Asia-Pacific is the largest market for fasteners in these years, 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.

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 fastener 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 mar-
ket. Owing to increased automotive manufacturing in the country, the Indian automotive sector is expected to be the largest
consumer of industrial fasteners, accounting for a major share of the market by 2023. 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, molding, suspension system and
wheels among others, is expected to drive the growth of the Indian industrial fasteners market during the forecast period. 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, aluminum, nickel and plastics and composites.