Automotive Fasteners Market Size worth over $20bn by 2026
Published Date: April 29, 2020 Authors: Kiran Pulidindi, Sayan Mukherjee
Automotive Fasteners Market size is set to surpass USD 20 billion by 2026, according to a new research report by Global Market Insights, Inc.
Fasteners are mechanical parts that joins, holds or attaches several components together. These fasteners are used in almost every mechanical object across industries. Although, the automobile industry is the biggest consumers for fasteners. These automotive fasteners are manufactured from different materials such as steel, plastic, aluminum, iron, nickel, brass etc. However, the automotive industry generally uses steel and plastic fasteners due to their rigidity, economy, lightweight and flexibility.
Swelling consumption to make the vehicles lightweight will surge the automotive fasteners market demand
The improving per capita income in developing nations and the rise in their spending patterns have bolstered the automotive industry around the world. Additionally, increasing preference for lightweight vehicles for better fuel economy and minimized emission has augmented several advancements in the industry.
Automotive fasteners market is also innovating to be relevant in the disruptive environment. For instance, creation of in-die fastener installation systems and enhancements in lightweight fasteners made of various alloys has strengthened the overall market. Moreover, steadily growing vehicle production and growing preference for custom made fasteners rather than traditional fasteners, is contributing towards evolvement of the market. These developments in the industry will propel the market growth.
Nevertheless, the availability of substitutes for automotive fasteners such as welding, and sealing may become a limiting factor for the market. Although, most manufacturers in the automotive industry rely on fasteners for clamping applications, which can bring fresh opportunity for the market.
Browse key industry insights spread across 350 pages with 377 market data tables & 23 figures & charts from the report, “Automotive Fasteners Market Size By Product (Threaded [Nuts, Bolts, Washers], Non-Threaded), By Material (Steel, Plastic), By Characteristic (Permanent, Non-Permanent), By Distribution (Automotive OEM, Aftermarket), By Application (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle) Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Threaded clamps will observe a considerable dominance over the non-threaded fasteners
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The non-threaded fasteners accounted around 20% of the overall market in 2019. These fasteners are without any inner linings for clamping. They are mostly used for holding components together. The most popular types of non-threaded fasteners involve O-rings, pins, retaining rings, clips, rivets, and hooks.
Plastic fasteners demand will surge for its use in the vehicle interiors
Plastic fasteners are projected to grow at over 3.5% CAGR during the forecast timeframe. Plastic fasteners are not as sturdy as various steel fasteners; however, they possess high endurance to vibrations and shocks and are more fitting for use as clampers in vehicles.
Aftermarket distribution of the fasteners will lead the overall industry
The aftermarket distribution segment is estimated to cover more than 50% of the automotive fasteners market share. The huge number of running vehicles including cars, motorbikes, LCVs, trucks, busses etc. present across the globe, require new or replaceable fasteners during the vehicle’s maintenance operations or repair works. These accumulate into considerable consumption of fasteners from the automotive industry, impelling the market size.
Permanent characteristics of the clamps will witness a sturdy demand
Permanent fasteners are expected to witness a substantial growth in near future owing to its widespread applications in different vehicles. The fastener is suitable for use in almost all exterior components of the automobile.
Europe will prove to be a crucial region for the automotive fasteners market
Europe is projected to be a key region in the market advancing with growth rate of more than 4.5% through 2026 due to rising demand for electric vehicles in the coming years. Additionally, improving research and development activities occurring over Europe will further impact the market dynamics.
The global vehicle fasteners industry is fragmented in nature. The vital contributors in the market are Agrati Group, Fontana, KAMAX, Bulten AB, Sundram Fasteners Limited, Shanghai Prime Machinery Company, SFS Group, KOVA Fasteners, Westfield Fasteners, and IWT Inc.