The Global Automotive Fastener Market was worth US$ 15.06 billion in 2022 and is anticipated to reach a valuation of US$ 18.89 billion by 2028 and is predicted to register a CAGR of 4.10% during 2023-2028.
Market Overview:
The mechanical parts that permit at least two pieces of a vehicle to be combined are called auto fasteners. These items don't follow for all time, which permits mounting or getting off of vehicle parts without harming any parts. Different coatings are utilized to forestall swaying and seal spillage.
The worldwide car fasteners market is relied upon to encounter critical development in the coming years, because of the change in shine towards light obligation vehicles and the expanded utilization of electronic items, for example, auto PCs, ignition frameworks, in-vehicle theater setups, and in-vehicle telematics. Moreover, high car creation on the planet's significant economies is likewise expected to profit the market during the estimated time frame. Furthermore, the improvement of better quality materials and progressed car advances that outcome in further developed auto fasteners are unquestionably driving the market.
Market Drivers:
The increment in vehicle creation on the planet, combined with the popularity of eco-friendly vehicles, particularly in arising economies, is the fundamental driver of the development of the automotive fasteners market. The interest in traveler vehicles has expanded lately, because of expanded spending limits by end clients and expanding urbanization all throughout the planet. In 2017, around 70 million traveler vehicles were sold around the world, an expansion of around 2% contrasted with 2016. This developing number of engine vehicles is a development motor for the market. Furthermore, the simple fastener substitution makes it helpful for end clients, which are required to additional lift the auto fasteners post-retail.
Market Restraints:
The availability of substitutes such as welding and riveting is the main challenge for the growth of the automotive fastener market. Furthermore, a factor such as the increase in layoffs of unibody car frames is expected to affect the progress of the automotive fasteners market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
4.10% |
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Segments Covered |
By Application, Product, Characteristics, Material Type, Vehicle Type, Electric Vehicle Type, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
The Phillips Screw Company, Permanent Technologies, Inc., Fastener Technology, Atotech, Shanghai Tianbao Fastener Manufacturing Co., Ltd., Shamrock International, Stanley Engineered Fastening, Acument Global Technologies, Jiangsu Xing Chang Jiang International Co., Ltd., Nifco Inc., KOVA Fasteners Pvt Ltd., Bulten AB, Westfield Fasteners Limited, APL, and Birmingham Fastener and Supply Inc, and Others. |
Market Segmentation:
The engine segment is leading with the highest shares of the automotive fasteners market. Automakers are currently zeroing in on the utilization of lightweight fasteners in key application regions to diminish vehicle weight. Automakers are basically zeroing in on inside trim where the utilization of plastic and aluminium fasteners is expanding to lessen weight, which will build the requirement for the clasp.
The threaded segment holds the highest shares of the automotive fasteners market. As of now, threaded fasteners, which have inner and outer strings and are utilized for both mounting and getting off, are encountering expanding requests in the car fastener market. Threaded fasteners, as well as being made of screws that vouch for most extreme take-up, additionally comprise nuts, bolts, and studs.
Among them, the plastic fasteners market is relied upon to encounter huge development in the coming years, primarily because of the expanding interest in light vehicles to build eco-friendliness. The heaviness of the vehicle will be diminished by decreasing the utilization of metals like iron and treated steel. This will build the utilization of lightweight materials, like plastic, which will drive interest in plastic fasteners.
Developing interest in lightweight fasteners, government commands for mileage and discharge decrease, and rising per capita pay are the variables energizing interest for traveller vehicles in agricultural nations like China and India. Traveller vehicle creation has seen solid development in agricultural nations. Developed nations in Europe and North America have a solid interest in SUVs and premium vehicles, which will additionally drive interest from the traveller vehicle portion. Besides, the interest in premium vehicles in India and China has additionally seen a vertical pattern in the market lately. These variables have driven the worldwide market interest in fasteners for the traveller vehicle fragment.
Market Regional Analysis:
The Global Automotive Fastener Market Report includes the segmentation of regions:
Asia-Pacific is assessed to be the foremost important supporter of the automotive fastener market interest, with a CAGR of over 5% over the estimated period. The market development is credited to expanded vehicle creation and expanded deals of vehicle latches in the post-retail. Japan, China, and India are blasting in the market because of the presence of auto goliaths like Toyota, Suzuki, Mahindra and Mahindra, Isuzu, Dongfeng, SAIC Motor, and TATA Motors. Also, new government rules for the utilization of lightweight vehicles have prompted upgrades in advancements to deliver solid and lightweight parts in the area. Also, automakers are progressively keen on standard parts for custom segments which are relied upon to build interest for custom clasps in the APAC district.
COVID-19 impacted the automotive fastener market in a negative way, especially in 2020. Since the start of the pandemic, all the companies were completely shut down till the last months of 2020. From 2021, all the activities were resumed with the necessary precautions. Automotive fastener market shares started to rise dramatically in 2021 and are projected to have a significant growth rate in the coming years.
Market Key Players:
Market Recent Developments:
Millions, if not billions, of ties, are delivered and sold each day all throughout the planet. Intended to meet the changing necessities of producers, these basic parts of our vehicles, fridges, PCs, and telephones are the mainstays of our advanced presence, without which our life in the 21st century would in a real sense break down.
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