The Fasteners market is driven by the continuous growth in automobile sales and the expanding automotive components industry. The growing demand for technological advancement and design improvements in Fasteners would drive up demand in the global automotive fastener industry.
The use of replaceable fasteners in automobiles would increase the ease of use of Fasteners and drive market development. Because of the increased demand for vehicle stability and decreased vehicle weight, fasteners would be preferred over the welding.
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Key Competitors:
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Sundram Fasteners Limited, ITW, Stanley Black & Decker, Kamax, Meidoh co. Ltd, Nipman Fasteners, Piolax, Norm Civata, Agrat, LISI, Brugola, Fontana, and Koninklijke Nedschroef are some of the key players operating in the global market.
Fasteners are mechanical components that connect or join two or more joints and parts in the vehicle. Fasteners are comprised of aluminum, nickel, stainless steel, and others. The primary role of Fasteners is to keep vehicle parts together to prevent separation and leakage from joints. Because of the various shapes, sizes, designs, and qualities, the automotive industry is flooded with a variety of fasteners, particularly for components.
The global automotive fastener market will benefit from this growth opportunity. Manufacturers have recently focused heavily on improving the design and quality of fasteners. They have been acquiring design firms to improve the designs of their Fasteners. However, there are numerous alternatives for Fasteners in the global market, such as welding and clinching, which may impede market development. Furthermore, the vast unorganized aftermarket for Fasteners may present a challenge to manufacturers.
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.
Market Segmentation
· By Type (threaded and non-threaded)
· Application (steel, aluminum, brass, nickel, plastic, and copper)
· Sales Channel (OEM and Aftermarket)
· Propulsion (ICE and Electric)
· End Use (removable, semi-permanent, and permanent)
Regional Analysis
Geographically, the global 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 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.
In Europe, the increased manufacturing of vehicles is expected to increase the demand for 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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