The automotive fasteners market demand is anticipated to obtain growth at an average CAGR of 6% and is forecasted to reach a valuation of USD 47,174.7 Million by 2032, while it holds a revenue of USD 26,342.1 Million in 2022.
The switch to lighter, electric cars and higher global auto manufacturing are expected to fuel future growth in the automotive fasteners industry.
Automotive fasteners are used in car parts like the engine, gearbox, suspension and body to firmly hold pieces together. To ensure the security and longevity of a vehicle, high-quality fasteners must be used.
The increased production of cars around the world, particularly in developing nations like China, India, and Brazil, is anticipated to be the key factor driving the development in demand for automotive fasteners. The market for automotive fasteners is predicted to increase as lighter cars necessitate more sophisticated and lightweight fastening.
Because electric vehicles have different engineering requirements than conventional internal combustion engine vehicles, the adoption of electric vehicles is also anticipated to increase demand for automotive fasteners.
The demand for automotive fasteners is also anticipated to increase as a result of the development of novel materials and enhanced fastener coatings that provide greater corrosion resistance and endurance.
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Key Takeaways from Market Study
- Europe holds the biggest market space for the automotive fasteners market and is anticipated to hold its ground during the forecast period, with 26% of the share attributed to the sales of commercial vehicles such as passenger cars and electric buses.
- North America has the second largest space in the global automotive fasteners market, while its growth is owing to advancements in electric vehicle and their higher adoption with a 16% global share.
- The automobile companies such as General Motors and Ford are making the USA a significant country in the region of North America.
“The future for the market looks promising for lightweight vehicle adoption that use lighter automotive components in vehicles including automotive fasteners. These fasteners increase the performance of vehicles such as lightweight parts, and fuel efficiency. The rise of electronic vehicles has also pushed the demand for automotive fasteners that require fitting ensuring the use of sustainable and environmentally friendly electric vehicles. The technical developments to enhance the quality and durability of the automotive components and products. ” says a Future Market Insights analyst while discussing the future of the market.
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Competitive Landscape:
The automotive fasteners market is fragmented by the key players that help to develop the market all around the globe during the forecast period. These players are showing their efforts and focus on increasing the automotive fasteners’ market share. The key players are using various tricks and marketing terms to acquire the lion’s share in the automotive fasteners market size.
Key Companies Profiled
- Permanent Technologies, Inc.
- Phillips screw company
- Westfield Fasteners Limited
- com Inc.
- Atotech Deutschland GmbH
- Stanley Engineered Fastening
- PennEngineering
- Shanghai Tianbao Fastener Manufacturing Co., Ltd.
- Jiangsu Xing Chang Jiang International Co., Ltd.
- Shamrock International Fasteners
- Birmingham Fastener, Inc.
- Sundram Fasteners Limited
Key Segments in The Automotive Fasteners Market
By Material:
- Iron
- Aluminum
- Brass
- Nickel
- Stainless steel
- Plastic
By Characteristics:
- Removable
- Semi-permanent
- Permanent
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