Market Research Future (MRFR) projects the global automotive fasteners Industry in terms of value is estimated to reach USD 35,636.5 million by 2026, registering a 5.95% CAGR during the forecast period
Automotive fasteners are mechanical components that connect or join two or more joints and parts in the vehicle. Fasteners are comprised of aluminum, nickel, stainless steel, and others. The primary role of automotive fasteners is to keep vehicle parts together to prevent separation and leakage from joints. Because of the various shapes, sizes, designs, and qualities, the automotive industry is flooded with a variety of fasteners, particularly for components.
The automotive fasteners Industry is driven by the continuous growth in automobile sales and the expanding automotive components industry. The growing demand for technological advancement and design improvements in automotive fasteners would drive up demand in the global automotive fastener industry. The use of replaceable fasteners in automobiles would increase the ease of use of automotive fasteners and drive market development. Because of the increased demand for vehicle stability and decreased vehicle weight, fasteners would be preferred over the welding.
The global automotive fastener market will benefit from this growth opportunity. Manufacturers have recently focused heavily on improving the design and quality of fasteners. They have been acquiring design firms to improve the designs of their automotive fasteners. However, there are numerous alternatives for automotive fasteners in the global market, such as welding and clinching, which may impede market development. Furthermore, the vast unorganized aftermarket for automotive fasteners may present a challenge to manufacturers.
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The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Sundram Fasteners Limited, ITW, Stanley Black & Decker, Kamax, Meidoh co. Ltd, Nipman Fasteners, Piolax, Norm Civata, Agrat, LISI, Brugola, Fontana, and Koninklijke Nedschroef are some of the key players operating in the global market.
The use of plastic fasteners due to the need for reducing vehicle weight and eschew the usage of stainless steel and nickel can fuel the market growth. Removable fasteners are likely to be in huge demand due to the corrosive nature of bolts, studs, and nuts and the frequent need to replace it.
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY 20
2 MARKET INTRODUCTION 22
2.1 SCOPE OF THE STUDY 22
2.2 RESEARCH OBJECTIVE 22
2.3 MARKET STRUCTURE 22
3 RESEARCH METHODOLOGY 23
3.1 RESEARCH PROCESS 23
3.2 PRIMARY RESEARCH 24
3.3 SECONDARY RESEARCH 25
3.4 MARKET SIZE ESTIMATION 25
3.5 TOP-DOWN AND BOTTOM-UP APPROACH 26
3.6 FORECAST MODEL 27
3.7 LIST OF ASSUMPTIONS& LIMITATIONS 28….
- By Type (threaded and non-threaded)
- Application (steel, aluminum, brass, nickel, plastic, and copper)
- Sales Channel (OEM and Aftermarket)
- Propulsion (ICE and Electric)
- End Use (removable, semi-permanent, and permanent)
Geographically, the global automotive fasteners Industry has been segmented into the four major regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The global automotive fastener market in APAC is expected to grow during the forecast period followed by Europe. Developing countries such as China, India and Japan are major hubs for automotive industry which can boost the market growth share for APAC. Growing automotive fasteners sales in the aftermarket will further enhance the sales. Regulations for lightweight components and emphasis on safety of passengers are expected to facilitate market growth till 2023.
In Europe, the increased manufacturing of vehicles is expected to increase the demand for automotive fasteners which will enhance the market in the future. The presence of prominent manufacturers, supportive regulations, establishment of new emission and safety standards, and pacts for creating safe cars can bode well for the market.
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