Global — automotive fasteners market has seen high growth; expected to rise at a CAGR of ~4.5%. The continuous growth in the sales of automobiles and the growing automotive components industry drive the automotive fasteners market. The growing need for technical development and design improvement in automotive fasteners will increase the demand in the global market for automotive fasteners. The trend for using replaceable fasteners in vehicles will further increase the ease of use for automotive fasteners and boost the market growth. The increased demand for vehicle stability and reduced vehicle weight will lead to the preference of fasteners over welding. This will be a growth opportunity for the global automotive fasteners market.
Some of the eminent players operating in the global automotive fasteners market include Westfield Fasteners Limited (UK), Permanent Technologies Inc. (US), The Phillips Screw Company (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), Bulten AB (Sweden), and KOVA Fasteners Pvt Ltd (India).
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Automotive Fasteners Market Overview
Automotive fasteners are used to hold parts and prevent leakage in vehicles by joining to two or more parts through replaceable and permanent rivets. They play a significant role in improving the performance of the vehicle by using lightweight, good quality material, and high-performance fasteners. The increase in sales of automobiles and the demand for lightweight vehicles will influence the sales and market revenue. Growing awareness about fasteners benefit the global market, increasing the demand for quality fasteners that are light in weight, will boost the growth of the market during the forecast period. Growing automotive component market and an increase in sales of various automobile components will create opportunities for manufacturers in the automotive fasteners market. Furthermore, increased sales of components will increase merger and acquisition initiatives in the market for automotive fasteners. However, alternatives such as welding will majorly restrain the growth of the automotive fasteners. Growing unorganized sector will hamper the growth of the manufacturers in the global automotive fasteners market.
Global Automotive Fasteners Market Regional Analysis
Region-wise, the automotive fasteners market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC). APAC has captured the foremost position in the global automotive fasteners market. The prolific growth of the automotive industry has generated massive demand for automotive fasteners in the region. The automakers in the region are endeavoring to achieve various standards set by the government in terms of fuel efficiency and weight reduction and are investing heavily on high-performance fasteners. Europe too accounts for an advantageous share of the automotive fasteners market. The region is a major automotive manufacturing hub and produces a sizeable number of high-end automobiles, where high-performance fasteners are invariably used. Europe is concentrated with leading automotive OEMs, which gives it a competitive advantage over other markets. Europe is expected to capture the highest CAGR over the forecast period.
Scope of the Report
This study provides an overview of the global automotive fasteners market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global automotive fasteners market by type, materials, distribution channel, end-use, and regions.
By Distribution Channel
Rest of the World
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