A recent report published by Infinium Global Research on the automotive fasteners market provides an in-depth analysis of segments and sub-segments in the global as well as regional automotive fasteners market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional automotive fasteners market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global automotive fasteners market. According to the report, the global automotive fasteners market is projected to grow at a CAGR of 2.80% over the forecast period of 2021-2027.
The revenue generated by the market was approximately USD 22 billion in 2020 and is expected to reach approximately USD 27.14 billion in 2027. The mechanical components used to connect or join two or more joints and parts in the vehicle are known as automotive fasteners. Holding vehicle parts together to avoid their separation and prevent leakage from joints is the primary function of automotive fasteners. Furthermore, the automotive fasteners are iron, steel, aluminum, brass, plastic, and others due to different vehicles' various sizes, shapes, designs, and qualities. Moreover, there is a growing demand for technical development and design improvement in automotive fasteners; therefore, the need for the automotive fasteners market is growing. Additionally, there is a huge opportunity for automotive fasteners vendors across the globe due to increased demand for vehicle stability and reduced vehicle weight.
Furthermore, growing vehicle production, shifting focus towards lightweight vehicles, and the increasing use of electronics in the car are the various reason for the growth of the automotive fasteners market. Moreover, there is a new development in the market, like shifting from standard fasteners to customized fasteners, which will drive this market. Additionally, enhancement in quality and sturdiness of pins and mechanical enhancement is expected to propel the market's growth. On the other hand, automobiles are made up of complex mechanical and electrical systems, and they have hundreds of moving parts. Hence, the automotive fasteners must be solid and rigid, which needs higher capital investments in the material of fasteners. Therefore, increased capital requirements can hamper the market's growth during the forecast period. Nevertheless, the surging demand for reduced weight of vehicles and its stability to boost inclination towards automotive fasteners over welding will create growth opportunities for the market.
The automotive fasteners market is segmented into North America, Europe, Asia Pacific, and the rest. The Asia Pacific is estimated to be the largest market for automotive fasteners due to high automobile sales in many regional countries. Furthermore, the countries like New Zealand, Australia, India, China, Japan, South Korea, and Indonesia are demanding more vehicles with improved safety and fuel efficiency. Moreover, due to government regulations for lightweight cars, there is a need for technological advancements to manufacture lightweight and durable products in the area. Besides, Europe is also expected to hold the largest share in the automotive fasteners market due to inflexible rules and regulations regarding vehicle emissions enacted across the region.
The report on the global automotive fasteners market covers segments such as product type, material type, sales channel, and function type. On the basis of product type, the sub-markets include threaded, non-threaded, and adhesive. On the basis of material type, the sub-markets include iron, steel, aluminum, brass, plastic, and others. On the basis of sales channel, the sub-markets include oem, and aftermarket. On the basis of function type, the sub-markets include removable, semi-permanent, and permanent.
The report provides profiles of the companies in the market such as Sundram Fasteners Limited, ITW, Stanley Black & Decker, Kamax, Meidoh co. Ltd, Nipman Fasteners, Piolax, Norm Civata, Agrat, LISI, Brugola, and Fontana.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of automotive fasteners market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.