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 consumers of industrial fasteners. The auto industry in India has recovered from the onslaught of the coronavirus pandemic and is expected to witness more accelerated growth in the coming times.

Further, the construction and engineering sectors are key drivers of industrial market growth. High-tensile fasteners are mainly used in construction and engineering, whereas mild steel fasteners are used in manufacturing automobiles. Rising demand and increasing sales of automobiles in the country are fostering the growth of automobile-specific fasteners. The use of fasteners in parts including engines, chassis, molding, suspension systems wheels, etc. is predicted to drive the development of the industrial fasteners market size.