Fasteners and Screws Industries in India India, the second-most populous country and vibrant democracy, boasts a rich cultural heritage and strong values. Due to the large population that comprises many young people, the nation is emerging as a strong player in Industrial machines and components.
The high growth in various sectors in India is also a result of the strong vision of Shri Narendra Modi, the Prime Minister of India, who implemented the ‘Make in India’ program to put the country on the world map as a key country with strong manufacturing capabilities. This has given strong visibility to the Indian economy, and India is looking to become the first largest manufacturing hub in the world by the end of 2021.
An essential product that India has delved into is fasteners and similar hardware. Fasteners are the hardware required to attach different parts of items such as machines & tools etc. These come in various forms such as screws, nuts & bolts, washers, clamps, clips, nails, etc. Due to the nature of the product, the industry is highly fragmented with intense global competition. India, Japan, China, the United States, and Germany are the major countries with established industries.
The fasteners market is forecasted to cross USD 100 Billion in the next 2-3 years. The main sectors driving the increase in demand are the Automotive sector and construction industries. This brings it an attractive opportunity to the Fasteners manufacturers in India to tap this vast market. Several screw manufacturers in India have tightened their belts to take advantage of this and have invested hugely in the capabilities. The Asian countries used to be the most significant users of fasteners until a few years back and were the primary market for fasteners manufacturers worldwide. The main reason behind this is the heavy infrastructural development in countries like India and China. Europe is another major consumer of industrial fasteners, a central manufacturing hub for automobile industries.
The fastener manufacturers in India generally follow the channel sales model by developing several selling modes such as direct dealers, online channel partners, distributors, and industrial fares. This has become a proven model of generating revenues without employing a large workforce in sales & marketing departments and has considerably helped the business growth of screw manufacturers in India.