Market Overview:
Automotive fasteners are used as mechanical joints to connect two or more objects in vehicles. They play a significant role in the vehicle performance by enhancing vehicle’s sturdiness and maintaining the light weight of the vehicle. Fasteners are made up from iron, aluminum, nickel, stainless steel, plastics, and other materials. Stainless steel and aluminum are widely used to manufacture fasteners.
Key Players:
The prominent players in the automotive fasteners market include The Phillips Screw Company (US), Permanent Technologies Inc. (US), Atotech (Germany), Shanghai Tianbao Fastener Manufacturing Co., Ltd. (China), and Shamrock International (US). Jiangsu Xing Chang Jiang International Co., Ltd. (China), Nifco Inc. (Japan), KOVA Fasteners Pvt Ltd (India), Bulten AB (Sweden), and Westfield Fasteners Limited (UK) are among others.
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Growing automobile sales in the global market and increased concerns regarding light weight of the vehicle are the major factors that drive the global automotive fasteners market. Moreover, growing demand for the replaceable fasteners in automobiles will also drive the market for automotive fasteners in terms of both, value and volume. The increase in sales of automotive fasteners in the aftermarket and growing local players in the market will increase the market size during the forecast period. Manufacturers of automotive fasteners are also investing in advanced innovation, in terms of design and quality of automotive fasteners to meet the demand for efficient automotive fasteners in the market. This is expected to create more opportunities for the manufacturers in the automotive fastener market. However, the availability of substitutes of fasteners such as welding, soldering, taping, gluing, and crimping is expected to be one of the major restraints for the automotive fasteners market. The growing sales of automotive fasteners from the local players will be a another challenge for the global players.
The global automotive fasteners market is estimated to witness ~4.5% CAGR during the period from 2018 to 2023.
Segmentation:
The global automotive fasteners market has been segmented into type, material, distribution channel, end-use, and region. On the basis of type, the market has been segmented into threaded and non-threaded. Threaded type automotive fasteners hold the highest market share in terms of value and volume during the forecast period owing to its ease of installation and replaceability. On the basis of material, the market has been segmented into iron, aluminum, stainless steel, nickel, and others. Stainless steel and iron material type are expected to grow at a high CAGR during the forecast period. On the basis of the distribution channel, the market has been segmented into OEM and aftermarket. OEM will hold the highest market share in terms of value and volume during the forecast period. OEM will lead the market due to the increasing concern about strength and safety, among consumers. On the basis of end-use, the market has been segmented into the removable, semi-permanent, and permanent. Semi-permanent will hold the largest market share in terms of value and volume owing to its use in wide range of applications during the forecast period.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global Automotive Fasteners market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.
