The Automotive Fastener Market was valued at USD 21.93 Billion in 2020 and is projected to reach USD 28.45 Billion by 2027, at a CAGR of 4.4 % during the forecast period. Fasteners are the mechanical components that holds, joins or affixes two or more parts together, automotive industry is the largest market for the fastener. Automotive fasteners are made up of various materials such as Iron, Aluminum, Brass, Nickel, Stainless steel, Plastic, they are further classified with their distinct characteristics. Automotive fasteners are generally used for the clamping parts of vehicle together to avoid their separation or wobbling, transmitting loads as well as to prevent leakage of joint.
Automotive fasteners comes in various shapes and coatings, colours to meet the demand of automotive fastening market along with the attractive designs and quality. Over the last decade various companies are involved into the technological research and development of the automotive fasteners, which resulted into superior quality fasteners and the growth of automotive fasteners market. Overall, the automotive fasteners market is expected to show a modest CAGR over the forecast period.
The continuous growth in the sales of automobiles and the growing automotive components industry drive the automotive fasteners market. The growing need for technical development and design improvement in automotive fasteners will increase the demand in the global market for automotive fasteners. The trend for using replaceable fasteners in vehicles will further increase the ease of use for automotive fasteners and boost the market growth. The increased demand for vehicle stability and reduced vehicle weight will lead to the preference of fasteners over welding. This will be a growth opportunity for the global automotive fastener market. In recent times, manufacturers have majorly been focusing on improving the design and quality of fasteners. They have been acquiring design companies for enhancing the designs of their automotive fasteners. However, there are various substitutes in the global market for automotive fasteners such as welding and clinching, which might hinder the market growth. Moreover, the large unorganized aftermarket for automotive fasteners might also be a challenge for the manufacturers.
On the flipside, however, substitutes such as welding and clinching is stopping the market for automotive fasteners from reaching its full potential. Besides, rise in unibody vehicle framing lay off mechanical joining components is also hampering the market. Nevertheless, the market will rise steadily owing to surging car sales. Passenger vehicles, particularly, are contributing to it on account of the solid demand for personal cars and lowering rates for car loans. Commercial vehicles too are driving sales of automotive fasteners.
The prominent players in the automotive fasteners industry include The Phillips Screw Company (US), Permanent Technologies Inc. (US), Atotech (Germany), Shanghai Tianbao Fastener Manufacturing Co., Ltd. (China), and Shamrock International (US). Jiangsu Xing Chang Jiang International Co., Ltd. (China), Nifco Inc. (Japan), KOVA Fasteners Pvt Ltd (India), Bulten AB (Sweden), and Westfield Fasteners Limited (UK) are among others.
Geographically, the global automotive fasteners market has been segmented into the four major regions of North America, Europe, Asia-Pacific, and the Rest of the World. The global automotive fastener market in Asia-Pacific is expected to grow during the forecast period followed by Europe. Developing countries such as China and India and developed countries such as Japan that are the major hubs for automotive industry, will boost the market share for Asia-Pacific. Growing automotive fasteners sales in the aftermarket will further enhance the sales in Asia-Pacific market. In Europe, the increased manufacturing of vehicles is expected to increase the demand for automotive fasteners which will enhance the market in the future.
Report : Automotive Fastener Market - By Application (Passenger Car (PC), Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)), By Product (Threaded, Non-Threaded), By Packaging Materials (Steel, Plastic and Others) And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027