High Demand For Automobiles To Fuel The Growth Of The Global Automotive Fasteners Market
Global Automotive Fasteners Market: Synopsis
The detailed report published by Market Research Future (MRFR) projects that the global industrial fasteners market is marked to exhibit moderate growth at a CAGR of 4.5% during the forecast period of 2018-2023. Increasing utilization of automobiles in developed and developing countries as result of rapid rise in population is leading to the high demand for maintenance of passenger, and commercial vehicles are majorly propelling the growth of the global automotive fasteners market during the assessment period. Rapid expansion of automotive industry, high demand for passenger as well as commercial vehicles, and increased manufacturing of automotive are also considered to be the contributing factors for the growth of the global automotive fasteners market. Surge in demand for automobiles, and development and utilization fuel-based, as well as electric vehicles, are inducing high demand for automotive fasteners, leading to the expansion of the global automotive fasteners market. Constant need for replacement of automotive fasteners is also resulting in high demand, which in turn is aiding the growth of the global automotive fasteners market.
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Global Automotive Fasteners Market: Segmental Analysis
The global automotive fasteners market has been segmented on the basis of type, material, distribution channel, and end-use. Based on type, the automotive fasteners market has been segmented into threaded and non-threaded. Based material, the global automotive fasteners market has been segmented as iron, aluminum, nickel, stainless steel, and others. Based on distribution channel, the automotive fasteners market has been segmented into OEM and aftermarket. Based on end-use, the automotive fasteners market has been segmented into removable, semi-permanent, and permanent.
Global Automotive Fasteners Market: Regional Analysis
The global automotive fasteners market has been geographically segmented into five major regions such as North America, Asia Pacific (APAC), Europe and the rest of the world. The Asia Pacific region commands the dominant share of the global automotive fasteners market during the assessment period. Rapid expansion of automotive industry, high demand for passenger as well as commercial vehicles, increased automotive manufacturing due to the availability of cheaper raw materials and increased export of automotive parts in the emerging economies of China and India are majorly fueling the growth of the automotive fasteners market in the Asia Pacific region. The Europe region has retained second position in the global automotive fasteners market with respect to market size. Surge in demand for automobiles, development and utilization fuel-based as well as electric vehicles, increased production of automotive tires and rapid industrialization are majorly fueling the growth of the automotive fasteners market in the Europe region. Proliferation in automotive manufacturers, increased investments for business development and rise in import of automotive are primary contributing factors for the expansion of the automotive fasteners market in the North America region.
Global Automotive Fasteners Market: Key Players
The prime players profiled Market Research Future (MRFR) that are operating in the global automotive fasteners market are the Phillips Screw Company (the U.S.), Permanent Technologies Inc. (the U.S.), Atotech (Germany), Jiangsu Xing Chang Jiang International Co., Ltd. (China),Shanghai Tianbao Fastener Manufacturing Co., Ltd. (China), and Shamrock International (the U.S.), Nifco Inc. (Japan), KOVA Fasteners Pvt Ltd (India), Bulten AB (Sweden), and Westfield Fasteners Limited (the U.K.) and others. The players in the global automotive fasteners market are expanding their businesses by improving their manufacturing process and carrying out strategic collaborations, mergers and acquisitions in the global automotive fasteners market. For instance, in January 2019, Hilco Industrial has announced that it will conduct live onsite and webcast auction of equipment from Toronto-based manufacturer of fasteners, Capital Metal Industries.
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