Pune, India, July 25, 2023 (GLOBE NEWSWIRE) -- The automotive fasteners market size to hit USD 33.82 billion by 2030. The global market size valued at USD 22.12 billion in 2022 and USD 22.99 billion in 2023. The rising demand for passenger and commercial vehicles is anticipated to fuel market growth. This information is provided by Fortune Business Insights, in its report titled, “Automotive Fasteners Market, 2023-2030.”
Automotive fasteners include nuts, bolts, screws, spring clips, retainers, and washers. They hold various vehicle parts together to avoid leak prevention, and wobbling, and transmit loads. Each fastener is designed in such a way that it supports specific automotive requirements.
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Market Drivers and Restraints:
Rising Adoption of Lightweight Vehicles to Facilitate Market Proliferation
The announcement of supportive government initiatives to encourage development of lightweight cars is a key factor aiding the automotive fasteners market growth. Moreover, the rising preference for high durability products and lightweight vehicles will also aid market expansion. For example, in October 2020, the U.K. Government’s Department for Business, Energy and Industrial Strategy (BEIS) awarded support to Lotus Group, a U.K.-based carmaker, to develop Lightweight Electric Vehicle Architecture. This funding is aimed at developing lightweight electric vehicles in the U.K.
On the other hand, the availability of alternatives, such as adhesives and welding, increasing raw material costs, and supply chain disruptions, will hinder the market expansion.
Segmentation of Market:
Threaded Segment to Dominate Stoked by Elevating Vehicle Sales
Based on type, the market is bifurcated into threaded and non-threaded. Among these, the threaded segment captured the largest market share in 2022. Rising automotive sales have propelled the demand for threaded fasteners. They are usually preferred in engine parts which require regular maintenance and vehicles with removable chassis.
Metal Segment to Lead Owing to Better Mechanical Strength
As per material, the market is split into metal and plastic. Among these, the metal segment captured a significant share. Metal fasteners have better mechanical resistance and high mechanical strength. Metal fastener producers also offer stainless steel fasteners, which are highly resistant corrosion and require low maintenance.
Removable Segment to Hold Major Share due to Cost Effective Nature and Convenience
According to characteristic, the market is categorized into permanent and removable. The removable segment held the significant market share in 2022. Removable fasteners are widely used for applications where regular disassembly and reassembly is needed. They are durable, ease to remove, and cost effective, which increase their adoption and contribute to the market share.
Passenger Car Segment to Capture Largest Share due to Increasing Adoption of Lightweight Vehicles
By vehicle type, the market is arrayed into passenger car and commercial vehicle. The passenger car segment captured a significant automotive fasteners market share in 2022 owing to rising demand for passenger cars across the globe. The rising need for lightweight passenger cars will boost the demand for plastic fasteners across the segment, thus contributing to its growth.
Geographically, the market is fragmented into Europe, North America, Asia Pacific, and the Rest of the World.
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Regional Insights:
Asia Pacific to Hold Significant Share due to Presence of Leading Manufacturers in China and Japan
Asia Pacific captured majority of the market share in 2022 owing to rising investments in the automotive sector. The presence of leading automotive manufacturers in Japan and China and implementation of supportive government initiatives in India will drive market expansion in this region in the upcoming years. The rising demand for EVs has escalated the demand for lightweight automotive fasteners, which is further contributing to regional market proliferation.
The North America market is slated to grow rapidly over the forecast timeframe stoked by growing demand for lightweight fasteners due to implementation of stringent government regulations regarding vehicle mileage.
Competitive Landscape:
Strategic Partnerships Between Industry Leaders to Contribute to Market Proliferation
Tactical moves made by industry leaders to gather higher profits, enhance product reach, and enhance revenue generation include partnerships, product launches, and collaborations. In some cases, companies acquire other players to improve their market positioning. In September 2021, LINC Systems LLC acquired Air-O Fasteners, a distributor of fastening equipment. This acquisition helped LINC Systems LLC to expand its presence in the Western U.S.
Key Industry Development:
December 2022: Bossard Group, a Switzerland-based international fastener technology company, gained acquisition of the Canadian distribution business of Danboro from PennEngineering. This acquisition helped the company to expand its market presence in Canada.
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List of Key Players Mentioned in the Report:
- Bulten AB (Sweden)
- KAMAX Holding GmbH & Co. KG (Germany)
- Stanley Black & Decker, Inc. (U.S.)
- Berkshire Hathaway Inc. (U.S.)
- Illinois Tool Works Inc. (U.S.)
- MEIDOH Co., LTD. (Japan)
- Sterling Tools Ltd. (India)
- Westfield Fasteners Ltd (U.K.)
- Shanghai Prime Machinery Company Limited (China)
- Sundaram Fasteners (India)
COVID-19 Impacts:
Delays and Halts in Manufacturing Activities Hindered Market Expansion Amid the Pandemic
The spread of COVID-19 across the world resulted in the implementation of stringent lockdowns and social distancing norms. Automobile manufacturing was severely affected as manufacturing facilities were fully or partially closed in several economies to curb the spread of the virus. As per the International Organization of Motor Vehicle Manufacturers, vehicle manufacturing decreased by 15.7% in 2020. Raw material shortages, semiconductor shortages, and supply chain disruptions resulted in a decline in manufacturing facilities, which reduced the demand for automotive fasteners.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- PEST Analysis
- Technological Development
- Impact of Covid-19
- Global Automotive Fasteners Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Type
- Threaded
- Non-threaded
- Market Analysis, Insights and Forecast – By Material
- Metal
- Plastic
- Market Analysis, Insights and Forecast – By Characteristics
- Permanent
- Non-permanent
- Market Analysis, Insights and Forecast – By Vehicle type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- North America Automotive Fasteners Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Threaded
- Non-threaded
- Market Analysis, Insights and Forecast – By Material
- Metal
- Plastic
- Market Analysis, Insights and Forecast – By Characteristics
- Permanent
- Non-permanent
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis – By Country
- The U.S.
- By Type
- By Material
- By Characteristics
- By Vehicle Type
- Canada
- By Type
- By Material
- By Characteristics
- By Vehicle Type
- Mexico
- By Type
- By Material
- By Characteristics
- By Vehicle Type
- The U.S.
- Market Analysis, Insights and Forecast – By Type
- Europe Automotive Fasteners Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Threaded
- Non-threaded
- Market Analysis, Insights and Forecast – By Material
- Metal
- Plastic
- Market Analysis, Insights and Forecast – By Characteristics
- Permanent
- Non-permanent
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Type
Continued…
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