An automobile's panels, trim, and engines are all held in place by automotive fasteners, a sort of hardware. They are available in a variety of shapes, sizes, and materials and are essential for preserving the stability and structural integrity of vehicles. The market for automotive fasteners has been significantly impacted by the COVID-19 outbreak.
The pandemic's effects on reduced vehicle production and a general slowdown in the economy have lowered demand for automotive fasteners. Transport issues, rising production costs, and supply chain interruptions have all had an effect on the market. Yet, there has been a pretty stable demand for automotive fasteners for necessary automobiles as well as repair and maintenance services. The market is anticipated to gradually rebound as the world economy stabilises and auto production increases.
According to MRFR analysis, the globalAutomotive Fasteners marketis expected to register a CAGR of ~5.95% from 2022 to 2030 and hold a value of over USD 38 billion by 2030.
Regional Analysis
The Asia-Pacific region is expected to offer significant growth opportunities for the automotive fastener market. The region is home to some of the largest automobile manufacturers and suppliers, such as China, Japan, and South Korea. The increasing demand for vehicles, driven by factors such as population growth and urbanization, is expected to drive the demand for automotive fasteners in the region. Additionally, the growing demand for lightweight and high-strength fasteners to meet fuel efficiency and emission regulations is expected to further drive the demand for automotive fasteners in the Asia-Pacific region.
Automotive Fasteners MarketDemand and Growth:
Theautomotive fasteners markethas seen significant growth in recent years due to increasing demand for vehicles and the need for high-quality fastening solutions. The automotive industry is constantly evolving, and the fastening technology used in this industry must keep pace with these changes. The growing demand for lightweight, fuel-efficient, and safe vehicles has driven the demand for advanced fastening solutions.
Advancements in manufacturing technologies and the increasing use of plastics and composite materials in vehicles have also driven the demand for specialized fastening solutions. The use of adhesives and sealants in automotive applications has increased in recent years, leading to the growth of theautomotive fasteners market.
The increasing demand for electric vehicles (EVs) and the trend towards electrification is also driving the demand for advanced fastening solutions, as these vehicles require specialized fastening technologies to meet the unique demands of electrified powertrains.
Geographically, Asia-Pacific is the largest market for automotive fasteners, driven by the growing demand for vehicles in countries such as China, India, and Japan. The region is also home to a large number of leading fastener manufacturers, making it an important hub for the production and distribution of automotive fasteners.
Overall, the demand for automotive fasteners is expected to continue growing in the coming years, driven by the increasing demand for vehicles and the need for advanced fastening solutions.
Market Segmentation
The GlobalAutomotive Fasteners markethas been segmented into type, application, and sales channel.
Based on the type, the market has been segmented into threaded and non-threaded.
Based on the application, the market has been segmented into steel, aluminum, brass, nickel, plastic, and copper.
Based on the sales channel, the market has been segmented into OEM and Aftermarket.
Key Players
Some of the key market players are The Philips Screw Company, Permanent Technologies Inc., Atotech, KAMAX, Lisi Group, SFS Group, Fontana Gruppo, Shanghai Tianbao Fastener International, Nifco Inc., KOVA Fasteners Pvt. Ltd., Bulten AB, Westfield Fasteners Limited.
