The Automotive Fasteners Market is projected to grow at an average CAGR of 6%, reaching a valuation of USD 47,174.7 million by 2032, up from USD 26,342.1 million in 2022.
Recently, companies worldwide have been investing in research and development to boost the productivity of various machines. Automotive fasteners, with their industry-specific designs and shapes, are becoming increasingly popular among end users. The growing application of these fasteners in areas such as housing, door panels, and other vehicle components is driving market sales.
Key factors propelling the global automotive fasteners market include shifting consumer preferences toward smart vehicles, rising disposable income, and the increasing integration of advanced technologies in automobiles. Additionally, the global demand for lightweight vehicles is expected to spur the use of lighter automotive components, which are essential for enhancing vehicle performance and fuel efficiency.
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Key Takeaways from the 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.
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 Companies Profiled
- Permanent Technologies, Inc.
- Phillips screw company
- Westfield Fasteners Limited
- com Inc.
- Atotech Deutschland GmbH
- Stanley Engineered Fastening
- PennEngineering
- Shanghai Tianbao Fastener Manufacturing Co., Ltd.
- Jiangsu Xing Chang Jiang International Co., Ltd.
- Shamrock International Fasteners
- Birmingham Fastener, Inc.
- Sundram Fasteners Limited
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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
- Nonthreaded
- 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
- Middle East and Africa
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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