Magazine
Industrial fasteners are hardware devices used for joining two or more objects or joints and are primarily used across a wide range of industries, such as Automotive, Aerospace, Construction, Consumer Appliance and Furniture, and so on. Over the years, the global fastener market has been experiencing unprecedented growth and is expected to reach around $110.91 billion by 2029. The Indian fastener industry is currently growing at a CAGR of six percent and is expected to grow further, owing to its extensive use in the automotive sector.
While there was a downfall in the industry growth due to the shocking halt in infrastructural activities during the pandemic, the industry has been on a rapid rise due to the massive growth in the Indian construction market. Keeping future opportunities and overall sector growth in mind, many startups as well as global brands have ventured into the Indian industrial fastener sector.
Started in 2016 by Paulraj S and Rajesh P, Rithul Industrial Products is a Chennai-based ISO 9001-2015, ISO 45001:2018 & ISO 14001:2015 certified company with wide experience and specialization in supplying a complete range of quality industrial fasteners, such as
Hexagonal head bolts, Hexagonal flange bolts, Hexagonal Socket head bolts, Square Neck bolts, T-Bolts, Button head screws, Countersunk head screws, Hex Socket set screws, Machine Screws, Thread forming screws, Self-tapping screws, Hexagonal Nuts, Hexagonal Serrated Flange Nuts, Hex Lock Nuts, Weld Nuts, Castle Nuts, Flat Washers, Spring Washers, Ribbed lock washers, Threaded rods, Studs, Dowel pins, Spiral pins, circlips, Rivets, Rivet Nuts and Clinch Nuts. The firm has a no-compromise policy when it comes to quality and has strict quality checks in place.
Rithul started in 2016 as a normal value addition company and has been supplying a variety of fasteners, stainless steel, and brass products to customers belonging to different segments, such as railway, infrastructure, oil refineries, automotive, power segments, and so on. While it has been a challenging task to stay afloat because of the wide range of segments it deals with. So even if a particular segment declines in the market, some other segment ramps up and helps the firm stay profitable. The firm has been expanding rapidly with an annual growth rate of around 20 percent. The firm is also providing a Kanban system or vendor inventory management system as part of its value-added services to its clients.
Whether the requirement is for standard or customized fastener products, we are the perfect partner for our customers in fulfilling their fastener requirements
Starting with just two employees, The firm has come a long way over the years with the present employee strength being more than 35. While Rithul had just two customers initially, the firm has grown rapidly over the years and is presently supplying its fastening products to more than 20 MNC clients. The firm is also working on setting up its manufacturing unit to explore the automotive segment as well as venture into export operations. Rithul has already started its operations in another plant in the same area whereas one more plant is under construction. In terms of future roadmaps, the firm is currently concentrating on the EV segment. "As the future automotive is completely going to depend on Electric segment. Hence Rithul also wants to play a major role in the EV segment. The firm is planning to reach annual revenue of 50 crores within the next five years", concludes Rajesh P, Managing Partner, Rithul Industrial Products.
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