Global Fastener News

Automotive Fastener Market At 4.5% CAGR

Automotive Fastener Market At 4.5% CAGR
July 19
01:11 2021

The automotive fastener market is projected to be worth $27.42 billion by 2027, registering a CAGR of 4.5% during the forecast period (2021 – 2027).

Numerous factors are propelling the global automotive fasteners market growth, according to a report by Market Research Future (MRFR).

The flourishing automobile industry and the significance of fasteners are driving the growth of the market. The improvements in the durability and quality and technical developments of fasteners coupled with easy replaceable nature of automotive fasteners that makes it convenient for the end use consumers in purchasing fasteners for their cars are also adding to the automotive fasteners market share.

Introduction of strict regulations like EU’s Carbon Emission Reduction Targets and CAFÉ Standards are compelling automakers in incorporating lightweight materials for enhancing fuel efficiency. Various fastener companies are unraveling the challenges to reduce the weight of fasteners by developing aluminum and plastic fasteners for various auto applications. This is likely to provide robust opportunities to the market during the forecast period.

The availability of alternatives of automotive fasteners such as welding may act as a market restraint over the forecast period.

The growing unorganized sector is likely to affect the automotive fasteners market value over the forecast period.

By type, the threaded fastener segment will lead the market over the forecast period for its use for the different application like disassembly and assembly of multiple parts and components of any vehicle.

By material, the stainless steel segment will dominate the market over the forecast period for its resistivity from rust and high tensile strength. Besides, in coastal and tropical areas where vehicles are subjected to corrosive environment, such fasteners play a pivotal part to prevent corrosion.

By distribution channel, the removable fasteners will spearhead the market over the forecast period as these can be removed with ease with power tools sans creating any harm to the vehicle body.

Asia Pacific region will head the market over the forecast period. Increased sales in the aftermarket of fasteners, rapid rise in the sales of automobiles, rise in infrastructure development, trend of using high-performance fasteners, increased sales of different automobiles, large production and sales of cars, government regulations for lightweight vehicles, advances in technology to manufacture durable and lightweight products, manufacturers shifting to customized parts from standard parts, rise in per capita income, large population, and South Korea, India, Japan, and China being the growth engines are adding to the global automotive fasteners market growth in the region.

Besides, increasing automobile production in India and China, a gradual shift of automobile manufacturing plants from the developed economies to India and China, augmented sales of vehicle fasteners in the aftermarket, the presence of several automotive giants, new government guidelines for the use of light-weight vehicles, improvements in technologies to produce lightweight and durable components in the region, and automakers being increasingly interested in standard components for custom components are also adding market growth.

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