Project report for High Tensile Nuts and Bolts

In India, The Industrial fasteners have a vital contribution for the growth of almost all sectors of industry. It is a wonderful manifestation which joins & secures materials together for any productive uses. No doubt that there is having huge domestic demand of the product. A fastener is a connective mechanism that mechanically joins or affixes two or more objects together. A bolt is an externally threaded fastener designed for insertion through holes in assembled parts, and is normally intended to be tightened or released by torquing a nut. A nut is a type of hardware fastener with a threaded hole. Nuts are almost always used opposite a mating bolt to fasten a stack of parts together. With the evolution of the automobile industry, the demand for the nut and bolt is also expected to rise at a rapid rate by the Developed economies. Not only the Automobile Industry, the manufacturing, and construction business has emerged as a huge market base for the demand of the nut and bolt all across the world. 

A bolt is a form of threaded fastener with an external male thread requiring a matching pre-formed female thread such as a nut. Bolts are very closely related to screws. Bolts are often used to make a bolted joint. Bolts use a wide variety of head designs, as do screws. These are designed to engage with the tool used to tighten them. Some bolt heads instead lock the bolt in place, so that it does not move and a tool is only needed for the nut end. A fastener or fastening is a hardware device that mechanically joins or affixes two or more objects together. In general, fasteners are used to create non-permanent joints; that is, joints that can be removed or dismantled without damaging the joining components. Welding is an example of creating permanent joints. Steel fasteners are usually made of stainless steel, carbon steel, or alloy steel.

The Indian industrial fasteners market is expected to reach a value of INR 4600 Crores by 2023 expanding at a CAGR of ~9.6% from 2019. 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 Financial Year 2018 was other screws and bolts, whether or not with their nuts or washers followed by other non-threaded articles and threaded nuts.

The Global market is expected to reach a value of INR 7,7060 Crores by 2023, expanding at a CAGR of ~6.5% from 2019. Rising demand for fasteners in the automotive industry, coupled with an increase in construction and manufacturing spending in emerging countries like China, Brazil, Saudi Arabia, Australia, Indonesia and India, is expected to drive the demand for industrial fasteners during the forecast period. 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. Europe is one of the largest markets for industrial fasteners apart from being the second largest industrial fasteners manufacturing region in the world. However, lack of product differentiation and elasticity of prices of raw materials such as alloys, stainless steel and copper are hindering the growth of the market.