Industry Focus >>Analysing Fastening Tools TradeandSpain Portugal
分析西班牙與葡萄牙緊固工具貿易

Introduction

The Aerospace Industry

Fastening too ls, a critica l component of th e
construc tion, manufac turing, and automotive
industries, play an indispensable role in securing
various materials and components. Here we willfind out what happened in this industry in Spainand Portugal.

Spain´s aerospace & defence industry is highly developed. Spainranks 5th in sales (€11.59 billion in turnover in 2021) and the numberof people employed (more than 49,600). It is a fast-growing industry
that invests heavily in R&D (10% of its total turnover).

The Automotive Industry

Hardware & Fastener Components - no.60/2023

Spain is the 2nd largest automaker in Europe
and the 9th largest in the world. The automotivein dus t r y is a s t rategic sec to r fo r th e Sp anish
economy. 9 multinational brands with 17 plants
are established in the country. With 99,524 newc a r re gis t r at i o ns in M a rch 2023, Sp a in s aw a
66.1% year-on-year increase compared to March
202 2 . T h e f i r s t - q u a r t e r f i g u r e s a l s o a p p e a r
promising at the f irst glance. In the f irst threemonths of 2023, Spain saw 237,672 new cars taken
to the road, a year-on-year increase of 44.6%. The
Spanish automotive industry turnover represents 10%of Spain’s GDP and 18% of total exports (includingvehicles and auto-parts).

106

Portugal’s vehicle registrations were 146,706
units in 2021 and in 2022 grew 6.6% to 156,309
units. Meanwh ile, veh ic le produc tion is set torise to 299,290 units in 2026 from 263,950 units
in 2022, a annua l grow th of 1.9% on average.
Since 2002, th e countr y h as seen a 13% yearly
increase. Portugal ranked 29th in 2021, surpassed
by Vietnam’s 263,950 units. Th e US, Japan andIndia were respectively the 2nd, 3rd and 4th in thisranking.

The Construction Industry
The Spanish construction sector benefits fromproject investments out of the Next Generation
EU fund. Construction output in Spain is forecast
to grow by 1.8% in 2023, as interest rate increases
hamper building projects across all subsectors.
The Por tugal constr uction sector, af ter an
estimated increase in production of 3.4% in 2022,
is forecast to grow in activity, anticipating a realincrease in the sector’s gross production value in
2023, ranging between 2.4% and 4.4%, a range
corresponding to a midpoint of 3.4%.
惠達雜誌

Portugal currently has around 90 companies, with more than 18,000
jobs and a business volume of €1,700 million per year in the aerospaceindustry in different areas of the country.

The Market Size of Fastening Tools
Table 1. Spain’s Import of Fastening Tools:
ImportSource

2018

2019

2020

2021

2022

World

487,512412,574

339,402389,875

375,346

Germany

123,638

116,546

102,829

103,988

94,340China

79,66468,06757,41970,25979,369Italy

58,09348,80438,056

51,76645,942

Numbers are in thousand USD
In the context of export to Spain from various countries (Table1), we have observed significant shifts in market shares from 2018 to2022. Here’s a closer look at the trends:
Germany: Germany consistently held the largest market share,accounting for approximately a quarter of all exports to Spain in
2018. Although its market share decreased slightly over the years, itremained a dominant player in 2022 with around 25% of the marketshare.
China: China’s market share exhibited a steady growth during
this period, making it the second-largest exporter to Spain by 2022.
In 2018, China’s share was approximately 16%, but by 2022, it had
increased to over 21%. This suggests a strengthening presence ofChinese exports in the Spanish market.
Italy: Italy’s market share f luctuated during these years, but it
generally maintained its position as the third-largest exporter toSpain. In 2018, Italy’s share was approximately 12%, and it hoveredaround that level, reaching 12.25% in 2022.
The Rest of the World: The “Rest of the World” category, which
encompasses expor t from various oth er countries, experienced
f luctuations in the market share. However, it consistently held asignificant portion of the market, ranging from 41.07% in 2021 to43.47% in 2019. This category represents the combined contributionsof several exporters outside of Germany, China, and Italy.

Industry Focus >>Table 2 presents an insight ful view ofSp ain’s e x p o r t s to th e wo r ld f ro m 2018
to 2022. We can discern notab le shif ts inmarket shares during this period:
Germany: Germany consistently claimed
the largest market share, standing at nearly
37.62% in 2018. However, over the years, its
market share gradually declined, reachingaroun d 19.56% in 2022. T h is in dic ates achanging competitive landscape in Spain’se x p o r t s , w i t h G e r m a n y ’s p r o m i n e n c ewaning.
France: France’s market share displayeda steady upward trend, making it th es e co n d - la rges t e x p o r te r f ro m Sp a in b y
2022. From 2018’s 6.49%, France’s market
share increased to approximately 14.05%
in 2022. Th is grow th h igh lights France’s
strength ening position in Spain’s export
market.
U . S . A : U. S . m a r k e t s h a r e e x h i b i t e df lu c t u a t i o ns , w i t h n o t i ce a b le d i p s a n drebounds. Despite th ese variations, itmaintained a noteworthy presence, ranging
f ro m a ro u n d 3.03% i n 2020 t o 9. 51% i n2021, demonstrating its significance as anexport destination.
P o r t u g a l : P o r t u g a l ’s m a r k e t s h a r er e m a i n e d r e l a t i ve l y s t a b l e d u r i n g t h i sp e r i o d , f l u c t u a t i n g b e t w e e n 3. 51% i n
2018 and 7.82% in 2022. This consistenc ysuggests a consistent export relationshipbetween Spain and Portugal.
T he Re st o f t he World : T h e “ R es t o fth e Wo r ld ” c atego r y e x p erience d s o m evariations but generally retained asubstantial share of the market, hoveringa r o u n d 50 % t o 5 8 . 4 6 % . T h i s c a t e g o r ysignif ies th e combined contributions ofs e ve r a l e x p o r t e r s o u t s i d e o f G e r m a n y,France, the USA, and Portugal.
These trends indicate a dynamic export
landscape for Spain, with France’s market
share steadily increasing and Germany’s sharegradually diminishing. While f luctuations
were obser ved in th e sh ares of th e USAand Portugal, they maintained a presence
i n S p a i n’s e x p o r t m a r ke t . T h e “ R e s t o f
the World” category remained significant,Table 2. Spain’s Export of Fastening Tools
ExportDestination

2018

2019

2020

2021

2022

World

663,940

531,496463,381

416,835

368,128Germany

249,815

144,735

115,11179,561

71,922

France43,08838,83337,00742,93251,754

U.S.A

39,17029,54814,064

39,62629,863

Portugal

23,32523,807

26,33529,04028,839Numbers are in thousand USD
Table 3. Portugal’s Import of Fastening Tools
ImportSource

2018

2019

2020

2021

2022

World

153,084

130,532

117,305

132,005

139,179

Spain

39,621

37,22530,81630,972

38,564Germany

36,40925,611

22,10428,723

31,660Belgium

14,00813,366

12,563

18,233

14,533

Numbers are in thousand USD
ref lecting the diversit y of export partners for Spain. These shifts inmarket shares can be inf luenced by various economic factors, tradeagreements, and globa l market dynamics, sh aping Spain’s expor tcompetitiveness in the studied period.
Table 3 sheds light on the dynamics of export to Portugal from 2018
to 2022, revealing interesting trends in market shares:Sp a i n : S p a i n c o m m e n ce d w i t h a s u b s t a n t i a l m a r ke t s h a re o fapproximate ly 25.89% in 2018. Wh i le it s sh are e xperience d somefluctuations, it consistently maintained a strong position as the leading
expor ter to Por tuga l. By 2022, Spain’s market sh are h ad grown toaround 27.73%, demonstrating its enduring dominance in this traderelationship.
Germany: Germany, the second-largest exporter to Portugal, beganwith a market share of rough ly 23.77% in 2018. Its share experienced
some variance over th e years, with a low point of 19.63% in 2019.
Nevertheless, Germany remained a significant player in this market.

These trends reflect the stability and resilience of the trade relationshipbetween Portugal and its neighbouring countries, especially Spain,
which held a firm grip on the top position. Germany and Belgium, while
experiencing fluctuations, maintained their roles as key contributors toPortugal’s imports. The shifts in market shares can be inf luenced byfactors such as economic conditions, trade agreements, and evolving
consumer preferences, ultimately shaping the competitive dynamics of
the Portuguese market.

Hardware & Fastener Components - no60/2023

These trends suggest a dynamic landscape inexport to Spain, with China’s presence growingsteadily, Germany maintaining its lead, andthe “Rest of the World” category remaining asubstantial contributor. These shifts in market
shares may be influenced by various economic
factors, trade agreements, and consumer
preferences, impacting the competitive
dynamics of the Spanish market.

惠達雜誌

107

Belgium: Belgium contributed consistently to exports to Portugal,
with its market share ranging from about 9.15% in 2018 to 10.71% in
2020. While it maintained the position of the third-largest exporter, it
showed a relatively steady growth in its market share over the years.
T h e “ R es t of t h e Wo r ld ” c ate go r y enco m p ass e d v a r io us ot h e rexporters and displayed some fluctuations in its market share, gradually
declining from approximately 41.19% in 2018 to 38.04% in 2022.

Industry Focus >>Table 4. Portugal’s Export of Fastening Tools
ExportDestination

2018

2019

2020

2021

2022

World

96,89592,594

91,677

98,842

98,190Spain

27,233

26,031

27,94828,79325,988Germany

22,002

21,037

16,872

20,49822,025

Numbers are in thousand USD
Table 4 provides valuable insights into the dynamics of Portugal’s
exports from 2018 to 2022, revealing distinct trends in market shares:
Spain: Spain commenced with a substantia l market sh are ofapproximately 28.09% in 2018, maintaining its position as the largest
export destination for Portugal. Over the years, Spain’s share remained
relatively stable, with fluctuations ranging from 26.49% in 2022 to 30.47%
in 2020. This consistency underscores Spain’s continued dominance inthis trade relationship.
Germany: Germany consistently held the second-largest market share,ranging from about 18.39% in 2020 to 22.71% in 2019. While experiencing
some variability, Germany maintained its role as a significant contributor
to Portugal’s exports.
The “Rest of the World” categor y, comprising various other export
destinations, exhibited f luctuations in the market share but generally
decreased slightly over the years, from approximately 49.17% in 2019 to51.06% in 2022. This category represents the combined contributions ofseveral export destinations outside of Spain and Germany.
These trends highlight the enduring partnership between Portugal and its
neighbouring countries, with Spain consistently leading the way and Germany
maintaining a steady second position. The fluctuations in market shares can be
attributed to various factors, including economic conditions, trade agreements,and evolving global market dynamics, ultimately shaping the competitive
landscape of Portugal’s export market.

The Future of Fastening Tools & Conclusion

Hardware & Fastener Components - no.60/2023

The analysis of fastening tools in Spain and Portugal reveals intriguing
dynamics within the respective markets. While the data provided offer
valuable insights, predicting the future trajectory of this industry requires
a comprehensive consideration of multiple factors. (Table 5)108

Spain:

However, Spain’s exports of fastening tools
experienced fluctuations, indicating potential
challenges in international markets or shifts
in demand.
To p r e d i c t t h e f u t u r e , S p a i n’s o v e r a l leconomic health , construction sector
performance, infrastructure development, andindustrial growth must be closely monitored.
Continued strength in these sectors could
lea d to a s t ab le or e xp an ding market for
fastening tools.

Portugal:
Po r t u g a l’s im p o r t d at a s h o w s p ikes inMarch and May 2023, indicating increased
dem an d fo r f as tening to o ls during th oseperiods.
Export from Portugal showed variations,with a peak in March 2023 but a decline inJune, potentially reflecting market challenges
or seasonal factors.
Similar to Spain, the future of fastening
tools in Portugal depends on the country’s
economic conditions, construc tion sec tora c t i v it ies , a n d inf r as t ruc t u re p roj e c t s . A
sustained or growing demand will rely on thecontinued health of these sectors.
In both countries, monitoring fac tors
such as government policies, technologicala d v a ncem ent s , m a rket co m p et it io n , a n d
global economic trends will be essential formaking accurate predictions about the futureof the fastening tools industry. Additionally,ongoing ana lysis of trade data, industria ldevelopments, and sh if ts in consumer
preferences will provide valuable insights into
market trends and opportunities for growth.
Overa ll, wh i le th ere are f luc tuations , th e
demand for fastening tools appears linked
to the vitality of construction and industrialsectors, making these sectors pivotal for theindustry’s future.

Spain has exhibited an increasing trend in imports of fastening tools
from January to May 2023, suggesting a growing domestic demand forthese tools, possibly driven by construction and industrial activities.

Table 5. Fastening Tool Tarde of Spain and Portugal in H1 2023
Jan-23

Feb-23Mar-23Apr-23May-23Jun-23

Spain's Imports

28,901

31,32834,33929,93537,37035,247

Spain's Exports

38,53736,45332,90625,87031,012

32,033

Portugal's Imports

10,461

10,65913,942

10,37911,332

12,860Portugal's Exports

9,462

8,716

10,963

8,014

11,625

10,520

Numbers are in thousand USD惠達雜誌Copyright owned by Fastener World / Article by Behrooz Lotfian