The Indian industrial fasteners market was valued at USD 9,064 million in 2022 and is projected to reach USD 17,868 million by 2030, registering a CAGR of 7.9% during the forecast period (2023-2030).
Fasteners are made of stainless steel and are used in many businesses to join, fix, or connect two or more things. Most of the time, they are made of carbon steel, metal steel, or stainless steel. They are covered by a paint or coating that keeps them from rusting. The aerospace, industrial machinery, plumbing, motors, and pump businesses are among these.
The auto business's growth drives India's need for industrial fasteners. Indian automakers like Maruti Suzuki, Tata Motors, and Mahindra & Mahindra use a lot of industrial screws to make their cars. Industrial screws assemble important parts like engines, suspensions, and brakes. Due to the growth of the car industry and other manufacturing sectors, India's need for industrial fasteners will likely keep going up over the next few years.
Indian companies that make fasteners face tough competition from low-cost companies in China and Taiwan. These companies can make fasteners for less money because their labor costs are lower, and they can make more at once. This has caused prices to go up on the Indian market because local makers can't keep up with their competitors' lower prices. In the automotive business, for example, Indian companies that make fasteners are having difficulty competing with Chinese companies that can make engine bolts, wheel studs, and other important parts for less money. This is especially hard for Indian manufacturers because the automotive business is one of the biggest users of industrial fasteners in the country.
As India continues to build cities and factories, the need for infrastructure and building projects is growing quickly. This is a big chance for the Indian industrial fasteners market since fasteners are important parts of building and infrastructure projects. For example, the Smart Towns Mission of the Indian government wants to build 100 smart towns across the country. This will bring in a lot of money for infrastructure and building projects. The Indian government has also started several other projects, such as the Pradhan Mantri Awas Yojana (PMAY), which aims to give everyone a good place to live, and the Sagarmala Project, which aims to improve India's maritime industry, which will increase demand for industrial fasteners.
The Indian industrial fasteners market is segmented based on product, type, bolt size, application, raw materials, and country.
The market is further segmented by product into Externally threaded, internally threaded and non-threaded
The Externally threaded segment domains segment dominates the market and is expected to grow at a CAGR of 8.8% during the forecast period.
By type, it is further segmented into Threaded fasteners, nuts, washers, and Rivets.
The Threaded fasteners dominated the market and are expected to register a CAGR of 8.1% over the forecast period.
The market is further segmented by bolt size into Less than ¼, ¼ to ¾, ¾ to 1, and More than 1.
The ¼ to ¾ segment dominates the market and is expected to grow at a CAGR of 7.2% during the forecast period.
The market is further segmented based on application into Oil and Gas, Automotive, Aerospace, construction, Industrial machinery, and others.
The automotive segment dominates the market and is expected to grow at a CAGR of 9.0% during the forecast period.
Raw materials are further segmented into steel, Aluminum, and others.
Steel dominated the market and is expected to register a CAGR of 9.0% over the forecast period.
India ranks among the top 20 industrial fastener-buying nations worldwide, contributing 1.5% of all industrial fastener imports worldwide. Growing middle-class spending power, rising disposable income, globalization, and an over-reliance on automated technologies all support the expansion of the industrial fasteners industry in the nation. Due to India's advantageous market circumstances, untapped client base, and profitable business opportunities, major firms from developed nations like the U.S., Germany, the U.K., and France are more willing to invest there. China, Germany, Japan, Korea, the U.S., Thailand, Italy, France, the UK, Singapore, Switzerland, Sweden, Brazil, Spain, the Czech Republic, and Indonesia are among the countries India buys industrial fasteners. The U.S., Germany, the Netherlands, the U.K., the UAE, Italy, Saudi Arabia, Spain, France, Belgium, Poland, Brazil, Qatar, Australia, Turkey, Bangladesh, Nepal, and South Africa are among the nations that import industrial fasteners from India.
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