Fasteners are frequently utilized to join the different parts of items by using nuts and bolts, screws, clips, washers, clamps and several others. In addition, the growing demand for the fasteners in the automotive industry, coupled with an upsurge in construction and manufacturing expenditure in developing countries such as China, Brazil, Saudi Arabia, Australia, Indonesia and India, is predictable to operate the demand for industrial fasteners during the forecast period. For instance, the industrial fasteners industry across the globe is measured to be extremely fragmented and is competitive in nature, with small and large scale industrialized companies operating in the United States, China, Japan, Germany, and India. Furthermore, the key players of this market are doing an effective job by folding by their sleeves for attaining the highest growth across the globe in the short span of time with the handsome amount of share respectively.
According to the report analysis, ‘Industrial Fasteners Market Global and India 2018-2023’ it is stated that some of the major key player are recently functioning in this market more positively for dominating the huge market share across the globe in the least time includes BPL Limited, Mirc Electronics Limited, Intex Technologies (India) Limited, Micromax Informatics Limited, LG Electronics India Private Limited, Panasonic India Private Limited, Samsung India Electronics Private Limited, Sony India Private Limited, Tcl-India Holdings Private Limited, Xiaomi Technology India Private Limited and several others. Meanwhile, Precision Castparts Corporation, Stanley Black & Decker Inc., Wilhelm Bollhoff GmbH & Co. KG and Nitto Seiko Co. Limited, are the top four industrial fasteners manufacturing companies. Moreover, the market is predicted to reach a value of INR 7,706 Billion by 2023, expanding at a CAGR of 6.5% from 2018. Whereas, with help from the Indian government’s ‘Make in India’ initiative, the Indian manufacturing segmented is anticipated to create widespread requirement for the industrial fasteners market.
With the effective applications and rising demand, the market of industrial fasteners will spread across the globe. While, in 2017 the Asia-Pacific region was the principal market for fasteners, registering for a major share of the fasteners manufactured across the globe. The main reason for this growth can be accredited to the accumulative number of construction activities and growing automobile manufacturing in countries like China and India. Europe is one of the foremost markets for industrial fasteners among from being the second largest industrial fasteners introducing region across the globe. For instance, the shortage of product differentiation and elasticity of prices of raw materials such as alloys, stainless steel and copper are hampering the growth of the market.
The industrial fasteners market in India is divided on the basis of application, product type and the organization of the market. The Indian automotive sector is predicted to be the foremost consumer of industrial fasteners, registering for a chief share of the market by 2023. This will be because of owing to augmented automotive manufacturing in the country. It is monitored by the construction and the engineering sector. Additionally, it is expected that in the near future the market of industrial fasteners will increase more actively across the globe more actively over the recent few years.
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Ankur Gupta, Head Marketing & Communications