Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- The "Automotive Fasteners Global Market Opportunities And Strategies To 2032" report has been added to ResearchAndMarkets.com's offering.
The automotive fasteners market reached a value of nearly $26,925.1 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.3% since 2017. The market is expected to grow from $26,925.1 million in 2022 to $33,266.2million in 2027 at a rate of 4.3%. The market is then expected to grow at a CAGR of 3.2% from 2027 and reach $38,913.4 million in 2032.
Growth in the historic period resulted from increased automobiles production, increased demand for commercial vehicles, and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were impact of COVID-19.
Going forward, increasing demand for electric vehicles and supportive government regulations will drive the growth. Factors that could hinder the growth of the automotive fasteners market in the future include increasing raw material costs and restrictions on free trade.
The automotive fasteners market is segmented by product into threaded and non-threaded. The threaded market was the largest segment of the automotive fasteners market segmented by product, accounting for 70.2% of the total in 2022. Going forward, the non-threaded segment is expected to be the fastest growing segment in the automotive fasteners market segmented by product, at a CAGR of 4.4% during 2022-2027.
The automotive fasteners market is segmented by material type into iron, steel, aluminum, brass, plastic and other material types. The steel market was the largest segment of the automotive fasteners market segmented by material type, accounting for 32.9% of the total in 2022. Going forward, the steel segment is expected to be the fastest growing segment in the automotive fasteners market segmented by material type, at a CAGR of 4.5% during 2022-2027.
The automotive fasteners market is segmented by application into engine, chassis, transmission, steering, front or rear axle, interior trim and other applications. The engine market was the largest segment of the automotive fasteners market segmented by application, accounting for 35.4% of the total in 2022. Going forward, the interior trim segment is expected to be the fastest growing segment in the automotive fasteners market segmented by application, at a CAGR of 4.6% during 2022-2027.
The automotive fasteners market is segmented by propulsion into IC (internal combustion) engine vehicles, electric vehicles, and hybrid and alternative fuel vehicles. The IC (internal combustion) engine vehicles market was the largest segment of the automotive fasteners market segmented by propulsion, accounting for 87.0% of the total in 2022. Going forward, the electric vehicles segment is expected to be the fastest growing segment in the automotive fasteners market segmented by propulsion, at a CAGR of 5.0% during 2022-2027.
Asia Pacific was the largest region in the automotive fasteners market, accounting for 44.7% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the automotive fasteners market will be Asia Pacific and Middle East where growth will be at CAGRs of 4.9% and 4.2% respectively. These will be followed by South America and Africa where the markets are expected to grow at CAGRs of 4.1% and 3.9% respectively.
The global automotive fasteners market is fragmented, with a large number of players. The top ten competitors in the market made up to 12.78% of the total market in 2021. Illinois Tool Works Inc. was the largest competitor with 2.24% share of the market, followed by KAMAX Holding GmbH & Co. KG with 2.21%, Lisi S.A. with 2.13%, Stanley Black & Decker with 1.47%, Bulten AB with 1.33%, Nifco Inc with 1.29%, PennEngineering with 0.95%, Sundram Fasteners Limited with 0.61%, The SFS Group AG with 0.47%, and Agrati with 0.07%.
Market-trend-based strategies for the automotive fasteners market includes launching self-clinching fasteners, developing new technological solutions, launching lightweight carbon fiber fasteners, launching new, innovative products, undergoing partnerships and collaborations.
Player-adopted strategies in the automotive fasteners market includes strengthening its geographical presence through building new facilities, strengthening its fastening solutions business through strategic acquisitions, strengthening its business operations through strategic investments, and providing energy efficient solutions through new product launches.
To take advantage of the opportunities, the publisher recommends the automotive fasteners companies to focus on product innovations, focus on using lightweight carbon fibre fasteners, expand in emerging markets, continue to focus on developed countries, focus on partnerships and collaborations, offer competitive pricing, participate in trade shows and events, continue to use B2B promotions, target electric vehicle manufacturers, continue to target fast-growing applications.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 309 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value (USD) in 2022 | $26925.1 Million |
| Forecasted Market Value (USD) by 2032 | $38913.4 Million |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
Opportunity Analysis
- The top opportunities in the automotive fasteners market segmented by product will arise in the threaded segment, which will gain $4,435.1 million of global annual sales by 2027.
- The top opportunities in the automotive fasteners market segmented by material type will arise in the steel segment, which will gain $2,195.9 million of global annual sales by 2027.
- The top opportunities in the automotive fasteners market segmented by propulsion will arise in the IC (internal combustion) engine vehicles segment, which will gain $5,390.1 million of global annual sales by 2027.
- The top opportunities in the automotive fasteners market segmented by application will arise in the engine segment, which will gain $2,263.7 million of global annual sales by 2027.
- The automotive fasteners market size will gain the most in China at $2,106.2 million.
Company Profiles
- Illinois Tool Works Inc
- KAMAX Holding GmbH & Co. KG
- Lisi S.A.
- Stanley Black & Decker, Inc
- Bulten AB
Key Topics Covered:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Automotive Fasteners Market Definition And Segmentations
6.4. Market Segmentation By Product
6.4.1. Threaded
6.4.2. Non-Threaded
6.5. Market Segmentation By Material Type
6.5.1. Iron
6.5.2. Steel
6.5.3. Aluminum
6.5.4. Brass
6.5.5. Plastic
6.5.6. Other Material Types
6.6. Market Segmentation By Propulsion
6.6.1. IC (Internal Combustion) Engine Vehicles
6.6.2. Electric Vehicles
6.6.3. Hybrid And Alternative Fuel Vehicles
6.7. Market Segmentation By Application
6.7.1. Engine
6.7.2. Chassis
6.7.3. Transmission
6.7.4. Steering
6.7.5. Front Or Rear Axle
6.7.6. Interior Trim
6.7.7. Other Applications
7. Major Market Trends
7.1. Self-Clinching Fasteners
7.2. Technological Advancements
7.3. Lightweight Carbon Fibre Fasteners
7.4. Product Innovations
7.5. Partnerships And Collaborations
8. Global Market Size and Growth
8.1. Market Size
8.2. Historic Market Growth, 2017 - 2022, Value ($ Million)
8.2.1. Market Drivers 2017 - 2022
8.2.2. Market Restraints 2017 - 2022
8.3. Forecast Market Growth, 2022 - 2027, 2032F Value ($ Million)
8.3.1. Market Drivers 2022 - 2027
8.3.2. Market Restraints 2022 - 2027
9. Global Automotive Fasteners Market Segmentation
9.1. Global Automotive Fasteners Market, Segmentation By Product, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.2. Global Automotive Fasteners Market, Segmentation By Application, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.3. Global Automotive Fasteners Market, Segmentation By Material Type, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.4. Global Automotive Fasteners Market, Segmentation By Propulsion, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10. Automotive Fasteners Market, Regional and Country Analysis
10.1. Global Automotive Fasteners Market, By Region, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10.2. Global Automotive Fasteners Market, By Country, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
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