The automotive fasteners market is poised for steady growth, with an anticipated average CAGR of 6% from 2022 to 2032. By 2032, the market is forecasted to reach a valuation of USD 47,174.7 million, up from USD 26,342.1 million in 2022. China is expected to dominate the global automotive fasteners market, holding approximately 55% share by 2032.
China’s prominence in the automotive fasteners market can be attributed to several factors. Firstly, China is one of the leading producers of electric and hybrid cars globally, contributing significantly to the demand for automotive fasteners. Additionally, the country’s high vehicle sales and production volumes further bolster its position in the automotive fasteners industry.
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Apart from China, other countries in the Asia Pacific region, such as India and Japan, also play a significant role in the production of automotive fasteners. These countries collectively accounted for over 28% of the overall production of automotive fasteners in the Asia Pacific region. Factors contributing to the growth of the automotive fasteners market in these countries include increasing vehicle sales, rising demand for customized automotive components, and growing per capita income levels.
Overall, the increase in vehicle sales and the distance driven by cars necessitates greater maintenance and replacement of automotive parts, including fasteners. This trend, coupled with the strong automotive manufacturing base in the Asia Pacific region, is expected to drive the growth of the automotive fasteners market over the forecast period.
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.
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
- 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
- Non threaded
- Snap rings
- Clips
By Coating:
- Passivated coating
- Cadmium coating
- Dry film lube coating
By Distribution Channel:
- OEM (Original Equipment Manufacturers)
- Aftermarket
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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