Automotive Fastener Market

Global Automotive Fastener Market Size (2024 to 2032)

The global automotive fastener market was valued at USD 15.68 billion in 2023 and is anticipated to reach a valuation of USD 16.32 billion in 2024 from USD 22.51 billion by 2032, growing at a CAGR of 4.10% from 2024 to 2032.

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.

Impact of COVID-19 on the Automotive Fastener Market

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.

REPORT COVERAGE

SEGMENT ANALYSIS

Global Automotive Fastener Market Analysis By Application

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.

Global Automotive Fastener Market Analysis By Product

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.

Global Automotive Fastener Market Analysis By Material Type

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.

Global Automotive Fastener Market Analysis By Vehicle Type

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.

REGIONAL ANALYSIS

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.

KEY MARKET PLAYERS

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, Birmingham Fastener, Supply Inc. these are the market players that are dominating the global automotive fastener market.

RECENT HAPPENINGS IN THE GLOBAL AUTOMOTIVE FASTENER MARKET

• 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.

DETAILED SEGMENTATION OF THE GLOBAL AUTOMOTIVE FASTENER MARKET INCLUDED IN THIS REPORT

This research report on the global automotive fastener market is segmented and sub-segmented into the following categories.

By Application

• Engine
• Chassis
• Transmission
• Steering
• Front/rear axle
• Interior trim
• Others

By Product

• Threaded
• Non-Threaded

By Characteristics

• Removable Fasteners
• Permanent Fasteners
• Semi-Permanent Fasteners

By Material Type

• Stainless Steel
• Iron
• Bronze
• Nickel
• Aluminum
• Brass
• Plastic

By Vehicle Type

• Passenger Car (PC)
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa