New York, US, May 08, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive Fasteners Market Information by Type, Application, Sales Channel, and Region - Forecast till 2030", The market for automotive fasteners will garner a 5.7% CAGR from 2022 to 2030, touching USD 53 billion by 2030.
Automotive Fasteners Market Overview
The mechanical parts known as fasteners are used to hold, connect, or attach two or more items together. The fastest-growing market for fasteners is the automotive sector. Automotive fasteners are made from a range of materials, including iron, aluminum, brass, nickel, stainless steel, and plastic. They are further categorized depending on their special characteristics. Automotive fasteners are frequently employed in the transmission of weights, stopping joint leakage, and keeping together of vehicle components to avoid separation or wobbling. To meet the expectations of the automotive fasteners market, vehicle fasteners are offered in a range of forms, coatings, and colors, as well as appealing designs and high quality.
Market Competitive Landscape:
The affluent firms in the automotive fasteners market are
- The Philips Screw Company (U.S.)
- Permanent Technologies Inc. (U.S.)
- Atotech (Germany)
- KAMAX (Germany)
- Lisi Group (France)
- SFS Group (Switzerland)
- Fontana Gruppo (Italy)
- Shanghai Tianbao Fastener International (U.S.)
- Nifco Inc. (Japan)
- KOVA Fasteners Pvt. Ltd. (India)
- Bulten AB (Sweden)
- Westfield Fasteners Limited (U.K.)
- Among others.
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Automotive Fasteners Market COVID 19 Analysis
The COVID-19 pandemic has had a considerable effect on automotive fasteners’ supply chains, global trade, and industrial processes. The COVID-19 outbreak forced the manufacturers to either shut down the facilities or run them at less-than-ideal production levels, which reduced the number of automotive fasteners produced. Manufacturing has also been held down by a scarcity of raw materials as a result of supply interruptions brought on by border and trade restrictions. However, a few significant market participants have kept running their factories. The poor end-use sector demand and the lowering cost of raw materials are further variables that have led to surplus stockpiles and decreased output.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 53 Billion |
| CAGR during 2022-2030 | 5.7% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Sales Channel |
| Key Market Opportunities | Reduction in the weight of vehicles and increase in demand stability of vehicles Increasing improvement in quality and design in fasteners which is done by various design companies |
| Key Market Drivers | Increasing demand for automotive components and an increase in sales of automobiles throughout the globe Increasing development in the design of automotive fasteners along with technical improvement Increasing use of replaceable fasteners in vehicles |
Automotive Fasteners Market USP Covered:
Market Drivers:
The market is expected to expand as a result of a number of factors, such as rising auto production, a shift in emphasis toward lightweight cars, and an increase in the usage of electronics in vehicles. This market will also be driven by manufacturers switching from using standard fasteners to using customized fasteners.
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The need for automotive fasteners is being driven up by vehicle maintenance businesses and MRO service providers, which are important nodes in the industry. The demand for automotive fasteners will rise in the next assessment period along with the rise in aftermarket repair and service activities for commercial and passenger cars.
Other factors projected to foster the demand for automotive fasteners in the market include mechanical breakthroughs and improvements to the quality and sturdiness of fasteners. Additionally, the market's increased preference for automotive fasteners over welding is being enhanced by the surging need for lighter automobiles and their stability.
Automotive Fasteners Market Opportunities
Trains that run on battery power are an emerging trend and an alternate means of energy conservation for trains that use non-electrified power sources. Trains equipped with large batteries are able to run on non-electrified portions while being charged by electrified sections. The increased use of battery-powered devices to replace combustion engines also contributes to lower maintenance and energy expenses. Battery-powered systems are successfully implemented in trains to improve passenger convenience. In addition, as battery-powered railway systems become more and more popular, the need for automotive fasteners in battery packs and charging stations is anticipated to rise. This is because these fasteners may extend the lifespan of components connected by rivets or nuts and bolts.
Automotive Fasteners Market Restraints:
Complex mechanical and electrical systems are used in automobiles. They need a lot of resources to build and maintain since they have so many moving parts. For better seasonal performance and operation, automotive fasteners make sure that the auto vehicle is in a single condition without any imbalances in the many attached components/parts. The manufacturing process is expensive, lengthy, and risky since so many things may go wrong if it is not planned properly. Compared to other car parts, the price of research and product development for automotive fasteners is significantly higher. A substantial investment is necessary due to the size of vehicles as a form of transportation across vast distances, the crucial safety requirements and technological standards imposed to govern operations properly, and the necessity to guarantee extended life.
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Automotive Fasteners Market Segmentation
By Type
The global automotive fasteners market is divided into threaded and non-threaded fasteners based on the type of automotive fasteners. Bolts, which are sometimes referred to as threaded automotive fasteners, feature a head on one end and a nut on the other. The majority of the time, these fasteners are inserted via a hole and secured with a nut. On the opposite side, a non-threaded fastener lacks internal threading that would keep it in place with other parts. These fasteners demonstrate several locking techniques for mechanical parts.
By Application
Application areas for automotive fasteners include steel, aluminum, brass, nickel, plastic, and copper. Depending on its use in the automobile sector, steel is the most used material for fasteners. Fasteners are frequently made of stainless steel, alloy steel, and carbon steel.
By Sales Channel
The major distribution channels in the worldwide market are OEM and aftermarket segments. To provide built-in fasteners for the vehicles being made, several OEMs install fasteners at the automotive manufacturing facility. Manufacturers who provide fasteners for cars after the OEMs have produced them are categorized as part of the aftermarket. End users purchase aftermarket items as replacements or accessories since some of the equipment supplied in the aftermarket may not be produced by OEMs.
By Propulsion
The worldwide automotive fasteners market is split between ICE and electric propulsion. With renewable or alternative fuels (such as natural gas, propane, biodiesel, or ethanol) added in, the ICE vehicle's primary fuels are gasoline or diesel.
By End-Use
The global automotive fasteners market is divided into three categories based on end use: detachable, semi-permanent, and permanent. Removable automobile fasteners are made to link two materials or components, but they may be easily removed without causing any harm to the fasteners. Semi-permanent automobile fasteners are intended to link two materials or components, but when the parts are separated, the fasteners or the part often sustain some damage. Automotive fasteners that are intended to be permanent are those that link two materials or pieces together. They are commonly used by car OEMs and are permanently affixed to automobiles.
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Automotive Fasteners Market Regional Insights
The Automotive Fasteners Market is presently dominated by Asia-Pacific, and this trend will continue during the projected period. The region's large population and rising per capita income can be attributed to the increase in the number of automobile sales and vehicle production. China, Japan, South Korea, and India are the main development factors in the area. The main factors influencing the region's healthy demand for fasteners are rising automobile production, particularly in China and India, as a result of rising populations and disposable income, as well as a gradual transfer of automobile manufacturing facilities from developed economies to these two countries. The automotive fasteners market will expand as manufacturers shift away from conventional parts and toward customized ones.
Additionally, the region's technology for manufacturing robust and lightweight components has advanced as a result of the government's evolving standards for the usage of decreased vehicle weight. Therefore, over the projection period, all of the aforementioned variables are projected to have an impact on the market's overall development in the Asia-Pacific region.
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