What are the various aspects of the growth of the Indian fastening industry?

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  • Immediately after the lockdown, the construction and manufacturing businesses experienced a boom. So, how can the fastening businesses lag behind? The rise in the demand for fasteners has resulted in an increased profit rate in the business of the fastener suppliers in Australia. The fastener manufacturers all over the world are now able to cope up with the financial losses caused by COVID.

    Did you know?

    2017 has been a great year for the Asia pacific which has emerged as the largest market for fasteners. The predominant reason behind the rising demand for the fasteners was the sudden increase in construction activities.

    Europe – The Giant Fastener Market

    If you are in the construction business, then you must have known that Europe is one the largest markets for fasteners. Not only this but this continent has been recognized for being the second-largest industrial fastener manufacturing region.

    Interfering Factors With The Growth

    No doubt, Europe is charmed as far as the fastener manufacturing is concerned, but still, there are some of the factors which are interfering with its growth by emerging as the greatest barriers:

    • Scarcity in the product differentiation

    • The elasticity of the raw material prices like

    • Copper

    • Stainless Steel

    • Alloys

    India Market – Industrial Fastening

    It has been estimated that the pace at which the fastening market is growing will surely reach the target of INR 460 billion by 2021.

    Why India?

    As Indian economy is so diversified and there are so many businesses that require the use of fasteners. This is the predominant reason why fasteners are being manufactured in the Indian economy.

    Indian is so good in capability to manufacture the fasteners, that it is not only fulfilling the needs of its people but the sufficient is getting produced to be exported to the other economies as well.

    Variation In The Distribution Channels

    The Greatest Advantage

    The fastener companies in India are supposed to sell the fasteners by taking the various distribution channels in accounts like:

    • Distributors

    • Direct dealers

    • Online channels

    • Industrial events

    No sooner ‘delicensing’ was introduced, the entry of the majorly dominating global manufacturers became so easy.

    Division Of The Market

    The division of the Indian fastener market is done based on the following:

    • Application

    • Product type

    • Organization of the market

    Did you know?

    • High Tensile fasteners

    These are majorly used in the construction and the engineering sector.

    • Mild steel fasteners

    These are particularly used in the manufacturing of the automobiles

    Growth Factors

    • Sale Of Automobiles

    Luckily, the sale of automobiles is considerably increasing, which is leading to the expansion of the auto-ancillary market and the automobile sector-specific fasteners.

    • Manufacturing Of The Automotive Parts

    The usage of fasteners is growing particularly for the manufacturing of automotive parts which may include engines, suspension systems, moulding, wheels and chassis. With this, the Indian fastening industry is sure to become expanded in the forecast period.