Automotive Fasteners Market Size to Hit USD 68.9 billion by 2031, Garnering 3.28% CAGR Says, 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.

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Key Findings of the Market Report

• 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.

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Global Automotive Fasteners Market: Key Players

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:

Global Automotive Fasteners Market Segmentation
Material Type

• Iron
• Aluminum
• Brass
• Nickel
• Stainless Steel
• Plastic

Characteristic

• Removable
• Semi-permanent
• Permanent

Product Type

• Threaded
  • Nuts Screws
  • Rivets
  • Studs
• Non-threaded
  • Snap rings
  • Clip

Coating

• Passivated Coating
• Cadmium Coating
• Dry-film Lube Coating

Distribution Channel

• OEM
• Aftermarket

Electric Vehicle Type

• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-in Hybrid Electric Vehicle (PHEV)

Application

• Two Wheelers
• Passenger Cars
  • Hatchback
  • Sedan
  • Luxury
• Commercial Vehicles
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

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