Fasteners and its importance go deep into our every¬day lives starting from Kitchenware, Textiles, Construction, Machinery, Automobiles, and everything one can imagine. The global industrial fasteners market size was estimated at $86.12 billion in 2020 and is expected to reach $90.79 billion in 2021. 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.
The construction industry requires a lot of heavy and light machinery for their work. When thinking of the construction industry, the focus is more on the big machines, like big pieces of steel and thick pieces of wood, but fasteners play a very crucial role in the completion of tasks for the construction industry.
It works as the glue that holds tight different parts in construction. The Indian industrial fasteners market is segmented on the basis of application, product type and the organisation of the market. Rakson group is a pioneering business organization that started its operations in the
1980s in Ludhiana, Punjab, and is renowned for manufacturing a wide range of fasteners and other allied items confirming to international standards such as DIN, ASTM, BS, ANSI, IS & ISO, and many others. The group initially started its operation in trading & distribution but moved its core business to Fastener 15 years ago.
Offering Plethora of Products
Rakson Fasteners deals with light manufacturing operations related to Stainless Steel Fasteners, General Fasteners, Timber Bracket, and Mounting System. The firm provides Fastening solutions for Railways, Petrochemicals Refineries, Home Improvement, Construction, Automobile, and across other industries. The firm produces a wide variety of Bolts, Nuts, Washers, ASTM, Studs, Foundation Bolts, Threaded Rods, Clamps, and other allied products as well. Rakson Fasteners has a production capacity of 700 tons per month. To cater to the needs of the client, the company focuses on timely delivery and adapts to clients demand & specifications. “We are an ISO certified company and we cater to a very specific clientele. We emphasize quality, value, and timely delivery of our products, so that our client can plan their production accordingly”, says Manoj Gupta.
Facing & Overcoming Challenges
Rakson Fasteners experienced positive growth for years before COVID took a toll on the company's operation. As a result, the firm faced setbacks as orders were cancelled, and due to lockdown across the country, the orders got delayed and the production suffered. “Everything has taken up backstage due to COVID. Most of the machines are imported from China and Taiwan due to being cheaper, and the current COVID surge and lockdown in China has made it very difficult to acquire machines for our firm's operations. We can only perform enhancements in-house. In the past 6-7 months, the prices of raw materials have skyrocketed and because of that our business suffered, the recent instability in Europe has made recovery slow as well and we don’t see it recovering anytime soon”, shares Manoj.
"Rakson Fasteners is positive of better exports and is looking forward to increased business opportunities once the instability eases. Moving further, the company is looking to enhance and improve its production. They are also aiming to increase capacity and introduce new technologies for manufacturing", speaks Manoj. Even amidst unfavorable market conditions, Rakson Fasteners' annual turnover is in excess of $5 million and they employ over four hundred people aided by highly mechanized infrastructure, trained, dynamic, and resourceful team of skilled engineers. With this strong support, the company is aiming to bounce back and reach for greater heights in the industry