Automotive Fasteners Market is valued at USD 21.62 Billion in 2021 and expected to reach USD 26.27 Billion by 2028 with the CAGE of 2.82% over the forecast period.
Automotive fasteners are components used in automotive and automobile assembly and contain bolts, screws, nuts, washers, rivets, concrete anchors, threaded rods, and retaining rings used completely for automotive manufacturing. Automotive fasteners are mechanical components used to attach or join two or more joints and parts in the vehicles. Fasteners are made up of aluminum, nickel, stainless steel, plastics and, among others. The main function of automotive fasteners is that of holding vehicle parts together to dodge their separation and avoid leakage from joints. The automotive industry is flooded with a variation of fasteners, specifically for components due to the various shapes, sizes, designs, and qualities. Automotive fasteners are generally used for the fixing parts of vehicles together to avoid their separation or wobbling, transmitting loads as well as to prevent leakage of joint. Automotive fasteners come in various shapes, coatings and colors to meet the demand of automotive fastening market along with the attractive design and quality. Over the last decade various companies are involved into the technological research and development of the automotive fasteners, which resulted in superior quality fasteners and the growth of automotive fastener market.
Automotive Fasteners market report is segmented based on product types, characteristics type, fasteners type, material type, coating type, vehicle type, application type, end user and by regional & country level. Based upon product type, automotive fasteners market is classified into threaded fastener and non-threaded fastener. Based upon characteristics type, automotive fasteners market is classified into removable fastener, permanent fastener and semi-permanent fasteners. Based upon fastener type, automotive fasteners market is classified into bolts, screws, nuts, rivets and others. Based upon material type, automotive fasteners market is classified into stainless steel, plastic, aluminum, iron, bronze, brass, and nickel. Based upon coating type, the market is classified into zinc coating, passive coating, cadmium coating and dry film lube coating. Based upon vehicle type, the market is classified into passenger car, light commercial vehicle and medium & heavy commercial vehicle. Based upon application type, the market is classified into engine, chassis, interior trim, front/rear axle, steering, transmission and other. Based upon end users, the market is classified into OEM and aftermarket.
The regions covered in this Automotive Fasteners market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of image-based cytometer is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
The booming automobile industry and the dynamic importance of fasteners in automobiles is a key driving factors of automobile fasteners market. The technical development and improvements in the quality and durability of fasteners is another driving factor in automotive fasteners market. According to SESEI, Indian annual auto production stood at 29.08 million vehicles (including passenger vehicle, commercial vehicles, three wheelers and two wheelers) in FY18 as against 25.33 million in FY17, registering a healthy growth of 14.8% over the same period previously. The easily replaceable nature of automotive fasteners makes it more convenient for the end use consumers to purchase fasteners for their vehicles that would further boost the aftermarket of automotive fasteners. Moreover, growing popularity of lightweight fastener solutions is positively impacting the market. The lightweight automotive fasteners provide better functionality, performance, and help in the reduction of vehicle weight, without compromising on strength. Thus, the cost advantages of using plastic automotive fasteners coupled with the growing popularity of lightweight fasteners solutions will drive the market growth. However, there are various substitutes in the global market for automotive fasteners such as welding and clinching, which might hinder the market growth. Additionally, increased demand for vehicle stability and reduced vehicle weight will lead to the preference of fasteners over welding. This will be the growth opportunity for global automotive fastener market.
Europe is dominating the market with the potential rate in terms of revenue for automotive fasteners due to largest global automobile hub and have a high demand for SUVs and premium cars in countries like Germany, France and Italy. According to ICCT, in EU, about 4.3 million new cars in 2017 were SUVs, more than 6 times as many as 15 years before. Also, the demand for premium vehicles will further boost the demand for automotive fasteners in this region.
The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period with due to the increasing demand for lightweight fasteners, government mandates for fuel economy and emission reduction, and increase in per capita income are the factors fueling the demand for passenger cars in developing countries such as China and India which will directly boost the demand for automotive fasteners. Also, manufacturers are shifting from standard parts to customized parts, which will drive the demand for customized fasteners in the Asia Pacific region.
Middle East and Africa
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 21.62 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||2.82%|
|Market Size Expected in 2028:||USD 26.27 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Illinois Tool Works Inc, LISI Group, Shanghai Prime Machinery Company Limited, Bulten AB, Stanley Black & Decker, Inc, The SFS Group AG, Meidoh Co. Ltd, NIPMAN Automotive Solutions, The Würth Group, Piolax Inc., Westfield Fasteners Limited, Changshu City Standard Parts Factory, Fontana Gruppo Srl, Simmonds Marshall Limited, Sterling Tools Limited, Bollhoff, Nedschroef Machine Industry, Nifco Group, Boltun Corporation|
|Segments Covered||By Product Type, By Characteristic Type, By Fastener Type, By Material Type, By Coating Type, By Vehicle Type, By Application Type, By End-User Type|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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