(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the Market report for Industrial Fasteners Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Industrial Fasteners Market Products.
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Fasteners are generally used to join the different parts of items by using nuts and bolts, washers, screws, clips, clamps and other products. The global industrial fasteners industry is considered to be highly fragmented and is competitive in nature, with small and large scale manufacturing companies operating in the United States, China, Japan, Germany, and India.
The market is expected to reach a value of INR 7,706 Bn by 2023, expanding at a 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.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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 can be attributed to the increasing number of construction activities and growing automobile manufacturing in countries like China and India. Europe is one of the largest markets for industrial fasteners apart from being the second largest industrial fasteners manufacturing region in the world. However, lack of product differentiation and elasticity of prices of raw materials such as alloys, stainless steel and copper are hindering the growth of the market.
Precision Castparts Corporation, Stanley Black & Decker Inc., Wilhelm Böllhoff GmbH & Co. KG and Nitto Seiko Co. Limited, are the top four industrial fasteners manufacturing companies.
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India industrial fasteners market
Owing to its application in diverse sectors, a wide range of fasteners are manufactured in the Indian market, which include exhaust bolts, balance wheel bolts, standard hexagon screws/bolts, socket head cap screws, socket shoulder screws, weld nuts, square nuts, hexagon nuts, self-tapping screws and others. With help from the Indian government's 'Make in India' initiative, the Indian manufacturing sector is expected to generate huge demand for the industrial fasteners market.
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. Fastener companies usually sell their products in India through various distribution channels – distributors, direct dealers, online channels and industrial events. De-licensing of the industry is facilitating the entry of major global manufacturers in the Indian market. The majority of fasteners that were imported by India in FY 2018 was other screws and bolts, whether or not with their nuts or washers followed by other non-threaded articles and threaded nuts.
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. This will be because of owing to increased automotive manufacturing in the country. It is followed by the construction and the engineering sector.
High-tensile fasteners are mainly used in the construction and engineering sector, whereas mild steel fasteners are used in manufacturing automobiles. Currently, there has been a shift in preference of manufacturing fasteners by using stainless steel, iron, brass, aluminium, nickel and plastics and composites.
Key growth factors
o Increasing sale of automobiles in India is significantly driving the growth of the auto ancillary market in the country, including automobile sector-specific fasteners. Growing usage of fasteners for manufacturing automotive parts such as engines, chassis, moulding, suspension system and wheels among others, is expected to drive the growth of the Indian industrial fasteners market during the forecast period.
Threats and key players
o Spurious and low quality fastener affect longevity adversely, and may result in accidents with catastrophic consequences
o The price of steel in India is influenced by demand-supply forces and international prices. The increasing prices of raw materials like these, which are used in the manufacture of industrial fasteners, reduce profitability.
o Lakshmi Precision Screws Limited, Sundram Fasteners Limited, KOVA Fasteners Private Limited, and Precision Castparts Corporation Fasteners are some of the major players that are operating in the Indian industrial fasteners market.
What's covered in the report?
1. Overview of the global industrial fasteners market
2. Historical, current and forecasted market size data for the global industrial fasteners market (2017 to 2023)
3. Qualitative analysis of the global industrial fasteners market and its segments [by application – construction, engineering (including machinery used in manufacturing activities), automotive and others (including oil refinery, chemicals, MRO activities), region-wise manufacturing split – Asia-Pacific, Europe, North America, and other regions (includes Africa and Latin America)]
4. Qualitative analysis of the major drivers and challenges affecting the global industrial fasteners market
5. Overview of the Indian industrial fasteners market
6. Historical, current and forecasted market size data for the Indian industrial fasteners market (2017 to 2023)
7. Qualitative analysis of the India industrial fasteners market and its segments [by application – construction, engineering, automotive and others (including chemical, oil refinery, solar industry, and textile machinery) by product-type (High Tensile Fasteners and Mild Steel Fasteners)]
8. Overview of steel bolt, high tensile nut and manufacturing process
9. Trade analysis of Indian industrial fasteners market
10. Major industrial fasteners manufacturing clusters overview
11. Qualitative analysis of the major drivers and challenges affecting the market
12. Analysis of the competitive landscape and profiles of major players operating in the market
1. Get a broad understanding of the global and Indian industrial fasteners market, the dynamics of the market and its current state
2. Strategize marketing, market-entry, market expansion and other business plans by understanding the factors driving growth in the market
3. Be informed regarding the key developments in the industrial fasteners market in India
4. Understand major competitors' business strategies and market dynamics, and respond accordingly to benefit from the market
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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About Kenneth Research:
Rated as one of the best multi-client reselling agencies, Kenneth Research provides a single platform for insights on numerous industries for investors and companies who are willing to expand their business. The platform caters to industries that include Healthcare and Pharmaceuticals, Chemicals, ICT and Telecom, Energy and Power, Automotive and Transportation, and several others, and offers the best strategic business consultancy services at a global level.
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