Port Wings News Network:
A 20-member FIEO business delegation from Fastener industry is taking part in the Fastener Fair, Nashville, USA being held from 16th to 17th May, 2023. The Consul General of India to the South-East USA, Dr Swathi V Kulkarni inaugurated Indian Pavilion in the presence of Dr A Sakthivel, President, FIEO; Dr Ajay Sahai, DG & CEO, FIEO; Ms Paige Brown, Mayor, City of Gallatin; Mr James Fenton, Executive Director, Gallatin Economic Development and the former Union Minister of State for Social Justice, Mr D Napoleon also attended the inauguration ceremony and interacted with the participants.
The Consul General appreciated Indian participants for their innovative products and expressed her hope that Fastener Fair, USA will lead to increased business opportunities for both Indian and American companies. Dr Swathi advised the participants to strictly adhere to quality for growth in US market. She extended the support to the participants in identifying large importers of fasteners in US and also doing credibility checks on them in association with concerned agencies in US.
Dr A Sakthivel said that Indian companies have undertaken intensive technological developments and presenting advanced lightweight products and hybrid fasteners that find usage in entire industrial sectors especially automotive, aircraft and other industrial applications. As India can offer products of high quality with very competitive pricing, US companies can become more competitive by procuring these products from India, FIEO President said.
Dr Ajay Sahai expressed his optimism that Indian Fastener Industry sector can make deeper inroads in to US market to double its market share in the next 5 years. The global industrial fasteners market size is around USD 90 billion and expected to grow further due to rising demand for industrial fasteners in the automotive and aerospace sectors apart from construction sector. The US is the 5th largest importing countries of fasteners in the world after China, Germany, Japan and South Korea with import of USD 16.50 billion during the year 2022.
India’s market size of fastener is USD 4.6 billion and exports only USD 780-800 million, due to strong domestic demands lead by auto and construction sector. However, Indian companies started engaging in larger volumes capacity adhering to quality standards along with strong R&D backup to cope with dynamic market conditions of this sector. Hence, FIEO estimates that export of fasteners can reach USD 1.5 billion by 2025.
Expecting a very successful event at Nashville, FIEO is of the view that the event will create new business opportunities and ideas for expanding businesses in US market.