The automotive fasteners market size 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 Automotive Fasteners Market is witnessing substantial growth driven by several factors, including increasing vehicle production, technological advancements, and the growing demand for lightweight and electric vehicles. Automotive fasteners are essential components used to securely join various parts and components in vehicles, ensuring structural integrity, safety, and performance.
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One of the primary drivers of this market is the growing vehicle production worldwide. As the automotive industry continues to expand, driven by factors such as economic growth, urbanization, and increasing consumer demand for mobility, there is a parallel increase in the demand for automotive fasteners. Vehicle manufacturers are scaling up production to meet the growing demand for passenger cars, commercial vehicles, and electric vehicles, thereby driving the demand for a wide range of fasteners across various vehicle segments and applications.
Moreover, technological advancements in fastener design, materials, and manufacturing processes are driving innovation in the automotive fasteners market. Manufacturers are developing fasteners with improved strength, durability, and corrosion resistance to meet the demanding requirements of modern vehicles. Advanced materials such as high-strength steel, aluminum alloys, and engineered plastics are being used to produce lightweight fasteners that help reduce vehicle weight and improve fuel efficiency.
Furthermore, the growing demand for lightweight and electric vehicles is fueling the adoption of advanced fastening solutions in the automotive industry. Lightweight vehicles require fasteners that offer high strength-to-weight ratios and excellent fatigue resistance to withstand dynamic loads and harsh operating conditions. Electric vehicles, with their unique powertrain configurations and structural requirements, also demand specialized fasteners designed to meet the specific challenges of electrified vehicle platforms.
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.
Key Companies Profiled
- Permanent Technologies, Inc.
- Phillips screw company
- Westfield Fasteners Limited
- 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
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Key Segments in The Automotive Fasteners Market
By Material:
- Iron
- Aluminum
- Brass
- Nickel
- Stainless steel
- Plastic
By Characteristics:
- Removable
- Semi-permanent
- Permanent
By Types:
- Threaded
- Nuts
- Screws
- Rivets
- Studs
- Non threaded
- Snap rings
- Clips
By Coating:
- Passivated coating
- Cadmium coating
- Dry film lube coating
By Distribution Channel:
- OEM (Original Equipment Manufacturers)
- Aftermarket
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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