Analysing the Market Growth, COVID-19 Impact, and Opportunities in the Fasteners (Galvanised Nuts and Bolts) Industry

Indian market is ever-growing when it comes to fasteners. In recent years, Asia Pacific has been extensive facilitative manufacturing of galvanised nuts and bolts, in particular — with China and India playing the leading roles. 

Customarily, these fasteners are categorised into two types: high tensile fasteners used primarily in the construction and engineering divisions and soft tensile fasteners used in the automobile manufacturing industries. 

That said, significant growth in this sector can be attributed to the rapid expansion in the several sectors outlined below.

Significant Elements of Growth in the Fastener Market

Significant players in the fastener market are:

• The growing civil engineering & the construction sector (26%)
• Expansion of automobile manufacturing units (27%)
• The heavy engineering units (including aerospace is 18%)
• Smaller industries, manufacturing suspension systems (10%), and so on.

A varied range of fasteners is manufactured by the Indian market, including galvanised nuts & bolts, regular hexagon, balance and exhaust bolts, socket head cap & shoulder screws, weld & screw nuts, self & hexagon tapping nuts, amongst others.

To that end, the Indian market of fasteners is expected to grow up to 460 billion by 2023. 

Likewise, the global market would also grow to become a 7,706 billion industry by 2023.

The Overall Fastener Industry’s Demand & Supply Segmentation is based on the, 

• Type of target (the threaded or non-threaded type of fasteners), 
• Product type (galvanised nuts & bolts, rivets, screws, washers) for which it is used, and 
• Real-time applications of the product (aerospace, vehicles, electrical products, furniture & wood industry, maintenance & repair units, operations, and several other such sectors). 
• Product materials (primarily made of plastic or metal & steel).
• The market type absorbs most of the product, including the OEM (Original Equipment Manufacturer units) and the aftermarkets.
• Global sales region includes the market size, share, trends, and forecasts (the most recent one being from 2020-2025).

Though distributors, direct dealers, online channels, and several industrial events are involved in distributing the fasteners, the dealers’ rapid de-licensing is causing global manufacturers’ rapid inflow into the Indian market.

The Fate of the Current Market of Fasteners

An analysis report states the global market of the fasteners in India and abroad from 2018-2023 is being dominated by some companies from across the world. But with the help of the Indian government’s “Make in India” policy, the fragmented Indian manufacturing industry is trying to increase the demand for industrial fasteners.

Even then, the fastener market is majorly driven by the suitability and availability of raw materials in the market (60%-70%) and by the availability of trained labour (15-20%).

Some significant threats identified in this industry include:

– The availability of low-quality products being manufactured by smaller unidentified units.

– Steel prices within the country being regulated by their demand-and-supply curve, which sharply impacts the fastener market.

– The decrease in profits due to the increase in the raw materials’ cost price acting as a driving force in this sector.

Estimated Future of the Market of Fasteners (Galvanised Nuts & Bolts)

It is being estimated that the industrial demands in this field would grow up to 5.5 % annually. Significant advances are forecasted in the automobile and aeronautics field areas, including increased construction units and divisions.

In the South Asian market, the automotive market is projected to grow by another 7.5 % in the coming times and this market is expected to absorb almost 75% of the fasteners. 

China, India, South Korea, Brazil, and Thailand seem to be the future bulk absorbers of fasteners worldwide.

How did COVID-19 impact the market of fasteners?

The market trend shows a decrease in demand for fasteners — expected to rise only by the next half of this year (2021). During COVID-19, a few challenges surfaced:

– Raw materials could not be obtained regularly due to decreased conveyance facilities.

– In terms of labour, there was a massive dip observed since most labourers returned to their native.

However, despite these constraints, the APAC (Asia Pacific) regions would be growing hugely during this period. The automotive and the construction industry seem to be the primary driving force in the coming times.

In the United States alone, the market around fasteners would grow considerably in the next ten years, and the total rise is estimated to be 30 billion dollars. 

If you’re searching for a detailed project report for the fastener (nuts and bolts) market, we at Engineers India Research Institute would be able to support you with an in-depth formulation of the market’s analysis. Our reports about galvanised nuts and bolts are clear and precise, and they provide a detailed analysis of the fastener market within the country and the world. In all honesty, this industry is, undoubtedly, as competitive as any other sector globally. Being updated with the right information is what we can help you with, which would further help you align yourself suitably for progressing in this industry.