Tokyo, April 06, 2022 (GLOBE NEWSWIRE) -- The global automotive fasteners market size was reached at US$ 27.2 billion in 2021. A fastener is a mechanical device that connects or holds more than two things together in a non-permanent joint. The automotive fasteners are used to hold parts together, increase vehicle performance, and prevent leaks. The stainless steel and plastic are commonly used and while plastic fasteners are not as strong as steel fasteners, they have a good vibration resistance. The tiny engine parts, door panels, airbag housing, and many other parts of the automobile use steel fasteners. The retainers, nuts, screws, and washers are examples of automotive fasteners.
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The automotive fasteners market will develop due to the expanding automobile sector and the critical importance of fasteners in various automobiles. The mechanical developments and improvements in the quality of fasteners are also factors driving market demand. The ease with fasteners may be replaced on automobiles makes it considerably easier for end users to obtain fasteners for their vehicles. Furthermore, the rising desire for lighter vehicles with greater stability will increase the preference for automotive fasteners over welding, allowing the market to expand.
| Report Scope | Details |
| Market Size in 2021 | USD 27.2 Billion |
| CAGR | 4.1% from 2022 to 2030 |
| Fastest Growing Region | North America |
| Largest Revenue Holder | Asia Pacific |
| Companies Covered | Bulten AB, Sundram Fasteners, Stanley Black & Decker, KAMAX, Shanghai Prime Machinery Company, SFS Group, The Philips Screw Company, KOVA Fasteners Private Limited, Lisi Group, Westfield Fasteners Limited |
Report Highlights
- Based on the material, the stainless-steel segment is the fastest growing segment in the global automotive fasteners market. Due to their high tensile strength and rust resistance, stainless steel fasteners have a substantial market share in the automobile industry.
- Based on the product, the threaded segment is the fastest growing segment in the global automotive fasteners market. The threaded fasteners are used in a variety of applications including the assembly and disassembly of many sections and components of the automobiles.
- Based on the application, the wire harnessing segment is the fastest growing segment in the global automotive fasteners market. This is attributed to an increase in the use of fastening wire bundles which in turn is contributing to the global automotive fasteners market’s overall expansion.
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Regional Snapshot
North America is the fastest growing region in the automotive fasteners market. The government regulatory framework for lightweight automobiles has resulted in technological improvements in the region’s development of lightweight and durable items.
Asia-Pacific region is the largest segment for automotive fasteners market in terms of region. This is attributed increased vehicle sales and consumer tastes from standard to customizable automobile parts and rising per capita income of consumers in the region.
Market Dynamics
Drivers
Rising penetration of battery powered trains
The fasteners are essential components for battery powered trains. The battery powered trains are being utilized on large scale due to the rising energy expense. The automotive fasteners help to enhance the efficiency of trains. The battery powered trains effectiveness is also increasing due to the implementation of automotive fasteners. Thus, the rising penetration of battery powered trains is boosting the growth of the global automotive fasteners market over the projected period.
Restraints
High capital investments
The automobiles have intricated mechanical and electrical systems. They have hundreds of moving parts, making development and maintenance difficult and expensive. For increased seasonal performance and operation, automotive fasteners ensure that the auto vehicle is in one state without any disbalances in distinct linked parts. The manufacturing of automobile fasteners is expensive and time-consuming, as well as risky, as many things might go wrong if the component is not built correctly. The vehicle fasteners have a substantially higher research and development expense than other automotive components. Thus, this factor is restricting the market growth.
Opportunities
Surge in sales of electric vehicles
The electric vehicle sector is quickly growing around the world. Electric vehicles, like any other transformational disruptive technology, trigger a flurry of new economic development, difficulties, and opportunities. Increased vehicle range, increased charging infrastructure availability, and proactive participation by automobile original equipment manufacturers are driving global electric car sales. Furthermore, as governments become more concerned about environmental issues, demand for zero-emission vehicles has surged, encouraging the expansion of the electric vehicle industry. Electric vehicles are being actively promoted in industrialized countries to minimize pollution, which has resulted in increased sales of electric vehicles. Thus, the surge in sales of electric vehicles is creating lucrative opportunities for the growth of the automotive fasteners market during the forecast period.
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Challenges
Difficulty of refastening
The capacity to fasten and then refasten automotive fasteners is a benefit. This can be sometimes be a disadvantage, especially with automotive mechanical fasteners. Engines, for example, are densely packed with bolts that take a long time to remove and retorque. Other automotive fasteners such as ski boot buckles can speed up fastening and refastening. Thus, the difficulty of refastening is creating a major challenge for the growth of the automotive fasteners market.
Market Segmentation
By Product
- Threaded
- Nuts Screws
- Rivets
- Studs
- Non-threaded
- Snap rings
- Clip
By Application
- Engine
- Chassis
- Transmission
- Steering
- Front/rear Axle
- Interior Trim
- Wire Harnessing
- Others
By Characteristics
- Removable Fasteners
- Permanent Fasteners
- Semi-permanent Fasteners
By Material
- Stainless Steel
- Bronze
- Iron
- Nickel
- Aluminum
- Brass
- Plastic
By Electric Vehicle Type
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Vehicle Type
- Passenger Car
- Hatchback
- Sedan
- Luxury
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Distribution
- Automotive OEM
- Aftermarket
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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