Automotive Fasteners Market:
Automotive fasteners arecomponents used in assembling a vehicle in the production line. The choice ofthe right fasteners and emphasis on safety are likely to trigger its demandamong automotive manufacturers. The global automotive fasteners market reportby Market Research Future (MRFR) contains valuable insights gleaned throughpainstaking efforts by analysts and identification of trends, drivers, andchallenges for the period of 2018 to 2023 (forecast period). The suddenoutbreak of the COVID-19 virus and its impact on the industry are analyzed ingranular detail.
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Market Scope
The global automotive fastenersmarket is expected to rise at a CAGR of 4.5% over the forecast period. Thesurge in vehicle production, focus to lightweight vehicles, and use ofinfotainment systems, telematics, and ignition can induce the need forfasteners. The rise of injection molding and use of plastic components to lowervehicle weight can bolster the market demand exponentially. Resistance tocorrosion, salt, and climatic conditions are likely features enticing its usein commercial and passenger vehicles.
The use of plastic fasteners dueto the need for reducing vehicle weight and eschew the usage of stainless steeland nickel can fuel the market growth. Removable fasteners are likely to be inhuge demand due to the corrosive nature of bolts, studs, and nuts and thefrequent need to replace it.
Segmentation
Global automotive fastenersmarket is segmented on the basis of type, material, distribution channel, andend-use.
On the basis of type, the markethas been divided into threaded and non-threaded.
On the basis of material, themarket has been segmented into nickel, iron, aluminum, stainless steel, andothers. The stainless steel segment is likely to garner huge revenues owing toits application in engine parts, door panels, and airbag housings.
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On the basis of distributionchannel, the market has been segmented into OEM and aftermarket. Theaftermarket channel can dominate the market owing to car manufacturers dolingout 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 segmentand the global automotive fasteners.
On the basis of end-use, themarket has been segmented into permanent, semi-permanent, and removable.
Regional Analysis
Geographically, the globalautomotive fasteners market has been segmented into the four major regions ofNorth America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The global automotive fastenermarket in APAC is expected to grow during the forecast period followed byEurope. Developing countries such as China, India and Japan are major hubs forautomotive industry which can boost the market growth share for APAC. Growingautomotive fasteners sales in the aftermarket will further enhance thesales. Regulations for lightweightcomponents and emphasis on safety of passengers are expected to facilitatemarket growth till 2023.
In Europe, the increasedmanufacturing of vehicles is expected to increase the demand for automotivefasteners which will enhance the market in the future. The presence ofprominent manufacturers, supportive regulations, establishment of new emissionand safety standards, and pacts for creating safe cars can bode well for themarket.
Competitive Outlook
Atotech, Westfield FastenersLimited, Bulten AB, Jiangsu Xing Chang Jiang International Co., Ltd., PermanentTechnologies Inc., The Phillips Screw Company, Shamrock International, ShanghaiTianbao Fastener Manufacturing Co., Ltd., Nifco Inc., and KOVA Fasteners PvtLtd are key players of the global automotive fasteners market. The highcompetition among players has led to them innovating in fasteners to attain alarger share of the automotivefasteners market share till 2023.
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