Over the years, the global fasteners industry has transformed into a competitive sector. Several small and large scale manufacturing companies are operating across various countries, including India.
The demand for industrial fasteners is expected to increase at around 5.5 percent annually. On the other hand, Indian fastener industry is also estimated to maintain the growth trajectory in the coming years. The major reason for this progress can be attributed to the increasing number of construction activities and growing automobile manufacturing in South Asian countries. The auto industry is the largest consumer of fasteners, accounting for around 75 percent market share.
Some of the major players in the industry, such as Lakshmi Precision Screws Limited, Kova Fasteners, Ruia Global Fasteners, etc., have dominated the market in the last decade. Established way back in 1972, Lakshmi Precision Screws Limited has catered to the need of various sectors such as wind energy, oil and gas, and automobiles, to name a few.
On the other hand, Ruia Global fasteners has been manufacturing extrusion and assembly parts, such as special screws, double end studs, headless screws and cold formed ball studs. Headed by Pawan Kumar Ruia, the company enjoys a great presence in the Indian market and also operates throughout Germany. Apart from these,Kova Fasteners is another major player in the country, which has been exclusively offering fasteners, using the most up-to-date technology available at this point of time.
Made from stainless steel, iron, brass, aluminum, etc., fasteners are used to join two or more objects together by using nuts, bolts, washers, screws and other products. The material is selected depending on the purpose. There are two broad categories in which the fasteners are divided, which include high tensile and mild steel. Fasteners can be further sub-divided into removable, semi-permanent and permanent types. They are widely used in vehicle manufacture and in various systems such as steering, braking, transmission, safety, seating and security.
The Indian fasteners market is classified on the basis of application, product type and the organization of the market. The lack of product differentiation and flexibility of prices of raw materials such as alloys, stainless steel and copper were impacting the growth of the fasteners market. But, the trend seems to have changed quite fast and things are improving at a good rate.
Indian fasteners market has witnessed a steady growth in the last few years. The trend is like to continue, as the market is expected to reach a value of Rs 460 bn by 2023, expanding at CAGR of 9.6 percent from 2018. Backed by the government’s ‘Make in India’ initiative, the local manufacturers like Ruia Global Fasteners, Lakshmi Precision Screws Limited, Kova Fastenersare expected to play a major role in meeting the demand, opening the doors to major growth opportunities for fasteners industry in India.