Home > Pressrelease > Automotive Fastener Market worth over $21.5 Bn by 2028
Automotive Fastener Market worth over $21.5 Bn by 2028
- Published Date: April 6, 2022
Automotive Fastener Market size is set to cross USD 21.5 billion by 2028, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the rising adoption of lightweight automotive materials to reduce vehicle weight. The incrementing demand for lightweight vehicles across the globe will boost the demand for lightweight automotive components in automobiles. Lightweight fastener increase the performance of vehicles along with fuel efficiency. Fastener are easy and reliable for connecting two or more parts in an automotive. Lighter automobiles mean consumers use less fuel, cleaner air, and reduced dependence on irreplaceable fossil fuels. The need to reduce vehicle weight in automobiles has become an obsession among manufacturers.
The presence of alternatives to automotive fastener may create adversity in the market expansion during the forecast period. The growing use of clenching & welding processes in automotive manufacturing is restraining the use of automotive fastener. In the clenching process, metal parts are assembled without the use of fastener. The increasing use of clenching and welding in metal joints in vehicles will hamper the demand for automotive fastener. Besides these, reduced labor & material costs, production efficiencies, and easy use will encourage automotive manufacturers to switch to adhesives in place of fasteners.
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Browse key industry insights spread across 300 pages with 371 market data tables & 23 figures & charts from the report, “Automotive Fastener Market Size, By Product (Threaded [Nuts, Bolts, Washers], Non-threaded), By Materials (Steel, Plastics), By Characteristic (Permanent, Non-permanent), By Distribution (Automotive OEM, Aftermarket), By Application (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Threaded segment growth will be attributable to its enhanced features
The threaded segment in the automotive fastener market is expected to reach USD 15 billion by 2028. Threaded fastener are made up of spiral ridges called threads which help them to stay secure. Some prominent examples of threaded fastener are nuts, bolts, screws, and studs. The joint formed with threaded fastener can be reversed; thus, they can be disassembled and reused in other applications. Threaded fastener possess high mechanical strength, which makes them stronger in applications.
The steel segment is projected to observe a 6% growth rate till 2028. Steel is one of the most common materials used as automotive fastener. Steel fastener are plain and are made using surface treatments such as zinc plating, chrome plating, and galvanization. Steel is used in automobiles for car braking systems, engine mounts, power transmissions, landing gears, and power steering. Owing to its corrosion-resistant nature and durability, steel fastener grab a maximum revenue share globally.
Key players operating in the automotive fastener market are Kamax Group, Fontana, Agrati, Sundram Fastener Limited, Shanghai Prime Machinery Company Limited, SFS Group AG, Illinois Tool Works Inc., Bulten AB, KOVA Fastener, Meidoh Co., Ltd., Sterling Tools Limited, Changshu City Standard Parts Factory, and Westfield Fastener Limited.
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