Automobile industry to drive growth of Industrial Fasteners market in India
With recent developments such as growing automobile manufacturing in countries like India and China, Asia Pacific is the largest market for fasteners, accounting for a major share of the fasteners manufactured globally.
Amid the ongoing pandemic, India is pushing initiatives like ‘Make in India’ and ‘Aatmanirbhar Bharat’ to boost domestic manufacturing. Industries such as fasteners can capitalise on this growth as automobile and electronics manufacturing is going to grow in the near future. India’s ‘Make in India’ initiative majorly driven to reduce dependency on China and de-risk the supply chain, is going to further drive growth the manufacturing sector, generating huge demand for the industrial fasteners market.
A wide range of fasteners are manufactured in the Indian market, which include exhaust bolts, balance wheel bolts, standard hexagon screws/bolts, socket head cap screws, socket shoulder screws, weld nuts, square nuts, hexagon nuts, self-tapping screws and others. These products cater to the diverse sectors flourishing in the country.
Additionally, the Indian industrial fasteners market is divided on the basis of application, product type and the organisation of the market. As per market reports, Indian auto sector is expected to be the largest consumer of industrial fasteners, making it the major shareholder of the market by 2023.
In the wake of COVID-19, consumers are buying cars to avoid crowded public transport, which is driving auto sales. Increasing sale of automobiles in India is significantly driving the growth of the auto ancillary market in the country, including automobile sector-specific fasteners. Growing usage of fasteners for manufacturing automotive parts such as engines, chassis, moulding, suspension system and wheels among others, is expected to drive the growth of the Indian industrial fasteners market in the coming years.
Construction and engineering sector growth is also driving demand of fasteners .High-tensile fasteners are mainly used in the construction and engineering sector, whereas mild steel fasteners are used in manufacturing automobiles. In addition, a shift in preference of manufacturing fasteners by using stainless steel, iron, brass, aluminium, nickel and plastics and composites.
Join forces with Fastener Fair India to ride of the expected growth of industrial fasteners in the near future.