Industrial fastener market India is linked to the performance of the Indian auto industry. As the auto industry is moving from strength to strength, auto component industry including the industrial fastener industry is in an upswing. Support from the government within the framework of SSI sector and encouragement to engineering goods export can further boost this market.
The report begins with a market overview section which shows the potential for industrial fastener market and the estimated growth of the market. Furthermore, it provides information regarding the production of nuts and bolts over the past few years. This section looks to explain the industrial fastener sector with the help of Porter's five forces model. It illustrates the various forces in the sector and the impact each of the forces has in the industrial fastener market. The EXIM section shows the imports and export which have taken place in last few years. It also highlights which countries were the major importers and exporters in last two years.
The major driver identified is domestic growth of automobiles. Due to the phenomenal growth, the auto component industry has seen tremendous growth coupled with heavy investments. Since the auto sector accounts for highest sales for the fasteners market it is expected to boost the market going forward. Another driver identified is the robust growth in other engineering sectors. The engineering sector includes companies from construction and other allied sectors. It has also been found that exports have been increasing as Indian vehicles are more acceptable in global markets. This has given a push to the demand for industrial fasteners. Another driver which can play a very important role is the introduction of GST which is likely to bring about transparency in the tax system. The challenges identified are rising input costs and threat from EU. Rising input costs of steel and power is expected to eat into the profit margins of the manufacturers creating cost pressures. On the other hand, if the European Union has very strict anti dumping laws, they are likely to impose import tariff or ban industrial fasteners from India if they feel extra subsidies or a standardized process hasn't been followed in the manufacture of these products.
The government initiative section covers the various subsidies given for industrial fastener industry. It comes under the category of small scale industries. Within this scheme, various policy, fiscal and infrastructural support is provided. It is also subject to 100 per cent FDI under the automatic route
The competition section includes brief profiles of the major players in the market which provides a highlight of their business along with their financials towards offering an insight into the operations of players in the space. Strategic recommendations for this market have also been provided in the report.