The Global Automotive Fasteners Market is projected to grow from an estimated USD 21.45 billion in 2018 to USD 25.30 billion by 2025, at a CAGR of 2.39% during the forecast period. The growth of automotive fastener market is influenced by factors such as increasing vehicles production and sales.
The governments of several countries have made stringent regulations for the use of basic safety products such as seatbelts and airbags. In the US and Europe, the governments have already implemented regulations related to mandatory safety features for all vehicles sold in the respective countries, which are followed by automakers. The inclusion of advanced safety features will increase the volume of fasteners required by the automotive industry. This, in turn, will create several opportunities for automotive fastener suppliers.
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The Rest of World includes key countries such as Russia and Brazil, which are estimated to be the fastest-growing markets, in terms of value, for automotive fasteners. There have been huge investment activities in Brazil as it is one of the fastest developing countries in South America. Brazil has the presence of most of the large global automotive companies. There has been significant growth in the total sales volume of automobiles, which is the major growth driver for the automotive fasteners market in this country.
Players profiled in the report are:
- Bulten AB (Sweden)
- KAMAX (Germany)
- Stanley Black & Decker (US)
- Shanghai Prime Machinery Company (China)
- SFS Group (Switzerland)
- Lisi Group (France)
- Meidoh Co. (Japan)
- Nipman Fasteners (India)
- Piolax (US)
- Westfield Fasteners (UK)
- Fontana Gruppo (Italy)
- Bollhoff (Germany)
- Nedshroef (Netherlands)
- Nifco Group (Japan),
- Simmonds Marshall (India)
Semi-permanent fasteners are expected to be the fastest-growing segment, by value. Wide application in automobile and a huge demand as fixtures/joints will drive the growth of semi-permanent fasteners in the coming years.
In an effort toward the weight reduction of a vehicle, automotive engine manufacturers are offering small and compact engines that are lightweight. This provides an opportunity for fastener manufacturers to supply complex, specially engineered fasteners, and fasteners for components made from exotic materials that can maintain performance under high heat levels. Also, growing electrification in the automotive industry and semi-autonomous car technology will benefit the fastener market. The global electric vehicle industry has witnessed significant growth in recent years. Government regulations for emission and fuel economy, a price reduction of vehicles, and subsidies to electric vehicle manufacturers to reduce the production cost have driven the growth of the electric vehicles, which are equipped with batteries which, in turn, require a large number of fasteners.
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- Manufacturers of automotive fasteners
- Automotive OEMs
- Electric vehicle manufacturers
- Industry associations and experts
- Traders, distributors, and suppliers of automotive fasteners
The interior trim segment is estimated to be the fastest-growing segment of the fastener market, by application, in terms of value. Automobile manufacturers are now focusing on using lightweight fasteners in the major application areas to reduce the weight of the vehicle. The automakers’ focus is high on the interior trims where the application of plastic and aluminum fasteners is increasing to achieve weight reduction, which will drive the requirement of fasteners.