Global Automotive Fasteners Market Size, Share, Forecast Report, 2020-2027
Automotive fasteners are mechanical components used to connect or join two or more joints and parts in the vehicle. Fasteners are made up of aluminum, nickel, stainless steel, and others. The primary function of automotive fasteners is that of holding vehicle parts together to avoid their separation and prevent leakage from joints. The automotive industry is flooded with a variety of fasteners, specifically for components due to the various shapes, sizes, designs, and qualities.
Global automotive fasteners market has seen high growth; expected to rise at a CAGR of ~4.5%. 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.
Segmentation: Global Automotive Fasteners Market
Global automotive fasteners market is segmented on the basis of type, material, distribution channel, end-use, and region. On the basis of type, the market has been segmented as threaded and non-threaded. On the basis of material, the market has been segmented as iron, aluminum, stainless steel, nickel, and others. On the basis of distribution channel, the market has been segmented as OEM and aftermarket. On the basis of end-use, the market has been segmented as removable, semi-permanent, and permanent.
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.
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.