Global Automotive Fastener Market is Estimated to Witness High Growth Owing to Increased Automotive Production
Global Automotive Fastener Market is Estimated to Witness High Growth Owing to Increased Automotive Production
Blog Article
The global automotive fastener market comprises various components including nuts, bolts, screws, washers, and rivets that are used to join two or more parts or assemblies in automobiles. Automotive fasteners help to efficiently assemble vehicular components and provide the necessary mechanical strength. They play a vital role in automotive manufacturing by facilitating easy assembly and ensuring safety and reliability. The growing vehicle production and automotive component manufacturing have augmented the demand for automotive fasteners globally. The Global Automotive Fastener Market is estimated to be valued at US$ 33.9 Bn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the global automotive fastener market are Atotech Deutschland GmbH, Birmingham Fastener, Inc., Bulten AB, Jiangsu Xing Chang Jiang International Co., Ltd., KAMAX, KOVA Fasteners Private Limited, Lisi Group, PennEngineering, Permanent Technologies, Inc., Phillips screw company, SFS Group, Shamrock International Fasteners, Shanghai Prime Machinery Company, Shanghai Tianbao Fastener Manufacturing Co., Ltd., Stanley Black and Decker, Sundram Fasteners Limited, Westfield Fasteners Limited.
Growing demand: The growing demand for fuel-efficient and lightweight vehicles has increased the utilization of advanced fastening technologies in automotive manufacturing, contributing to the expansion of the Automotive Fastener Market size focusing on sustainability and adopting recyclable and reusable fasteners.
Global expansion: Leading automotive fastener manufacturers are expanding their global footprint by establishing manufacturing plants across developed as well as developing regions. They are investing in advanced production facilities and diversifying their product portfolios to cater to the dynamic demands of the automotive industry.
Market key trends
The adoption of sustainable and environment-friendly fastening technologies is one of the key trends in the global automotive fastener market. OEMs and Tier 1 suppliers are developing reusable, recyclable, and bio-based fasteners to reduce carbon footprint and meet sustainability targets. They are utilizing lightweight materials, innovative joining techniques, and digital manufacturing technologies to offer optimized fastening solutions. Advances in autonomous driving and electric vehicles will further augment the demand for specialized fasteners designed for unique powertrain configurations of next-gen vehicles.
Porter's Analysis
Threat of new entrants: New players find it difficult to enter the market due to established suppliers and manufacturing facilities that have long standing relationships with OEMs. Bargaining power of buyers: Automotive OEMs have significant bargaining power due to their large order volumes and the competitive nature of the automotive industry. Bargaining power of suppliers: A few large players dominate the market, giving them stronger bargaining power over automotive OEMs, which is a significant factor shaping the Automotive Fastener Market challenges and opportunities currently no cost-effective substitutes for fasteners used in automotive applications. Competitive rivalry: Intense competition exists among established players to gain market share through product innovation and expansion into new geographic regions.
The global automotive fastener market is currently concentrated in Asia Pacific region by value. Countries such as China, India, Japan and South Korea collectively account for over 50% of the global automotive production. This high automotive output drives the demand for fasteners in the Asia Pacific region.
North America region is expected to witness the fastest growth in the global automotive fastener market during the forecast period. This is attributed to recovery of the automotive industry from economic recession and upcoming legislation regarding vehicle weight reduction and fuel efficiency which will boost the demand for lightweight fasteners.
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About Author: Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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