Market development of fasteners in the context of import substitution

Abstract

The article is devoted to the analysis of the market development of fasteners in Russia in the context of import substitution policy. The relevance of the study is due to import restrictions imposed as a result of sanctions, which led to the need to increase the production of domestic products in this area. The main purpose of the article is to study the current state of the fasteners market and identify key problems and prospects for domestic manufacturers. The paper examines the main prerequisites for the implementation of the import substitution program, in particular, increased sanctions pressure on Russia, and touches upon the importance of fasteners for various industries such as construction, mechanical engineering, and energy, which makes the problem of import dependence particularly acute. The study used methods of economic and statistical analysis, as well as a comparative analysis of the fasteners market before and after the imposition of sanctions. Additionally, a survey of industry experts was conducted to identify the main difficulties faced by domestic manufacturers. The study revealed that the share of fastener imports has decreased significantly, but domestic manufacturers are not yet fully capable of meeting domestic demand qualitatively and quantitatively. The main problems are related to the lack of modern technologies, high-quality raw materials and specialists, as well as the high costs of developing its own production. The conclusion of the article highlights the need for government support in the form of subsidies and incentive programs for the domestic production of fasteners. The emphasis is also placed on the fact that only long-term measures aimed at technological renewal and professional development of employees can ensure the competitiveness of domestic manufacturers in domestic and foreign markets.