Automotive Fasteners Market is Expected to Grow with a CAGR 2.1% from 2022 to 2028
As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e., Product, Application, Characteristics, Material Type, Vehicle Type, Electric Vehicle Type and Region); the Global Automotive Fasteners Market accounted for USD 21.4 Billion in the year 2021.
Automotive fasteners are mechanical components used to attach or be part of or more joints and elements in the automobile. Fasteners are made of aluminum, nickel, stainless steel, and others. The primary feature of automobile fasteners is conserving automobile elements collectively to keep away from their separation and prevent leakage from joints. The automobile industry is flooded with diverse fasteners, especially for components of diverse shapes, sizes, designs, and qualities. The automobile fasteners market is pushed via way of means of the developing want for technical improvement and design development in automotive fasteners. Moreover, an extended demand for vehicle balance and decreased vehicle weight is predicted to create possibilities for automotive fastener providers throughout the globe.
The unfolding of the COVID-19 pandemic has brought about disruptions in the raw material market. Restrictions to transport and industrial production are affecting multiple supply chains. Distribution of components is one of the key techniques in manufacturing industries that are dealing with demanding situations along with staffing of warehouses, the need for direct distribution, and more intelligent and responsive allocation throughout channels because of the pandemic, which brought about stress on supply chains of the market.
“Key Factors Likely to Drive Growth of Automotive Fasteners Market”
The key drivers of the market are the growing demand for stainless steel for automotive manufacturing and the increasing sales of electric vehicles.
Selling stainless steel is the most preferred option for car fasteners as it offers fire resistance, ease of fabrication, and high strength to weight ratio. Since the frame of most new cars is made of steel or has steel as its main component, it becomes easier to combine steel with steel fasteners. It also involves excellent recyclability hence it provides the best option for the manufacturers and hence leads to the growth of the Global Automotive Fasteners Market. Another factor is increased sales of electric vehicles in the automotive sector as the awareness of the environment has made manufacturers provide the consumers with reduced fuel consumption alternative vehicles i.e., electric vehicles. Also, the government has made the initiatives to promote the adoption of electric vehicles by reducing on-road taxes.
Asia Pacific held the largest share in the Automotive Fasteners Market and is expected to continue this trend in the forecast period.
Some of the key players in the Global Automotive Fasteners Market include- Bulten AB (Sweden), KAMAX (Germany), Sundram Fasteners (India), Stanley Black & Decker (US), Shanghai Prime Machinery Company (China), SFS Group (Switzerland) Lisi Group (France) Meidoh Co. (Japan), Nipman Fasteners (India), Piolax (US), Westfield Fasteners (UK), Fontana Gruppo (Italy), Bollhoff (Germany), Nedshroef (Netherlands), Nifco Group (Japan), Boltun Corporation (Taiwan), Chanshu City Standard Parts (China), Wurth Group (Germany), Simmonds Marshall (India) and others.
Browse the full Report - Automotive Fasteners Market Size, Share & Trends Analysis Report by Product (Threaded, Non-Threaded), by Application (Engine, Chassis, Transmission, Steering), by Characteristics (Removable Fasteners, Permanent Fasteners, Semi-Permanent Fasteners), by Material Type (Stainless Steel, Iron, Bronze, Nickel), by Vehicle Type (Passenger Car (PC), Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)), by Electric Vehicle Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV)), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)