New York, July 08, 2021 (GLOBE NEWSWIRE) -- Automotive fasteners Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive fasteners Market Research Report, Type, Material, Distribution Channel, End-use and Region - Forecast till 2027” the market is projected to be worth USD 27.42 Billion by 2027, registering a CAGR of 4.5% during the forecast period (2021 - 2027), The market was valued at USD 23.71 billion in 2020.
COVID-19 Analysis
The COVID-19 pandemic has caused economic hardship and disruption across the globe. No country has been spared from the effects of the virus and its economic fallout. Just as other sectors, the automotive industry too has faced the brunt of the outbreak. Diminishing demand, supply chain disruption, and factory closures have all taken their toll. Thus as a result there are a handful of auto dealers that has closed forever. There has been a diminished need for vehicles with just few people driving to and from office. All this has impacted the demand for automotive fasteners which is likely to return to normalcy soon.
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Key Players
Eminent players profiled in the global automotive fasteners industry report 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)
- Westfield Fasteners Limited (UK)
Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, new product launches, partnerships, collaborations, geographic expansions, new research and development activities, and more.
Industry Updates
Optimas OE Solutions has added a larger diameter M12-M18 fastener production of the industry standard Taptite 2000 and MATHread licensed products to its capabilities. By adding such larger diameter capabilities, Optimas will build a partnership with reputable OEM brands wanting to onshore more manufacturing with licenses, particularly beneficial for industrial applications. These licenses will enable Optimas in supplying its customers with next generation fastening solutions that guarantee measurable advantages.
Browse In-depth Market Research Report (125 pages) on Automotive Fasteners
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Alluring Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global automotive fasteners market growth.
Drivers
Flourishing Automobile Industry to Boost Market Growth
The flourishing automobile industry and the significance of fasteners are driving the growth of the market. The improvements in the durability and quality and technical developments of fasteners coupled with easy replaceable nature of automotive fasteners that makes it convenient for the end use consumers in purchasing fasteners for their cars are also adding to the automotive fasteners market share.
Opportunities
Demand for Lightweight Fasteners to offer Robust Opportunities
Introduction of strict regulations like EU’s Carbon Emission Reduction Targets and CAFÉ Standards are compelling automakers in incorporating lightweight materials for enhancing fuel efficiency. Various fastener companies are unraveling the challenges to reduce the weight of fasteners by developing aluminum and plastic fasteners for various auto applications. This is likely to provide robust opportunities to the market during the forecast period.
Restraints
Availability of Alternatives to act as Market Restraint
The availability of alternatives of automotive fasteners such as welding may act as a market restraint over the forecast period.
Challenges
Growing Unorganized Sector to act as Market Challenge
The growing unorganized sector is likely to affect the automotive fasteners market value over the forecast period.
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Market Segmentation
- By Type
By type, the threaded fastener segment will lead the market over the forecast period for its use for the different application like disassembly and assembly of multiple parts and components of any vehicle.
- By Material
By material, the stainless steel segment will dominate the market over the forecast period for its resistivity from rust and high tensile strength. Besides, in coastal and tropical areas where vehicles are subjected to corrosive environment, such fasteners play a pivotal part to prevent corrosion.
- By Distribution Channel
By distribution channel, the removable fasteners will spearhead the market over the forecast period as these can be removed with ease with power tools sans creating any harm to the vehicle body.
Regional Analysis
Asia Pacific to Head Automotive Fasteners Market
Asia Pacific region will head the market over the forecast period. Increased sales in the aftermarket of fasteners, rapid rise in the sales of automobiles, rise in infrastructure development, trend of using high-performance fasteners, increased sales of different automobiles, large production and sales of cars, government regulations for lightweight vehicles, advances in technology to manufacture durable and lightweight products, manufacturers shifting to customized parts from standard parts, rise in per capita income, large population, and South Korea, India, Japan, and China being the growth engines are adding to the global automotive fasteners market growth in the region. Besides, increasing automobile production in India and China, a gradual shift of automobile manufacturing plants from the developed economies to India and China, augmented sales of vehicle fasteners in the aftermarket, the presence of several automotive giants, new government guidelines for the use of light-weight vehicles, improvements in technologies to produce lightweight and durable components in the region, and automakers being increasingly interested in standard components for custom components are also adding market growth.
Segmentation of Market covered in the research:
Information by Type (Threaded, Non-Threaded), Material (Iron, Aluminum, Brass, Nickel, Others), by Distribution Channel, End-use (Removable, Semi-Permanent, Permanent) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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