Westford, USA, April 05, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Automotive Fasteners market will attain a value of USD 42.46 billion by 2030, with a CAGR of 5.77% over the forecast (2023-2030). The growth of the global market for automotive fasteners may be related to the increasing prevalence of vehicle sales and manufacturing. Since urbanization has become more prevalent, consumers' purchasing power has significantly grown, and they have started to alter their lifestyles. As a result, there is a greater demand for passenger cars, which in turn is driving the growth of the automotive fastener industry. In addition, major technological advancements in the field of automotive fasteners have been made possible by technological advancement. The production of automotive fasteners has experienced tremendous growth due to cutting edge technology and the use of better materials.
According to the SkyQuest's, the demand for lighter automotive components is anticipated to increase as consumers' inclinations for using lightweight vehicles increase across the globe. A vehicle's performance and gasoline economy can be improved by using lighter components. This element fuels the worldwide market for automotive fasteners.
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- Pages - 246
- Tables - 210
- Figures - 78
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Automotive fasteners are used to keep parts in halt leaks and increase vehicle performance. Despite not being as strong as steel fasteners, plastic fasteners do have a comparatively high resistance to shock and vibration. Stainless steel and plastic are usually used to make them. Steel fasteners are used in a variety of vehicle parts, including door panels, airbag housing, and tiny engine components. Some of the car fasteners include nuts, screws, retainers, and washers.
Prominent Players in Automotive Fasteners Market
- APL
- Atotech Deutschland GmbH
- Birmingham Fastener, Inc.
- Bulten AB
- Jiangsu Xing Chang Jiang International Co., Ltd.
- KAMAX Holding GmbH & Co. KG
- KOVA Fasteners Pvt. Ltd.
- Lisi Group
- Nifco Inc.
- Penn Engineering
- Permanent Technologies, Inc.
- Phillips screw company
- SFS Group
- Shamrock International Fasteners
- Shanghai Tianbao Fastener Manufacturing Co., Ltd.
- Stanley Engineered Fastening
- Sundram Fasteners Limited
- Westfield Fasteners Limited
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Passenger Car Segment is Estimated to Be the Largest Segment in Market. Due to Prevalence of Lifestyle Disorders Safety and Performance Requirements
The passenger car segment is estimated to be the largest segment in automotive fastener market. In emerging countries such as China and India, the demand for passenger vehicles is being fueled by rising demand for lightweight fasteners, government requirements for fuel economy and pollution reduction and increases in per individual income. In emerging nations, the output of passenger vehicles has grown rapidly. Demand for SUVs and high-end vehicles is strong in developed nations in Europe and North America, which will increase demand for the passenger cars. In the past few years, there has also been an increase in desire for luxury cars in China and India. These elements have increased the demand for automotive fasteners in the passenger car segment on a worldwide scale.
SkyQuest's research analysis forecasts that North America is anticipated to grow at the fastest rate due to the forecast period. The demand for replacement parts increases along with the quantity of cars in the road. Additionally, the existence of significant automotive suppliers in this area, along with the accessibility of cutting-edge technology, promotes the achievement of car fasteners.
Threaded Segment Is Expected To Dominate the Segment Due To High-Quality Requirements
The threaded segment in the market accounted for largest revenue, in the automotive fasteners industry. Bolts with nuts and heads on both sides are referred to as threaded car fasteners. These screws are typically inserted into holes, and then bolts are used to tighten them. The non-threaded category will see the fastest growth in the market for automotive fasteners in 2021. Non-threaded screws can't be connected to other parts because they don't have interior threading. These fasteners exhibit the many techniques for securing mechanical components.
The Asia Pacific region is anticipated to be the largest market for automotive fasteners during the forecast period due to their extensive car production and sales. Government restrictions on lightweight vehicles have prompted technological advancements in the region's production of goods that are both light and long-lasting. The demand for customized fasteners in the Asia Pacific area will also increase as makers switch from using standard parts to customized parts.
A comprehensive analysis of the major players in the Automotive Fasteners market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Automotive Fasteners Market
- In April 2022, J-KEM International ("J-KEM"), a company located in Rosersberg, Sweden, has been acquired by Atotech Deutschland GmbH. High-quality chemical products and methods are used in the printed circuit board and general metal finishing sectors by J-KEM, a market leader on a global scale. Atotech has been able to increase its market and support its growth in the near future.
- In July 2022, Bulten AB formally launched a new manufacturing facility in Taipei, Taiwan, through its subsidiary PSM Fasteners Taiwan Ltd. Through this development, the company strengthened its position as a top provider of fastener solutions globally and created frameworks for managing future expansion.
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Key Questions Answered in Automotive Fasteners Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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