Industrial fasteners market in India to witness rapid growth
As per reports, with help from the Indian government’s ‘Make in India’ and ‘Aatmanirbhar Bharat’, boost in domestic manufacturing is expected to generate huge demand for the industrial fasteners market. A wide range of fasteners such as 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 are manufactured in India depending on the application and requirement catering to the diverse sectors.
The Indian industrial fasteners market is anticipated to reach a value of INR 460 Bn by 2023 growing at CAGR of 9.6%, according to a market research report. The automotive sector in India is one of the largest consumer of industrial fasteners. Auto industry in India has recovered from the onslaught of coronavirus pandemic and is expected to witness more accelerated growth in the coming times. Further, construction and engineering sector are key drivers of industrial market growth. High-tensile fasteners are mainly used in the construction and engineering sector, whereas mild steel fasteners are used in manufacturing automobiles.
Rising demand and increasing sales of automobiles in the country are fostering growth of the
automobile sector-specific fasteners. Use of fasteners in parts including engines, chassis, moulding, suspension system and wheels etc. are predicted to drive the growth of industrial fasteners market size.