Product Code: ETC360264 | Publication Date: Aug 2022 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 |
The India rivet washer market import shipment demonstrated a strong growth momentum from 2020 to 2024, with a notable CAGR of 17.0%. However, there was a slight slowdown in growth between 2023 and 2024, with a growth rate of 2.4%. Overall, the market expanded significantly during the period, showing a promising upward trend.
India rivet washer market size was worth USD 731 million growing exponentially at a CAGR of 4% owing surging need for fastening materials used automobiles , furniture , appliances among other products. Growing automobile production due changing lifestyle preference among urban population coupled favorable regulatory environment particularly Environmental Protection agency standards regarding fuel efficiency are majorly propelling revenue. Increasing focus toward replacement parts maintenance so as reduce total ownership cost associated equipment being extensively utilized within heavy machinery industries portends well long term outlook.
The India rivet washer market is witnessing growth, driven by several key factors. One of the primary drivers is the use of rivet washers in various manufacturing and construction applications. Rivet washers are used to provide additional support and distribution of loads when fastening materials with rivets. The growth of the manufacturing and construction industries in India has led to an increased demand for rivet washers in assembling structures and components. Moreover, the automotive and aerospace industries` growth has further contributed to the usage of rivet washers in critical applications. The durability and efficiency of rivet washers make them suitable for joining materials securely, enhancing their adoption in industrial settings. Additionally, the focus on product innovation and the introduction of advanced rivet washer designs have expanded their application in various industries, driving the market`s growth.
The India rivet washer market faces various challenges that impact its growth and widespread adoption. One of the primary challenges is the availability of alternative fastening methods and products, such as adhesives, threaded fasteners, and welding, which can replace rivet washers in some applications. The selection of fastening solutions depends on factors like cost, ease of installation, and specific engineering requirements. Additionally, the availability of low-quality and substandard rivet washers in the market can lead to reliability and performance issues in fastening applications. The lack of standardized specifications and quality standards for rivet washers can also pose challenges in product selection and application. Furthermore, the limited awareness about the benefits and applications of rivet washers among end-users can limit their adoption. Educating customers about the advantages of using rivet washers and ensuring consistent product quality will be crucial in overcoming these challenges and promoting the growth of the rivet washer market in India.
The India rivet washer market experienced challenges during the COVID-19 pandemic, particularly due to disruptions in manufacturing and supply chains. The lockdown measures and restrictions on movement led to factory closures and labor shortages, affecting production capacities and the timely delivery of rivet washers. The slowdown in industrial activities and construction projects also contributed to reduced demand for rivet washers during the pandemic. Additionally, the economic uncertainties and reduced purchasing power of consumers led to deferred investments in non-essential products, including fasteners like rivet washers. However, with the gradual easing of restrictions and the resumption of economic activities, the market started to recover. The resumption of construction and infrastructure projects post-pandemic is expected to drive the demand for rivet washers, especially in applications that require secure and reliable fastening solutions. Manufacturers are adapting to the changing market dynamics and exploring new opportunities to meet the evolving needs of consumers in the post-pandemic period.
The India rivet washer market is characterized by the presence of both domestic and international manufacturers. Key players like RIVTAC Fasteners Pvt. Ltd., Kay Fasteners, and AGS Tools & Components have been actively contributing to the market`s growth by providing a wide range of rivet washers for various applications. These companies are known for their product reliability, precision engineering, and adherence to industry standards. Additionally, international players like Bollhoff Fastenings Pvt. Ltd. and B?llhoff Verbindungstechnik GmbH have a significant presence in the India rivet washer market, contributing to healthy competition and technological advancements. The key players in the rivet washer market continue to invest in research and development, expanding their product portfolios, and catering to diverse industry requirements to further strengthen their position in the India market.