(MENAFN- America News Hour) The Automotive fasteners market was valued at USD 22 billion in 2022 and is expected to reach USD 26 billion in 2031 by registering a CAGR of above 4 % during the forecast period
The COVID-19 pandemic had hindered the growth of automotive industry across the world. The disruptions in supply chain activities, the interruption in large-scale manufacturing, restrictions on travel, resulted in slowdown of market. However, market expected to witness optimistic growth during forecast period owing to resumed production activities post pandemic across the world.
The Market is anticipated to grow owing to various reasons such as the growing vehicle production, shifting focus toward lightweight vehicles, and the increasing use of electronics in vehicles. Moreover, manufacturers are also shifting from standard fasteners to customized fasteners, and this new development will also drive this market.
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Furthermore, mechanical advancements and enhancement in quality and sturdiness of fasteners is another element anticipated to boost demand in the market. In addition, the surging demand for reduced weight of vehicles and its stability to boost inclination towards automotive fasteners over welding to create growth opportunities in the market.
Asia-Pacific is estimated to be the largest market for automotive fasteners followed by Europe during the forecast period owing to their large production and sales of vehicles. The manufacturers are shifting from standard parts to customized parts, which likely to drive the demand for customized fasteners in the Asia-Pacific region.
Europe is projected to account for a significant share of the global automotive fasteners market due to stringent rules and regulations regarding vehicle emission enacted across the region.
Key Market Trends
Threaded Fasteners to Witness Significant Growth
The threaded fastener segment was responsible for majority of the market share in 2019, and is anticipated to dominate the market during forecast period. Threaded fasteners are distinct piece of hardware which contains external or internal linings normally termed as threads. These find extensive applications in the assembly and disassembly of multiple parts and components of any vehicle.
The most usual kind of these fasteners are nuts, washers and bolts. Among these, nuts will be the fastest growing threaded fasteners registering significant growth through 2026. Nuts are used in vehicle conjunctions in combination with bolts and sometimes with washers to fasten several parts collectively. These fasteners stay and adjoin together by grouping of their inner linings.
Moreover, growing demand for light weight vehicles to provide lucrative opportunities for market players during forecast period. In addition, as manufacturers are also shifting from standard fasteners to customized fasteners, this new development to drive demand in market.
Asia Pacific to Exhibit the Highest Growth Rate During the Forecast Period
Asia Pacific is projected to account for a notable share of the automotive fasteners market due to an increase in sale of vehicles across the region. Rising demand for fuel-efficient vehicles across Asia Pacific is likely to drive the automotive fasteners market in the region. Increase in aftermarket sale of vehicles fasteners across the regions also to boost demand for the automotive fasteners market across the region.
The market growth in this region is also attributed to surging production of vehicles and, increasing aftermarket sale of vehicle fasteners. Japan, China, and India are booming in the market due to presence of automobile giants like Toyota, Suzuki, Mahindra & Mahindra, Isuzu, Dongfeng, SAIC Motor, and TATA Motors.
Additionally, the advancing government guidelines for use of reduced vehicle weight has led to the improvements in technologies for producing durable and lightweight components in the region. Therefore, all these aforementioned factors likely to contribute for overall development of the market in Asia pacific region during the forecast period.
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Competitive Landscape
The market for automotive fasteners is highly competitive market with few players such as Bulten AB, Shanghai Tianbao Fastener Manufacturing company limited, etc. dominating the market. These companies collectively account for a major share of this market.
In November 2019, Bulten AB opens its new factory in Tianjin, China as a step to strengthen its supply chain. This will also strengthen Bulten's in-house cold forming, heat treatment, and surface treatment processes for the production of high-quality fasteners.
In November 2019, LISI Automotive of France developed LISI insulating screw that will fasten circuits and starter alternator belt system operating at 12V and 48V respectively. This screw is specifically designed for Mild Hybrid vehicles to minimize the energy losses.
The players in market have adopted various strategies to diversify their presence globally and increase their market shares. The companies should focus on introducing more innovative products, mainly in lightweight fasteners as the demand for lightweight vehicle is increasing worldwide. For instance,
In July 2019, Auveco company offering body hardware and speciality fastener for automotive aftermarket acquired W&E sales company providing speciality hand tools and automotive body fasteners to automotive aftermarket. This acquisition will increase company's global reach.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness – Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Fastener Type
5.1.1 Threaded
5.1.2 Non-Threaded
5.1.3 Adhesive
5.1.4 Others
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3 Propulsion
5.3.1 IC Engine Vehicles
5.3.2 Electric Vehicles
5.4 Function Type
5.4.1 Detachable
5.4.2 Non-Detachable
5.5 Material Type
5.5.1 Iron
5.5.2 Steel
5.5.3 Aluminum
5.5.4 Brass
5.5.5 Plastic
5.5.6 Others
5.6 Geography
5.6.1 North America
5.6.1.1 United States
5.6.1.2 Canada
5.6.1.3 Rest of North America
5.6.2 Europe
5.6.2.1 Germany
5.6.2.2 United Kingdom
5.6.2.3 France
5.6.2.4 Italy
5.6.2.5 Rest of Europe
5.6.3 Asia-Pacific
5.6.3.1 India
5.6.3.2 China
5.6.3.3 Japan
5.6.3.4 South Korea
5.6.3.5 Rest of Asia-Pacific
5.6.4 Rest of the World
5.6.4.1 South America
5.6.4.2 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Bulten AB
6.2.2 Shanghai Tianbao Fastener Manufacturing company Limited
6.2.3 Westfield Fasteners Limited
6.2.4 The Phillips Screw Company
6.2.5 KOVA Fasteners Private Limited
6.2.6 KAMAX Holding GmbH & Co. KG
6.2.7 LISI Group
6.2.8 Illinois Tool Works Inc.
6.2.9 The SFS Group AG
6.2.10 Nifco Inc.
6.2.11 Jiangsu Xing Chang Jiang International Co., Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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