The automotive fasteners market size is anticipated to obtain growth at an average CAGR of 6% and is forecasted to reach a valuation of USD 47,174.7 Mn by 2032, while it holds a revenue of USD 26,342.1 Mn in 2022.
Companies from all over the world have recently made financial investments in technology research and development departments to help them increase the productivity of numerous machines.
End customers are drawn to utilize these fasteners because of their industry-specific designs and forms and use in automotive fasteners. Automotive fastener sales are being driven by an expanding range of industries and their use in housing, door panels, and other car components.
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The global market for automotive fasteners is being driven by a variety of factors, including changing customer demands for automated cars, increased disposable income, and increasing adoption of cutting-edge technology in automobiles.
The need for lighter automotive components in automobiles is anticipated to increase as lightweight vehicles become more popular around the world. Lightweight components are crucial for improving both the performance and fuel efficiency of automobiles.
Key Takeaways from Market Study
- Europe holds the biggest market space for the automotive fasteners market and is anticipated to hold its ground during the forecast period, with 26% of the share attributed to the sales of commercial vehicles such as passenger cars and electric buses.
- North America has the second largest space in the global automotive fasteners market, while its growth is owing to advancements in electric vehicle and their higher adoption with a 16% global share.
- The automobile companies such as General Motors and Ford are making the USA a significant country in the region of North America.
“The future for the market looks promising for lightweight vehicle adoption that use lighter automotive components in vehicles including automotive fasteners. These fasteners increase the performance of vehicles such as lightweight parts, and fuel efficiency. The rise of electronic vehicles has also pushed the demand for automotive fasteners that require fitting ensuring the use of sustainable and environmentally friendly electric vehicles. The technical developments to enhance the quality and durability of the automotive components and products. ” says a Future Market Insights analyst while discussing the future of the market.
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Competitive Landscape:
The automotive fasteners market is fragmented by the key players that help to develop the market all around the globe during the forecast period. These players are showing their efforts and focus on increasing the automotive fasteners’ market share. The key players are using various tricks and marketing terms to acquire the lion’s share in the automotive fasteners market size.
Key Segments in The Automotive Fasteners Market
By Material:
- Iron
- Aluminum
- Brass
- Nickel
- Stainless steel
- Plastic
By Characteristics:
- Removable
- Semi-permanent
- Permanent
By Types:
- Threaded
- Nuts
- Screws
- Rivets
- Studs
- Non threaded
- Snap rings
- Clips
By Coating:
- Passivated coating
- Cadmium coating
- Dry film lube coating
By Distribution Channel:
- OEM (Original Equipment Manufacturers)
- Aftermarket
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Recent Market Development
- The Amphenol Corporation and Illinois Tool Works companies announced an agreement that ITW acquire the MTS corporation system test with the closing of the acquisition of Amphenol.
- Atotech Deutschland GmbH has announced the acquisition of J-KEM International (“J-KEM”) company, which is based in Rosersberg, Sweden. J-KEM is a leading global supplier of high-quality chemical products and processes that are used for the printed circuit board and general metal finishing industries. J-KEM’s customer relationships and strong technology have helped Atotech to expand its market and drive its growth soon.
- Bulten AB launched its new industry in China to increase the supply chain. The company is likely to develop in-house forming, surface treatment, and heat treatment processes to produce high-quality fasteners in the country.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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