Automotive Fasteners Market Analysis
Automotive fasteners market to rise at a CAGR of 4.5% from 2020 to 2027 (forecast period).
Automotive fasteners are mechanical components that connect or join two or more joints and parts in the vehicle. Fasteners are comprised of aluminum, nickel, stainless steel, and others. The primary role of automotive fasteners is to keep vehicle parts together in order to prevent separation and leakage from joints. Because of the various shapes, sizes, designs, and qualities, the automotive industry is flooded with a variety of fasteners, particularly for components.
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The automotive fasteners market is driven by the continuous growth in automobile sales and the expanding automotive components industry. The growing demand for technological advancement and design improvements in automotive fasteners would drive up demand in the global automotive fastener industry. The use of replaceable fasteners in automobiles would increase the ease of use of automotive fasteners and drive market development. Because of the increased demand for vehicle stability and decreased vehicle weight, fasteners would be preferred over the welding. The global automotive fastener market will benefit from this growth opportunity. Manufacturers have recently focused heavily on improving the design and quality of fasteners. They have been acquiring design firms in order to improve the designs of their automotive fasteners. However, there are numerous alternatives for automotive fasteners in the global market, such as welding and clinching, which may impede market development. Furthermore, the vast unorganized aftermarket for automotive fasteners may present a challenge to manufacturers.
Atotech, Westfield Fasteners Limited, Bulten AB, Jiangsu Xing Chang Jiang International Co., Ltd., Permanent Technologies Inc., The Phillips Screw Company, Shamrock International, Shanghai Tianbao Fastener Manufacturing Co., Ltd., Nifco Inc., and KOVA Fasteners Pvt Ltd are key players of the global automotive fasteners market. The high competition among players has led to them innovating in fasteners to attain a larger share of the automotive fasteners market share till 2023.
The global automotive fasteners market size is anticipated to rise at a CAGR of 4.5% from 2020 to 2027 (forecast period). The automotive fasteners market is powered by the continuous growth of vehicle sales and the expanding automotive component industry. The growing demand for technological advancement and design improvement in automotive fasteners will push the global automotive fastener market.
COVID-19 Impact on the Global Automotive Fasteners Market
The introduction of a series of regulations by governments around the world to deal with the COVID-19 disease, such as a total shutdown of manufacturing units, is expected to have an effect on the global automotive fasteners market's growth.
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The global automotive fasteners industry has been segmented on the basis of type, material, distribution channel, and end-use.
Based on type, the global automotive fasteners market has been segmented as threaded and non-threaded.
On the basis of material, the global automotive fasteners market has been segmented as iron, aluminum, stainless steel, nickel, and others.
Based on distribution channels, the global automotive fasteners market has been segmented as OEM and aftermarket.
On the basis of end-use, the global automotive fasteners market has been segmented as removable, semi-permanent, and permanent.
Geographically, the global automotive fasteners industry share has been segmented into the four major regions of North America, Europe, Asia Pacific, and the Rest of the World.
The Asia Pacific automotive fastener market is expected to expand the most during the forecast period, followed by Europe. Developing countries such as China and India, as well as Japan, which are major automotive industry hubs, will boost the market share for the Asia Pacific. Growing automotive fastener sales in the aftermarket will boost sales in the Asia Pacific market. Increased vehicle production in Europe is expected to boost demand for automotive fasteners, which will benefit the industry in the future.
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