Automotive fasteners are components used in assembling a vehicle in the production line. The choice of the right fasteners and emphasis on safety are likely to trigger its demand among automotive manufacturers. The global Automotive Fasteners Market report by Market Research Future (MRFR) contains valuable insights gleaned through painstaking efforts by analysts and identification of trends, drivers, and challenges for the period of 2018 to 2023 (forecast period). The sudden outbreak of the COVID-19 virus and its impact on the industry are analyzed in granular detail.
Atotech, Westfield Fasteners Limited, Bulten AB, Jiangsu Xing Chang Jiang International Co., Ltd., Permanent Technologies Inc., The Phillips Screw Company, Shamrock International, Shanghai Tianbao Fastener Manufacturing Co., Ltd., Nifco Inc., and KOVA Fasteners Pvt Ltd are key players of the global automotive fasteners market. The high competition among players has led to them innovating in fasteners to attain a larger share of the automotive fasteners market share till 2023.
The global automotive fasteners market is expected to rise at a CAGR of 4.5% over the forecast period. The surge in vehicle production, focus to lightweight vehicles, and use of infotainment systems, telematics, and ignition can induce the need for fasteners. The rise of injection molding and use of plastic components to lower vehicle weight can bolster the market demand exponentially. Resistance to corrosion, salt, and climatic conditions are likely features enticing its use in commercial and passenger vehicles.
The use of plastic fasteners due to the need for reducing vehicle weight and eschew the usage of stainless steel and nickel can fuel the market growth. Removable fasteners are likely to be in huge demand due to the corrosive nature of bolts, studs, and nuts and the frequent need to replace it.
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Global automotive fasteners market is segmented on the basis of type, material, distribution channel, and end-use.
On the basis of type, the market has been divided into threaded and non-threaded.
On the basis of material, the market has been segmented into nickel, iron, aluminum, stainless steel, and others. The stainless steel segment is likely to garner huge revenues owing to its application in engine parts, door panels, and airbag housings.
On the basis of distribution channel, the market has been segmented into OEM and aftermarket. The aftermarket channel can dominate the market owing to car manufacturers doling out similar components for refurbishment of old and legacy cars. In addition, the market for used cars is likely to be a new revenue pocket for the segment and the global automotive fasteners.
On the basis of end-use, the market has been segmented into permanent, semi-permanent, and removable.
Geographically, the global automotive fasteners market has been segmented into the four major regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The global automotive fastener market in APAC is expected to grow during the forecast period followed by Europe. Developing countries such as China, India and Japan are major hubs for automotive industry which can boost the market growth share for APAC. Growing automotive fasteners sales in the aftermarket will further enhance the sales. Regulations for lightweight components and emphasis on safety of passengers are expected to facilitate market growth till 2023.
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In Europe, the increased manufacturing of vehicles is expected to increase the demand for automotive fasteners which will enhance the market in the future. The presence of prominent manufacturers, supportive regulations, establishment of new emission and safety standards, and pacts for creating safe cars can bode well for the market.
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