3.1

Czechia

49,116

11,370

2.6

Romania

43,928

6,911

2.3

Hungary

41,021

9,303

2.1

Source: Trademap

 

Italy’s Fastener Import in 2019

 

Exporters

Value/USD  (thousand)

Import quantity (ton)

Share in Italy’s import (%)

Total

944,623

258,639

100

Germany

271,658

48,230

28.8

China

164,775

82,255

17.4

Taiwan

87,012

30,875

9.2

USA

44,925

1,981

4.8

France

41,466

8,824

4.4

India

35,244

11,907

3.7

Austria

27,052

4,012

2.9

UK

26,735

2,009

2.8

Switzerland

25,657

2,890

2.7

Netherlands

18,768

1,908

2.0

Source: Trademap