The Indian industrial fasteners market is anticipated to reach a value of INR 460 Bn by 2023 growing at CAGR of 9.6%, according to a market research report.
The automotive sector in India is one of the largest consumer of industrial fasteners. Auto industry in India has recovered from the onslaught of coronavirus pandemic and is expected to witness more accelerated growth in the coming times.
Further, construction and engineering sector are key drivers of industrial market growth. High-tensile fasteners are mainly used in the construction and engineering sector, whereas mild steel fasteners are used in manufacturing automobiles.
Rising demand and increasing sales of automobiles in the country are fostering growth of the automobile sectorspecific fasteners. Use of fasteners in parts including engines, chassis, moulding, suspension system and wheels etc. are predicted to drive the growth of industrial fasteners market size.