Learn about actual and potential costs
How much should I pay for Industrial Fasteners?
What is the average price of Industrial Fasteners?
This procurement report includes pricing information to help you purchase Industrial Fasteners. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Industrial Fasteners been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Industrial Fasteners yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Industrial Fasteners?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Industrial Fasteners with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
The industrial fasteners market has a low level of market share concentration. ProcurementIQ estimates that there are 11,000 vendors in the market, with Precision Castparts, Howmet Aerospace Inc., Illinois Tool Works and Nucor, the top four suppliers of metal fasteners, accounting for just below 20.0% of market revenue in 2020.... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
Do you vertically integrate your production processes?
From where do you source your primary inputs, including steel and other ferrous and nonferrous metals?
How do you control sudden spikes in steel and other input prices?
How often do you reassess list prices in relation to fluctuations in input costs?
Have you ever experienced supply chain disruptions? If so, how did you handle them?
Do you source materials with high exposure to market disruptions resulting from the coronavirus? How are you coping with these disruptions?
How diversified is your supplier base for inputs? Do you source from multiple suppliers in different global regions?
How has your company dealt with rising competition from imports?
How are your fasteners better than your competitors'?
How long have you provided fasteners to your longest-tenured client?
Do you have a relationship with a key supplier that no other competitor has?
What is your reputation among customers and how have you developed it?
Which wholesalers and retailers also supply your products?
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Key elements for every RFP
What should my RFP include?
Buyers should include as much information as possible about the total scope of the project. If buyers require a constant supply of industrial fasteners, this should also be included.
Buyers should include information about the payment schedule (i.e. if it is incremental or done at the completion of the project).
Buyers can consult the Benchmark Price section of this report to determine how much they should pay for industrial fasteners.
Buyers should specify what measures of quality they will be using to select a supplier. For example, these measures can be reputation, credentials of staff, customer service and depth of the technical plan submitted.
Buyers should choose a supplier based on the price estimate given.
For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard section of this report.
Buyers should include a deadline for proposal submissions and state when the contract will be awarded.
Buyers should include a timeline of the project, including recurring order information and delivery dates.
Buyers should include any other benchmark dates that are relevant to the project.
Evaluate major factors to mitigate risk
How risky is the supply chain?
Industrial fastener suppliers face a high level of risk from their supply chain, which stems primarily from their reliance on ferrous and nonferrous metals, particularly steel. These key inputs are subject to price fluctuations and supply shortages due to rising global demand, exchange rates and other factors. In fact, fluctuations... Subscribe to learn more.