Driven primarily by increasing momentum of construction activities and automobile manufacturing, fasteners market in India is growing exponentially. It is estimated to grow at a compound annual growth rate of more than 14 percent over the next five years. The increased focus on safety and stringent government regulations has further fuelled the demand for reliable and safe fasteners. Moreover, the emergence of new applications such as solar installations and EV charging stations is expected to create more opportunities for the fastener market in India.
The end-user industries of fasteners expect fasteners to be reliable, durable, cost-effective and available in the sizes, necessary for their projects. They also expect fasteners to be compatible with the material they are bolting together. One of the main expectations is that the fasteners meet the relevant industry standards, quality grade and should be fit for the purpose. Users also want to be sure about the quality of the product and assurance of delivery. They prioritize price, availability and customer service while selecting suppliers and vendors. Fit-Right Nuts and Bolts is fulfilling all these expectations comprehensively. The company is serving numerous industries in various segments in domestic market and also exports. Their main customers being large multinational companies in end user segment as well as trade segment. For the domestic market, the Company has been primari¬ly supplying to the railway electrification segment and pharmaceuticals/chemicals/Petrochemical/Solar Industries.
Competence in Non-standard Fasteners
The company’s is reputed for manufacturing non-standard fasteners which are an essential part of modern engineering and production. They are custom-designed to meet close tolerances, product reliability and performance. Non-standard fasteners are used in a variety of industrial and commercial applications, including automotive and aerospace. For complex projects, non-standard fasteners, with precision and desired strength, are the first choice of clients.
Fit-Right Nuts and Bolts has earned a reputation in manufacturing non-standard fasteners in any configuration which is not readily available such as the AT bolts or safety screws. The company experiments with several materials in order to supply fasteners in a variety of materials.
Apart from various grades in stainless steel, it also uses nickel alloys and other materialsfor manufacture.
“One of our customers used to import duplex and super duplex grade fasteners from Europe, due to non-availability of same in India. We developed their products to their satisfaction, thereby totally indigenizing the requirement”, says Jayesh Shah, Director, Fit-Right Nuts and Bolts.
Continuous Growth across Industries
Since its inception, the company has registered very handsome growth. After a brief slowdown for two years of Covid-19 pandemic, it has regained its momentum and is back to its pre-pandemic turnover. Currently, it is one the top three fastener suppliers to the railways sector for the purpose of rail electrification. In the pharmaceutical sector, it is again among the top three but in petrochemical and chemical industry, it claims to be one of the leaders. The company is continuously working for further capacity addition by developing new modules.
Tapping the Opportunity in Solar Industry
Moving forward, FitRight Nuts and Bolts sees an opportunity in solar application where it plans to capture the market as there is a huge demand for fasteners in solar installations. Solar industries use a variety of fasteners to securely mount solar panels and other solar components. Fasteners such as screws, nuts and bolts are commonly used to mount solar panels and other components on roofs, sides of buildings, and other surfaces. In the future, the company wants to make more and more products to cater to the solar industry and is keeping an eye on all kinds of new tenders. “I believe substations are going to come up and the market of solar products, both domestic and international, are going to grow a lot as the cost of electricity production as well as the infrastructure cost of setting up a solar plant has come down drastically. We would definitely like to capture that market and we are training our resources towards the same,” says Jayesh.
Gearing-up for the Future
Going ahead, the expansion of infrastructure projects and the increasing demand for consumer products are two major factors which will be driving the growth of the Indian fastener market. Rising urbanization, and technological advancements in the production of fasteners are expected to fuel the market growth further. The increasing demand for environment-friendly fastener materials is projected to generate new opportunities in fastener market. In addition, the growth of renewable energy projects and the increasing usage of sophisticated fasteners in medical, nuclear, and other industries are expected to drive the Indian fasteners market in the future.
Fit-right nuts and bolts is growing steadily at a rate of 10-15 percent year over year in terms of sales while in terms of capacity addition, it has been constantly adding capacities & adopting new technologies
Despite being a young company, Fit-Right Nuts and Bolts is growing steadily at a rate of 10-15 percent year over year in terms of sales while in terms of capacity addition, it has been constantly adding capacities and adopting new technologies. Its new machine has recently been commissioned which is expected to augment the capacity by about 15 to 20 percent from the current levels.The company is continuously innovating both in new products as well as in technology. Whenever a new material for fastener is talked about, the company, irrespective of challenges faced, would try and develop the process for manufacturing using the material. For all the quality control systems that are there, the company has all the certifications which are needed. Today, it has the certification of not only ISO 9000, but ISO 14,000 and 45,000. “Our next target is to get our laboratory the NABL accreditation for mechanical as well as chemical testing facilities which we have in-house. We would also like to venture into the pressed components market used in various applications which will complement our fastener business,” concludes Jayesh.