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Automotive Fastener Market to Grow At 3.2% CAGR in 2024

 


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Fasteners are used in a wide array of applications out of which the automotive industry is undoubtedly one of the largest segments. The market for fasteners in the automotive industry seems resilient and is likely to witness a healthy CAGR of 3.2% during the forecast period. Increasing automobile production across regions, especially in Asia-Pacific and Eastern Europe and increasing demand for electric and alternative powertrain vehicles are the major driving factors of the fasteners market in the automotive industry.

Apart from the organic growth of automobile production, there are several other factors contributing to the growth of the fasteners market in the automotive industry. One of the key factors is the introduction of stringent regulations, such as CAFÉ Standards and EU’s Carbon Emission Reduction Targets, which are compelling automakers to incorporate lightweight materials in order to enhance the fuel efficiency. Fastener companies could not get escaped from this and started facing enormous pressure for reducing the weight of fasteners. They are unraveling the challenges by developing lightweight plastic and aluminum fasteners for a wide array of auto applications.

Insights based on characteristic type:-

Based on the characteristic type, the automotive fasteners market is segmented as removable fastener, permanent fastener, and semi-permanent fastener. Removable fasteners lead the fasteners market in the automotive industry and are expected to maintain its leading position in the foreseen future. Removable fasteners contribute the maximum in the total number of fasteners used in an automobile as they can be conveniently removed by hand or power tools without causing any damage to part or fastener itself.

Insights based on vehicle type:-

Based on the vehicle type, the market is segmented into passenger car, light commercial vehicle, and medium & heavy commercial vehicle. The passenger car segment is expected to remain the largest segment during the forecast period, propelled by a large production of passenger across the world. Increasing disposable income coupled with improving lifestyle, especially in emerging economies, such as China and India, are leading to a greater appetite of customers to buy passenger cars. In passenger car segment, hatchbacks and SUVs are creating a greater demand for fasteners.

Insights based on application type:-

Based on the application type, the automotive fastener market is segmented as engine, chassis, interior trim, front/rear axle, steering, transmission, and others. Interior trim is expected to be the fastest-growing segment during the forecast period. Increasing focus towards the fuel efficiency enhancement has led to a greater adoption of lightweight materials, such as plastics and aluminum. The similar trend is also being observed in the fasteners market for interior trim. All the major automakers are now focusing on plastic and aluminum fasteners, especially in interior trims, to unravel the requirement of CAFÉ Standards and EU carbon emission reduction targets.

Insights based on region:-

In terms of regions, Asia-Pacific currently dominates the automotive fasteners market and is expected to maintain its leading position during the forecast period as well. China, Japan, South Korea, and India are the growth engines of the region. Increasing automobile production, especially in China and India, owing to rising population coupled with increasing disposable income, and a gradual shift of automobile manufacturing plants from the developed economies to China and India are the major factors generating a healthy demand for fasteners in the region.

Europe and North America, other major markets, are also likely to generate a healthy demand for fasteners in the coming five years. Germany, France, and the UK are the major markets in Europe, whereas the USA and Mexico are the major markets in North America. Stringent regulations regarding the fuel efficiency enhancements and the carbon emission reductions are also impacting the market dynamics of fasteners as there has been a greater demand for plastic fasteners in order to help automakers to further reduce the overall gross vehicle weight of the vehicle.

Some of the major automotive fastener manufacturers are Illinois Tool Works Inc. , LISI Group, Shanghai Prime Machinery Company Limited, Bulten AB, Stanley Black & Decker, Inc. , The SFS Group AG, Meidoh Co. Ltd. , NIPMAN Automotive Solutions, The Würth Group, Piolax Inc. , Westfield Fasteners Limited, Changshu City Standard Parts Factory, Fontana Gruppo Srl, Simmonds Marshall Limited, Sterling Tools Limited, Bollhoff, Nedschroef Machine Industry, Nifco Group, and Boltun Corporation. The development of lightweight fasteners and proximity to major clients are some of the major strategies of the key players in order to remain competitive in the market.

Source:- https://www.stratviewresearch.com/439/Automotive-Fastener-Market.html

Stratview Research is a global market intelligence firm offering a wide range of services including syndicated market reports, consulting, sourcing intelligence, and customer research.

Phone No. +1-313-307-4176

Email: sales@stratviewresearch.com

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