- The increase in sales of automobiles and the demand for lightweight vehicles will influence the sales and market revenue.
- Alternatives, such as welding, will majorly restrain the growth of the market.
- The Asia-Pacific region is expected to hold the highest market share.
Global Automotive Fasteners Market is Expected to grow at high CAGR of 4.5% during Forecast Period 2019-2023. Automotive fasteners are mechanical components used to connect or join two or more joints and parts in the vehicle. Fasteners are made up of aluminum, nickel, stainless steel, and others. The primary function of automotive fasteners is that of holding vehicle parts together to avoid their separation and prevent leakage from joints. The automotive industry is flooded with a variety of fasteners, specifically for components due to the various shapes, sizes, designs, and qualities.
Key Players in Automotive Fasteners Market are
The prominent players in the automotive fasteners market include The Phillips Screw Company (US), Permanent Technologies Inc. (US), Atotech (Germany), Shanghai Tianbao Fastener Manufacturing Co., Ltd. (China), and Shamrock International (US). Jiangsu Xing Chang Jiang International Co., Ltd. (China), Nifco Inc. (Japan), KOVA Fasteners Pvt Ltd (India), Bulten AB (Sweden), and Westfield Fasteners Limited (UK) are among others.
Automotive fasteners are used to hold parts and prevent leakage in vehicles by joining to two or more parts through replaceable and permanent rivets. They play a significant role in improving the performance of the vehicle by using lightweight, good quality material, and high-performance fasteners.
The increase in sales of automobiles and the demand for lightweight vehicles will influence the sales and market revenue. Growing awareness about fasteners benefit the global market, increasing the demand for quality fasteners that are light in weight, will boost the growth of the market during the forecast period. Growing automotive component market and an increase in sales of various automobile components will create opportunities for manufacturers in the automotive fasteners market. Furthermore, increased sales of components will increase merger and acquisition initiatives in the market for automotive fasteners.
However, alternatives such as welding will majorly restrain the growth of the automotive fasteners. Growing unorganized sector will hamper the growth of the manufacturers in the global automotive fasteners market.
Market Research Analysis:
In terms of region, the global market for the automotive fasteners is divided into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is expected to hold the highest market share in terms of both, value and volume, owing to the increased sales in the aftermarket of fasteners in Asia-Pacific. The rapid increase in the sales of automobiles in the market of Asia-Pacific will increase the size of the global automotive fasteners market. Increase in infrastructure development, increased sales of different automobiles, and trend of using high-performance fasteners in automobiles will boost the sales of the product in Asia-Pacific and open opportunities in the region.
Europe is expected to lead in terms of CAGR during the forecast period. Presence of top manufacturers of automobiles and their parts in Europe will minimize the costs and enhance sales due to increased demand for quality and innovative design within automotive fasteners and growing sales.
Geographically, the global automotive fasteners market has been segmented into the four major regions of North America, Europe, Asia-Pacific, and the Rest of the World. The global automotive fasteners market in Asia-Pacific is expected to grow during the forecast period followed by Europe. Developing countries such as China and India and developed countries such as Japan that are the major hubs for automotive industry, will boost the market share for Asia-Pacific. Growing automotive fasteners sales in the aftermarket will further enhance the sales in Asia-Pacific market.