Market Synopsis
The global automotive fasteners market 2020, according to the report published by Market Research
Future, is poised to develop at a CAGR of ~4.5% and record a substantive market value over the review
period.
Drivers and Restraints
The market is projected to grow owing to various reasons such as the rising vehicle production, shifting
focus toward lightweight automobiles, and the increasing use of electronics in vehicles. Moreover,
manufacturers are also moving from standard fasteners to customized fasteners, and this new
development will also drive this market. The constant growth in the sales of automobiles and the rising
automotive components industry drive the automotive fasteners market. The increasing need for
technical development and design improvement in automotive fasteners will increase the demand in
the global market for automotive fasteners. The trend for deploying replaceable fasteners in vehicles
will further enhance the ease of use for automotive fasteners and boost market growth. The increased
demand for vehicle stability and decreased vehicle weight will lead to the preference of fasteners over
the welding. This will be a growth prospect for the global automotive fastener market. In recent times,
manufacturers have substantially been focusing on improving the design and quality of fasteners. They
have been procuring design companies for enhancing the designs of their automotive fasteners. On the
other hand, The presence of numerous substitutes in the global market for automotive fasteners such as
welding and clinching, might hamper the market growth. Furthermore, the sizeable unorganized
aftermarket for automotive fasteners might also be a challenge for the manufacturers.
Market Segmentation
The global automotive fasteners market is segmented on the basis of material, type, end-use,
distribution channel, and region. On the basis of type, the automotive fasteners market has as threaded
and non-threaded. Based on the material, the market has been segmented as aluminum, iron, stainless
steel, nickel, and others. the distribution channel, the market has been bifurcated as OEM and
aftermarket. Based on the end-use, the market has been bifurcated as semi-permanent, removable,and
permanent.
Regional Overview
Geographically, the global automotive fasteners market has been analyzed into the four major regions
as well as North America, Asia-Pacific, Europe,, and the Rest of the World. The global automotive
fastener market in Asia-Pacific is poised to expand over the review period, followed by Europe.
Developing economies such as China and India and developed economies such as Japan that are the
major hubs for the automotive industry will boost the market share for Asia-Pacific. Also, the growing
demand for premium vehicles in India, Japan, and China has also observed an increasing market trend in
the last few years. These factors have advanced the worldwide demand for the fastener market for the
passenger car segment.Increasing demand for lightweight fasteners, government directives for fuel
economy and emission decrease, and an increase in per capita income are the factors influencing the
demand for passenger cars in developing countries such as China and India. Rising automotive fasteners
sales in the aftermarket will further improve the transactions in the Asia-Pacific market. In Europe, the
augmented manufacturing of vehicles is poised to increase the demand for automotive fasteners which
will strengthen the market in the future. North America has a high demand for SUVs and premium cars,
which will further boost the need for the passenger car segment.
Competitive Landscape
The major players in the automotive fasteners industry include Permanent Technologies Inc. (US),
Shanghai Tianbao Fastener Manufacturing Co., Ltd. (China), Atotech (Germany), Jiangsu Xing Chang Jiang
International Co., Ltd. (China), The Phillips Screw Company (US), and Shamrock International (US). Nifco
Inc. (Japan), Bulten AB (Sweden), KOVA Fasteners Pvt Ltd (India), and Westfield Fasteners Limited (UK)
are among others.
