Automotive Fasteners Market Size to Hit USD 68.9 billion by 2031, Garnering 3.28% CAGR Says, Transparency Market Research
Transparency Market Research
5 min read
Transparency Market Research
Increasing disposable income, shifting customer preferences for smart cars, and growing use of technology in cars are some of the reasons propelling the global market for automotive fasteners.
Wilmington, Delaware, United States, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive fasteners market was estimated to have acquired US$ 48 billion in 2020. It is anticipated to register a 3.28% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 68.9 billion.
Recent developments in product development and material composition have also aided in the expansion of the global market. The manufacturing and sales of electric vehicles are being propelled by a number of strict rules implemented by various governments, which is augmenting the need for automotive fasteners.
Materials like aluminum, iron, brass, stainless steel,nickel, and plastic can be used to make automotive fasteners. Lightweight products are the main emphasis of automotive fasteners in order to improve vehicle performance.
Manufacturers use modern friction-based riveting technology, like rotating hammer riveting (RHR), which eliminates the need for pre-heating the metals and saves time and money when building vehicles.
The market for automotive fasteners is driven by the use of the lightest materials and the latest innovations.
Governments all over the world have passed a number of rules pertaining to car emissions, which in turn is driving up demand for electric vehicles and expanding their manufacturing capacity, which in turn is driving up demand for automotive fasteners.
Market Trends for Automotive Fasteners
In terms of volume, the global market for automotive fasteners was led by the stainless steel material category in 2020. Stainless steel fasteners have a high tensile strength and a high rate of corrosion resistance, which contribute to their large sales and production in the automobile industry. Stainless steel fasteners are also crucial in tropical and coastal areas because they are more susceptible to corrosion.
In 2020, the threaded automotive fastener category led the global automotive fasteners market in terms of both volume and revenue, based on product type. With a market share of over 66%, the threaded fasteners category is expected to hold a dominant position in the automotive fasteners market during the course of the projected period. A lot of things can be assembled or disassembled using threaded fasteners.
Global Market for Automotive Fasteners: Regional Outlook Various reasons are propelling the growth of the automotive fasteners market in different regions. These are:
In 2020, the global market for automotive fasteners is dominated by the Asia Pacific region. China, Japan, and India are regarded as important markets for automobile fasteners. In 2020, China produced over 55% of all automotive fasteners produced globally. India and Japan accounted for more than 28% of Asia Pacific's total automotive fastener production. The shifting preferences of the consumers from standard to customized automotive parts, and rising per capita income has boosted the rising automotive sales in the regions.
Over the course of the forecast period, Asia Pacific is expected to see a significant increase in the rate of adoption of electric vehicles. As a result, the Asia Pacific automotive fasteners market is anticipated to grow in the near future.
Leading companies in the global automotive fasteners market are concentrating on growing their market share through joint ventures, partnerships, mergers and acquisitions, or the establishment of new facilities for production, distribution, and research and development. The following companies are well-known participants in the global automotive fasteners market:
APL
Atotech Deutschland GmbH
Birmingham Fastener, Inc.
Bulten AB
Jiangsu Xing Chang Jiang International Co., Ltd.
KAMAX Holding GmbH & Co. KG
KOVA Fasteners Pvt. Ltd.
Lisi Group
Nifco Inc.
Penn Engineering
Permanent Technologies, Inc.
Phillips screw company
SFS Group
Shamrock International Fasteners
Shanghai Tianbao Fastener Manufacturing Co., Ltd.
Stanley Engineered Fastening
Sundram Fasteners Limited
Westfield Fasteners Limited
Key developments in the global market are:
Company
Year
Key Developments
Sundram Fasteners Limited
2022
For the next two years, Sundram Fasteners Limited plans to invest USD 48.43 million in the development of fasteners as well as defense.
The company's market expansion in the automotive fasteners sector is anticipated to be aided by this investment.
Navitas Capital
2022
The technical fastener supplier MULTIFIX Group saw a controlling interest purchase from Navitas Capital. The MULTIFIX Group was able to support its growth strategy with the aid of this project.
BultenAB
2022
BultenAB and Polestar worked together to create an electric vehicle that is environment neutral by 2030.
BultenAB will provide highly functional and climate-neutral fasteners as part of this collaboration.
Birmingham Fastener & Supply Company Inc.
2022
Birmingham Fastener & Supply Company Inc. purchased one of the top rubber gasket businesses, Champion Sales and Manufacturing, Inc., with its headquarters in Magnolia, Texas.
The company expands its production diversification and product range throughout Texas with this acquisition.
Global Automotive Fasteners Market Segmentation Material Type
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