The global automotive fasteners market size is estimated to be valued at USD 26,342.1 Million in 2022 and is projected to grow at a CAGR of 6% from 2022 to 2032. By 2032, the market is anticipated to reach USD 47,174.7 Million.
This is owing to:
The automotive fasteners market is expanding due to increased demand for automobiles that are safer and more fuel efficient. The demand for automotive fasteners is being hindered over the forecast period by the high cost and limited awareness of automotive components. The rapid growth and progress of electric cars, as well as their acceptance in the area, are contributing to the expansion of the market.
| Report Attribute | Details |
|---|---|
| Automotive Fasteners Market Value (2022) | USD 26,342.1 Million |
| Automotive Fasteners Market Anticipated Value (2032) | USD 47,174.7 Million |
| Automotive Fasteners Market Projected Growth Rate (2022 to 2032) | 6% |
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By 2032, China is anticipated to hold around 55% share of the global automobile fasteners. China is one of the leading producers of electric and hybrid cars, and so accounts for a significant portion of the global automotive fasteners industry.
Additionally, due to the region's high vehicle sales and production, customers' shifting tastes from standard to customized automotive components, and the region's rising per capita income, India and Japan accounted for over 28% of the overall production of automotive fasteners in the Asia Pacific.
The increase in vehicle sales and the distance driven by cars leads to an increase in the requirement for automotive part maintenance and replacement. Due to their high vehicle production and sales, Asia Pacific is expected to be the largest market for automotive fasteners over the projected period.
The development of technology for producing lightweight and long-lasting goods in the region is a result of government restrictions on light cars. In addition, manufacturers are turning away from conventional components and toward tailored parts, which are anticipated to fuel demand for customized fasteners in the Asia Pacific region.
Factors such as increased automobile production, adoption of electric vehicles, and the number of small and medium-scale automotive components manufacturers in the region are driving the Asia Pacific automotive fastener market.
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Manufacturers in the automotive fasteners market want to concentrate on supplying high-quality goods to improve vehicle performance and boost fuel economy. Utilizing an innovative friction-based riveting technique like rotating hammer riveting (RHR), manufacturers may build vehicles faster and more affordably because there is no need to preheat the metals. Therefore, the market for automotive fasteners is driven by the adoption of lightweight materials and cutting-edge technologies.
All EV standards, including those governing battery performance, energy consumption, recycling, reusing, and durability of batteries as well as onboard and wireless charging, should be met by makers of electric vehicles. As a result, the assembly of electric vehicles and the infrastructure for their charging require additional fasteners, which further expands the automotive fasteners industry. The market demand is anticipated to increase as a result of mechanical breakthroughs and improvements in fastener quality.
The automotive fasteners are generally used for clamping parts of the vehicle together to avoid their separation, transmitting loads, and preventing leakage of joints.
Automotive fasteners come in various shapes, coatings, and colors, which increase the usage of automotive fasteners and attractive designs and quality. Automotive fasteners are used in airbag housings, door panels, and other vehicle parts, likely to propel the automotive fasteners market growth during the forecast period.
Over the last decade, various companies have been involved in the technological research and development of automotive fasteners. They resulted in superior quality fasteners, which are anticipated to increase the automotive fasteners market growth. Overall, the automotive fasteners market is expected to show a modest CAGR in the coming years.
The experts of Future Market Insights have identified a number of factors that are augmenting the expansion of the automotive fasteners market. They are listed as follows:
Consumer Preference: Changing consumer preferences for smart vehicles, increasing disposable income, and rising adoption of technology in automobiles are some of the factors driving the global automotive fasteners market.
Lightweight Vehicle Adoption: The preference for using lightweight vehicles across the world is expected to enhance the demand for using lighter automotive components in vehicles. In order to increase the performance of vehicles as well as fuel efficiency, lightweight parts are important. This factor drives the global automotive fasteners market.
Advanced Electronic Components: Components such as sensors, high-frequency signals, advanced trims, etc. require different types of fasteners for fitting, which, in turn, is fueling the demand for automotive fasteners during the forecast period. Sustainable and environment-friendly electric vehicles are attracting customers across the globe.
Technical Developments: The flourishing automobile industry and the vital importance of fasteners in automobiles is a key driving factors in the automotive fasteners market. The technical developments and improvements in the quality and durability of fasteners are fueling the automotive fasteners market size.
Easily Replaceable: The easily replaceable nature of automotive fasteners makes it convenient for end-use consumers to purchase fasteners for their vehicles. This would further upsurge the demand for automotive fasteners during the forecast period.
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Some of the factors that are likely to restrain the automotive fasteners market are as follows:
Europe is projected to hold the highest share of the automotive fasteners market and is likely to dominate the market during the forecast period. Currently, the European region is holding 26% of the total market share for automotive fasteners.
The expansion of the market can be attributed to the factors like:
North America is likely to hold the second-largest share of the automotive fasteners market after Europe. At present, the North American regions are cumulatively holding 16% of the total market share for automotive fasteners.
The expansion in this region is due to factors like:
How are the New Entrants Innovating the Automotive Fasteners Market?
The automotive fasteners start-ups are driving the market with their new innovative ideas and technologies. Start-up companies are using their quirky skills and methodologies to rise the automotive fasteners' market size.
The top 2 German Key Start-ups in Automotive Fasteners Market are:
DDL Fasteners:
DDL Fasteners is a German-based company that provides aerospace products and repair & maintenance machines. The company has a wide range of fasteners available for customers as per their requirements. DDL fasteners have premium quality fasteners that also improve the mechanical process. The company workers also provide on-time deliveries.
4Fastening:
The 4fastening company provides complementary products as per the customer's requirement. The company supplies several products to production partners as well as in-house productions.
It includes nuts, screws, bolts, nails, and other additional components. 4fastening provides an extensive development of better quality products as well as testing equipment in recent years.
Prominent Players Making Key Contributions to Boost Growth in the Automotive Fasteners Market
The automotive fasteners market is fragmented by the key players that help to develop the market all around the globe during the forecast period. These players are showing their efforts and focus to increase the automotive fasteners' market share. The key players are using various tricks and marketing terms to acquire a lion’s share in the automotive fasteners market size.
The major players that are operating in the global automotive fasteners market are focusing on the expansion of their market share by engaging in collaborations, partnerships, mergers & acquisitions, or by establishing new manufacturing, distribution, and Research and Development facilities.
Recent Development in the Automotive Fasteners Market are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 13.7% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Sales Channel, Propulsion, End-Use, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled | Permanent Technologies, Inc.; Phillips screw company; Westfield Fasteners Limited; com Inc.; Atotech Deutschland GmbH; Stanley Engineered Fastening; PennEngineering; Shanghai Tianbao Fastener Manufacturing Co., Ltd.; Jiangsu Xing Chang Jiang International Co., Ltd.; Shamrock International Fasteners; Birmingham Fastener, Inc.; Sundram Fasteners Limited |
| Customization | Available Upon Request |
The growth outlook of the automotive fasteners market is predicted to advance at a CAGR of 6% from 2022 to 2032.
Europe is anticipated to lead the automotive fasteners market during the forecast period.
The automotive fasteners market is likely to hold a valuation of USD 47,174.7 million by 2032.
The automobile sector is the key driver in the automotive fasteners market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Material Used 5.1. Iron 5.2. Aluminum 5.3. Brass 5.4. Nickel 5.5. Stainless Steel 5.6. Plastic 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Characteristics 6.1. Removable 6.2. Semi-permanent 6.3. Permanent 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Types 7.1. Threaded 7.1.1. Nuts 7.1.2. Screws 7.1.3. Rivets 7.1.4. Studs 7.2. Non-Threaded 7.2.1. Snap rings 7.2.2. Clips 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Coating 8.1. Passivated Coating 8.2. Cadmium Coating 8.3. Dry Film Lube Coating 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Distribution Channel 9.1. OEM 9.2. Aftermarket 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. Asia Pacific 10.5. Middle East and Africa 11. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Phillips Screw Company 18.2. Westfield Fasteners Limited 18.3. Atotech Deutschland GmbH 18.4. Stanley Engineered Fastening 18.5. PennEngineering 18.6. Shanghai Tianbao Fastener Manufacturing Co., Ltd. 18.7. Jiangsu Xing Chang Jiang International Co., Ltd. 18.8. Shamrock International Fasteners 18.9. Birmingham Fastener, Inc. 18.10. Sundram Fasteners Limited 19. Assumptions & Acronyms Used 20. Research Methodology
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Automotive Fasteners Market
