Industrial Fasteners Market to Expand 6.5% CAGR Till 2023
According to a Research on Global Markets report, the global industrial fasteners market is expected to reach a value of INR 7,706 Bn by 2023, expanding at a compounded annual growth rate (CAGR) of 6.5% from 2018. Rising demand for fasteners in the automotive industry, coupled with an increase in construction and manufacturing spending in emerging countries like China, Brazil, Saudi Arabia, Australia, Indonesia, and India, is expected to drive the demand for industrial fasteners during the forecast period.
The market research report highlights that Asia-Pacific was the largest market for fasteners in 2017, accounting for a major share of the fasteners manufactured globally. The major reason for this growth was due to the increasing number of construction activities and growing automobile manufacturing in countries like China and India.
Research On Global Markets has also tracked the performance of the Indian industrial fasteners market in this report. According to the report, the Indian industrial fasteners market is expected to reach a value of INR 460 Bn by 2023 expanding at a CAGR of 9.6% from 2018. The expansion of this market can be attributed to the increased production of fasteners like exhaust bolts, balance wheel bolts, standard hexagon screws/bolts, socket head cap screws, socket shoulder screws, weld nuts and others, to cater to the huge demand generated from the manufacturing sector in India.
According to the report, The Indian industrial fasteners market is segmented on the basis of application, product type and the organization of the market. The Indian automotive sector is expected to be the largest consumer of industrial fasteners, accounting for a major share of the market by 2023, driven mainly by increased automotive manufacturing in the country. It is followed by the construction and the engineering sector.
Research On Global Markets tracks the performance of the key players in the industrial fasteners market global and India including Lakshmi Precision Screws Limited, Sundram Fasteners Limited, Sterling Tools Limited, ACME Fasteners Private Limited, A Raymond Fasteners India Private Limited, Kundan Industries Limited, KOVA Fasteners Private Limited, RBM Industries, Nifco India Private Limited, and Precision Castparts Corporation Fasteners.
Key highlights of this report:
- Overview of the global industrial fasteners market
- Historical, current and forecasted market size data for the global industrial fasteners market (2017 to 2023)
- Qualitative analysis of the major drivers and challenges affecting the global industrial fasteners market
- Overview of the Indian industrial fasteners market
- Historical, current and forecasted market size data for the Indian industrial fasteners market (2017 to 2023)
- Qualitative analysis of the global industrial fasteners market and its segments
- Qualitative analysis of the India industrial fasteners market and its segments
- Overview of steel bolt, high tensile nut and manufacturing process
- Trade analysis of Indian industrial fasteners market
- Major industrial fasteners manufacturing clusters overview
- Qualitative analysis of the major drivers and challenges affecting the market
- Analysis of the competitive landscape and profiles of major players operating in the market
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for industrial fasteners in India and across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.