International Hardware Fair 2023 - Revolutionising Global Hardware
In 2023, India's hand and power tool industry impressively exhibits a robust performance, attaining a phenomenal export value of US$ 952.38 million (Rs 7900 crores)
The International Hardware Fair India (IHF India) made an entry at Pragati Maidan, New Delhi, ushering in a new era for the hardware industry in India. Organised by Koelnmesse, the inaugural edition is powered by EISENWARENMESSE – International Hardware Fair Cologne, Germany.
Igniting collaborative growth
International Hardware Fair India aims to be a focused event for the hardware community and embed German standards in facilitating the marketplace. The extensive hardware assembly brought together industry luminaries, manufacturers, the buyer's community, policy influencers, and crucial stakeholders; providing professional platform for the entire hardware community. With over 200 international exhibitors and more than 7000 trade buyers, the IHF floor is a vibrant tapestry of cutting-edge products and solutions from around the world. Participating countries include India, Taiwan, Germany, China, Turkey, Korea and more.
The grand inauguration ceremony was marked by the presence of key dignitaries R. K. Rai, Director -Office of Development Commissioner, Ministry of Small & Medium Enterprises; Arun Kumar Garodia, Chairman, Engineering Export Promotion Council of India, and Milind Dixit – Managing Director, Koelnmesse in the presence of several prominent industry leaders.
Delving into the significance of the hardware industry in India's manufacturing landscape, RK Rai, Director, Office of Development Commissioner Ministry of SME said, “The Indian hand tools market was valued at US$ 342.8 million in 2022, with a projected CAGR of 4.3 per cent, reaching US$ 416.2 million by 2029. India is set to rival China in the Asia-Pacific hand tools market. Additionally, the industrial fasteners market is expected to hit Rs 460 billion by 2023, growing at a strong 9.6 per cent CAGR since 2018. India's Hardware & Building Materials market is also thriving, with a projected 1.68 per cent growth rate (CAGR 2023-28) globally, contributing a 1.2 per cent share in global exports. The government's "Atmanirbhar Bharat" initiative also aims to elevate manufacturing standards, especially for MSMEs. We foresee IHF India 2023 as a catalyst for meaningful industry interactions,
Arun Kumar Garodia, Chairman of the Engineering Exports Promotion Council (EEPC), emphasised, “India's ambitious goal of achieving a US$ 1 trillion merchandise export target by 2030, with engineering exports aiming for a significant share of US$ 300 billion. Despite facing global challenges like the pandemic and geopolitical conflicts, Moody's projects India's 2023 growth at 6.7 per cent the highest among G20 nations. The Indian engineering sector, particularly the hardware industry, is a rapidly growing and diverse segment, making a substantial contribution to the country's development and manufacturing sector. With increasing global demand for hardware products, India is poised to emerge as a global leader in hardware manufacturing. We anticipate IHF 2023 to serve as a catalyst for industry growth and collaboration, firmly establishing India as a global powerhouse in the hardware industry."
Milind Dixit, Managing Director, Koelnmesse, India's ambitious goal to achieve a US$ 1 trillion manufacturing sector by 2030 is not just a numerical target; it's a testament to the nation's commitment to economic growth and industrial prowess. As this sector is poised to grow at a robust CAGR of 11 per cent from 2020 to 2030, the hand tools and power tools market play a pivotal role in shaping this trajectory.
Hand tools, often the unsung heroes behind manufacturing, are the linchpin for every industry, driving efficiency and precision. The raw material transformation in every sector relies on the craftsmanship enabled by these tools, making them indispensable contributors to the overall growth of industries. It's not just about numbers; it's about the essential tools that empower our industries and workforce on the journey to a trillion-dollar manufacturing landscape,” he further added.
Addressing the burgeoning growth in the hardware industry, Ajay Kumar Goswami, Deputy Regional Chairman, EEPC India and Founder of Ajay Industries highlighted, "India's hand tool industry exports have soared to approx. 1600 crores currently. Anticipating a minimum growth of 10 per cent over the next five years, this trajectory is made feasible by leading companies engaging in substantial bulk purchases, elevating the industry to new heights."
Diverse Industry Segments
The event focuses on diverse segments, including building material hardware, automotive supplies & accessories, cutting and welding equipment, premium hand tools, power tools, specialty tools, construction and infrastructure, automobile/automobile service, woodworking and furniture, gardening and horticulture, and abrasives, every sector of the hardware industry is well-represented. Notable exhibitors who participated are H.R. International, Carborundum Universal Limited (CUMI), Powertex Tools Co. Pvt. Ltd., D.P. Garg & Co. Pvt. Ltd., FMI Limited and many more.
Support from Industrial Associations
The event is comprehensively supported by key national and international industrial associations, like Engineering Export Promotion Council of India, Taiwan Hand Tool Manufacturers Association, Bhutan Hardware Association, Ludhiana Hand Tools Association, Jamnagar Factory Owners Association, Fasteners Manufacturers Association of India, Jamnagar Hardware Manufacturers Association, Chamber of Industrial & Commercial Undertakings, Alwar Hardware Merchants Association, New Timber Market Dealers Association, Haridwar Hardware Association and others.
Unveiling excellence in hardware industry
This curated series of exclusive events aims to captivate industry leaders and experts through diverse formats. The discussions revolved around critical topics, featuring insights from Rakesh Nayar, Director at FMI Limited, on 'Advancements in Measuring and Testing Tools'; Sharad Agarwal, Director at Oaykay Tools / Forging & Chemical Industries, addressing the 'Need for Modernisation and the Future of Hand Tools'; and L N Gupta, Director at Powertex Tools, exploring 'Power Tools: Market Dynamics & Competitive Landscape.'
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