- Report ID : MD2973 |
- Pages : 220 |
- Tables : 47 |
- Formats :
The India Stainless Steel Fasteners Market is segmented By Type (Exhaust bolts, Balance wheel bolts, Standard hexagon screws/bolts, Socket head cap screws, Socket shoulder screws, Weld nuts, Hexagon nuts, Self-tapping screws, and Others), By Distribution Channel Analysis (Distributors, Direct dealers, Online channels, Industrial events), By Application Analysis (Automotive Industry, Electric & Electronics, Machinery Industry, Construction Industry, Oil and Gas, Aerospace, Renewable Energy, Manufacturing), and By Geography (North, Northeast, East, Central, West, South).
The India Stainless Steel Fasteners Market shall reach a value of INR X Crores in 2033, growing with a CAGR of 8% during the forecast period of 2023 to 2033
The stainless-steel fasteners market in India is a thriving and diverse industry that services a wide range of sectors including construction, automotive, manufacturing, and infrastructure. These fasteners are essential for connecting or affixing things together since they provide great corrosion resistance, durability, and strength.
The stainless-steel fasteners market in India serves a wide variety of applications across sectors. These fasteners are essential components in the construction business, where they are utilized in the construction of facades, bridges, and other infrastructure projects. Furthermore, stainless steel fasteners are significantly used in the automobile industry for assembly and production operations, maintaining the structural integrity and safety of cars. These fasteners are used in the assembly of industrial equipment and the manufacture of machinery in the manufacturing sector. They are also commonly used in several infrastructure projects, including those involving power plants, airports, and railroads.
End-user Industries Driving the Demand
The greatest market for industrial fasteners globally has continuously been the Asia-Pacific region. India has been a significant factor in this progress in the area. The initiatives and activities related to the building as well as the increasing Indian vehicle manufacturing industry are the key elements propelling this rise.
To meet the needs of numerous industries, the Indian market manufactures a wide variety of fasteners. Some examples of these fasteners are bolts for exhaust systems and balancing wheels, self-tapping screws, socket head cap screws, socket shoulder screws, weld nuts, square nuts, hexagon nuts, and other fasteners. Industrial fasteners are expected to be in high demand in the near future because of Indias manufacturing industry and Prime Minister Narendra Modis "Make in India" push.
The Indian automotive sector is poised to become a big user of industrial fasteners, owing to the countrys rapid expansion in car production. Increased vehicle sales in India have resulted in a significant expansion in the automotive aftermarket, including demand for sector-specific fasteners. The development of fasteners for automotive components production, including engines, chassis, molding, suspension systems, and wheels, is expected to be a significant driver of the Indian industrial fasteners market in the future, closely followed by the construction and engineering sectors.
Properties that set them apart
High-tensile fasteners are widely used in the engineering and construction industries, whereas mild steel fasteners are widely used in the production of automobiles. The choice for producing fasteners from materials including stainless steel, iron, brass, aluminum, nickel, plastics, and composites has significantly changed recently. This trend, which reflects the industrys ongoing search for innovative and diverse materials to improve the functionality and durability of fasteners, is anticipated to continue in the future.
Regional Analysis
In India, more than 65% of the market for high-tensile fasteners is manufactured by the organized sector. The remaining 25% to 30% of the market is accounted for by mild steel fasteners, which are mostly manufactured by the unorganized sector. Large cities in the northern region, including New Delhi and Gurgaon, Haryana, and the southern region, which includes Chennai, Tamil Nadu, and Bangalore, Karnataka, are where the majority of fasteners get manufacturers. Gujarat, Nashik, Aurangabad, Mumbai, and Pune are all included in the western cluster.
Demand for stainless steel fasteners in India is anticipated to increase due to the countrys expanding automotive industry
The rapid growth of Indias automotive sector plays a pivotal role in driving the expansion of the stainless-steel fasteners market. With increasing disposable incomes, urbanization, and government initiatives like "Make in India," the countrys automobile industry is experiencing significant expansion. Stainless steel fasteners are essential components used in various automotive applications such as engines, chassis, suspension systems, and interior parts. As automotive manufacturers prioritize quality, durability, and corrosion resistance in their vehicles, the demand for stainless steel fasteners is expected to witness a substantial surge. This presents a lucrative opportunity for stainless steel fastener manufacturers to cater to the growing needs of Indias thriving automobile industry while meeting the industrys stringent requirements for high-performance fastening solutions. By capitalizing on this trend, stainless steel fastener manufacturers can position themselves for sustained growth and success in the Indian market.
Being the largest manufacturer of tractors, the second-largest producer of buses, and the third-largest producer of heavy trucks, India occupies a major place in the world market for heavy vehicles. This demonstrates the nations considerable contribution to the development and manufacture of heavy vehicles on a global scale.
India is the worlds largest producer of tractors, making its supremacy in the tractor manufacturing industry notable. In the agricultural sector, tractors are essential tools that support numerous farming tasks. Indias tractor manufacturing business has expanded due to the nations strong agricultural sector, rising demand for mechanization, and increased productivity.
Growing Attention on Renewable Energy
India was listed as the worlds fourth most alluring renewable energy market in 2019. The nation has set a lofty goal of producing 175 GW of renewable energy by 2022, including 60 GW from wind energy, 10 GW from biomass energy, and 5 GW from small hydropower. The greatest expansion strategy for renewable energy exists right now.
To meet its growing energy needs and reduce carbon emissions, India is aggressively adopting renewable energy, particularly solar and wind. Wind turbines and solar panels must be equipped with fastening systems that can withstand weather conditions. Due to their strength and corrosion resistance, stainless steel fasteners are ideal for high-energy applications. With the increasing use of renewable energy in India, the demand for stainless steel fasteners in this industry is expected to increase. Fastener manufacturers now have the opportunity to meet the unique needs of renewable energy and position themselves as reliable suppliers in this expanding market.
Years considered for this report
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Industry Segmentation and Revenue Breakdown
By Type Analysis (Revenue, INR Crores, 2023 - 2033)
By Distribution Channel Analysis (Revenue, INR Crores, 2023 - 2033)
By Application Analysis (Revenue, INR Crores, 2023 - 2033)
Stainless Steel Fasteners Market companies
Available Versions of Stainless-Steel Fasteners Market Report:
Global Stainless Steel Fasteners Market Research Report
US Stainless Steel Fasteners Market Research Report
GCC Stainless Steel Fasteners Market Research Report
APAC Stainless Steel Fasteners Market Research Report
Europe Stainless Steel Fasteners Market Research Report
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