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Global Fastener Forum— Head of Registration and Member Privilege and Committee of Thai SUBCON Watsamon Chayapum: Demand for Automotive Specialty and Construction Fasteners Looks Promising
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2024-07-26
Under the title of "The Market Trends of the Fastening Market in Thailand", Head of Registration and Member Privilege and Committee of Thai Subcontracting Promotion Association (Thai SUBCON) Watsamon Chayapum presented to industry professionals interested in entering or investing in the fastener market in Thailand.
Ms. Watsamon said that the main fasteners applied and used in Thailand are estimated to be around 40% for automobiles, 25% for construction, 20% for machinery & equipment, 10% for electrics/electronics, and 5% for other areas. There are currently more than 300 fastening-related companies in Thailand (84% are small firms, 12% are medium enterprises, and 4% are large companies), whose annual sales in 2022 reached US$1.44 billion (about 50.35 billion baht). The top 10 fastener manufacturers alone account for nearly 50% of the total market share in Thailand.
Watsamon said that the development of electric vehicles is creating a higher demand for specialized fasteners. In addition to the demand for battery packs and electric motors, the demand for fasteners with lightweight materials and high-performance features is also increasing. In addition, the Thai government's plans to stimulate the economy by investing in large-scale infrastructure are also contributing to the growth of the fastener market, especially the Eastern Economic Corridor (ECC), which includes the establishment of special economic zones, the expansion of U-Tapao Airport, the construction of high-speed railways/double-track railroads, and the expansion of important ports.
However, Thailand's local fastener manufacturers are also facing some challenges. For example, most of the standard products in Thailand are low-priced products imported from China. In 2022, Thailand imported about US$145 million of fasteners from China, about 75% of its total fastener imports. As the quality of Chinese fasteners has improved significantly over the past few years, Thai companies will have to innovate and explore more niche markets or value-added services to compete with them.
Watsamon also sees many opportunities for Taiwanese companies in Thailand. With a growing demand for high quality fasteners and locally sourced suppliers, Taiwanese companies may consider working with Thai companies to expand their local distribution network and market entry, as well as transferring knowledge to local companies to achieve a mutually beneficial partnership and enhance market visibility. The Board of Investment of Thailand (BOI) also offers incentives and support resources such as tax incentives.
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Registration and Member Privilege and Committee of Thai SUBCON
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