Growing Vehicle Production Drives Automotive Fasteners Market Growth

• The plastic fastener segment, by material type, is estimated to be the fastest growing segment of the automotive fastener market.
• Asia Pacific is estimated to be the largest market for the automotive fasteners.
• The semi-permanent fastener segment is estimated to be the fastest growing segment of the automotive fastener market, in terms of value.

The Global Automotive Fasteners Market is projected to grow from an estimated $21.45 billion in 2018 to $25.30 billion by 2025, at a CAGR of 2.39% during the forecast period.

The market is anticipated to grow owing to various reasons such as the growing vehicle production, shifting focus toward lightweight vehicles, and the increasing use of electronics in vehicles. However, the major restraint for the automotive fastener market is the development of alternatives such as clinching and welding in auto parts, which can potentially reduce the cost of operation and thus can eliminate the use of traditional fasteners.

The study covers all the major players in the automotive fastener market, including established players such as Bulten AB (Sweden), KAMAX (Germany), Sundram Fasteners (India), Stanley Black & Decker (US), Shanghai Prime Machinery Company (China), SFS Group (Switzerland), and Lisi Group (France). These companies collectively account for a major share of the automotive fastener market.

The report also comprises a few other players such as Meidoh Co. (Japan), Nipman Fasteners (India), Piolax (US), Westfield Fasteners (UK), Fontana Gruppo (Italy), Bollhoff (Germany), Nedshroef (Netherlands), Nifco Group (Japan), Boltun Corporation (Taiwan), Chanshu City Standard Parts (China), Wurth Group (Germany), and Simmonds Marshall (India)

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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, 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.

Removable automotive fasteners enable the parts to be disconnected readily without any damage. These fasteners contribute the maximum share in the total number of fasteners used in an automobile. Removable automotive fasteners such as nuts, bolts, and studs can be installed and removed easily with the help of hand tools or power tools. These types of fasteners have a long life and can be used multiple times. The penetration of removable fastener in automobiles is high due to its properties.

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The passenger car segment is estimated to be the largest segment in the automotive fastener market, by vehicle type. Increasing demand for lightweight fasteners, government mandates for fuel economy and emission reduction, and an increase in per capita income are the factors fueling the demand for passenger cars in developing countries such as China and India. The production of passenger cars has shown steep growth in developing countries.

Developed countries in Europe and North America have a high demand for SUVs and premium cars, which will further boost the demand for the passenger car segment. Also, the demand for premium vehicles in India and China has also witnessed an upward market trend in the last few years. These factors have boosted the global demand for the fastener market for the passenger car segment.

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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The increasing production of vehicles, specifically in Brazil and Russia, is expected to drive the automotive fastener market in the Rest of World region. The electric, self-driving, and connected vehicles are global trends and will potentially make the largest impact on the development of the region’s car market. The support of the Russian and Brazilian governments to the relevant projects will boost the automotive fastener market in the region.