Although the industry's growth rate has slightly declined in the first two months of this year due to national macro-control policies and material inflation, experts from the China Machinery General Components Industry Association believe that this trend will not persist in the coming years. With the continued development of China's machinery parts and components sector, the growth rate is expected to rebound and remain around 20% in the near future. This optimism stems from a combination of internal development and external opportunities.
Opportunities are emerging as China now leads the world in the production of gears, chains, sprockets, solid parts, and powder metallurgy products. Some of these items still hold a significant share in the global market. As the global economic structure continues to shift, China has become a major manufacturing hub for labor- and resource-intensive goods. Mechanical parts fall into this category, making them attractive to foreign buyers and investors. Many international manufacturers have accelerated their investments in China, setting up local companies that export most of their products abroad while also serving domestic demand.
With the growing integration of domestic and international markets and the rise of global procurement for spare parts, China’s machinery parts and components industry is entering a new phase of growth. This development is a key reason behind the positive outlook from industry experts.
However, there are challenges ahead. While China is a major producer and consumer of general-purpose mechanical parts, many high-tech components—such as automatic transmissions for cars—still need to be imported due to technological limitations. These imported parts are expensive and highlight the need for improvement in the quality and technical level of Chinese exports. Experts emphasize that upgrading product standards and enhancing technical capabilities are crucial for long-term success.
To achieve this, many companies are investing heavily in technological upgrades. They are adopting advanced equipment, new materials, and improved processes. The gear industry, for example, imports over $100 million worth of processing machinery annually. Meanwhile, chain manufacturers are shifting from quantity expansion to quality improvement. Small and medium-sized enterprises are focusing on modernizing old equipment and investing in more advanced technologies. Large and medium-sized enterprises are also undergoing reforms, addressing gaps and innovating based on past experiences.
In addition, the industry is witnessing a structural transformation. State-owned enterprises have undergone restructuring or reorganization, while private and joint-stock companies have emerged as the dominant players. Over 85% of leading companies in sectors like solid parts, chains, sprockets, powder metallurgy, springs, and couplings are now privately owned or listed. This shift reflects a more dynamic and competitive industry landscape.
Mergers and acquisitions are also accelerating. Smaller companies in the powder metallurgy sector are being acquired by larger firms, while the spring and chain industries are seeing consolidation and the formation of new enterprise groups. Experts believe that such moves will enhance competitiveness, improve specialization, and help optimize the overall industrial structure, ultimately raising the standard of the entire machinery parts and components industry.
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