NEW
YORK, June 20, 2024 /PRNewswire/ -- The
global automotive fasteners market size is estimated to
grow by USD 8.74 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 7.85% during the forecast period. Cost
advantages of using plastic automotive fasteners is driving
market growth, with a trend towards growing popularity of
lightweight fasteners solutions. However, fasteners-related
recall due to improper manufacturing procedures poses a
challenge. Key market players include A.AGRATI Spa, Acument Global
Technologies Inc., Bulten AB, EJOT HOLDING GmbH and Co. KG,
Illinois Tool Works Inc., KAMAX Holding GmbH and Co KG, Koninklijke
Nedschroef Holding BV, Nifco Inc., Norm Holding, Penn Engineering,
Phillips Screw Co., Precision Castparts Corp., Raygroup SASU,
Rocknel Fastener Inc., SBE VARVIT Spa, Simmonds Marshall Ltd.,
Stanley Black and Decker Inc.,
Sterling Tools Ltd., Sundram Fasteners Ltd., and Trifast plc.
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Automotive Fasteners
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
7.85%
|
Market growth
2024-2028
|
USD 8749.5
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
7.12
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 60%
|
Key
countries
|
China, US, Japan,
India, and Germany
|
Key companies
profiled
|
A.AGRATI Spa, Acument
Global Technologies Inc., Bulten AB, EJOT HOLDING GmbH and Co. KG,
Illinois Tool Works Inc., KAMAX Holding GmbH and Co KG, Koninklijke
Nedschroef Holding BV, Nifco Inc., Norm Holding, Penn Engineering,
Phillips Screw Co., Precision Castparts Corp., Raygroup SASU,
Rocknel Fastener Inc., SBE VARVIT Spa, Simmonds Marshall Ltd.,
Stanley Black and Decker Inc., Sterling Tools Ltd., Sundram
Fasteners Ltd., and Trifast plc
|
Market Driver
The automotive industry's shift towards lightweighting vehicles
necessitates innovations in fasteners to enhance strength and
reduce weight. Technologies like clinching, flow drilling screws,
and thread-forming screws are used to join lightweight materials in
body, chassis, and powertrain components. Luxury vehicle
manufacturers, such as Cadillac, Audi, and Porsche, have adopted
advanced fastening methods like laser welding, spot welding, arc
welding, and structural adhesives. Self-piercing riveting is also
widely used. These technologies are expected to expand to
mid-segment vehicles, driving the growth of the global automotive
fasteners market.
The Automotive Fasteners market is currently experiencing
significant trends. Commercially available fasteners include nuts,
bolts, threaded rods, and washers. These components are essential
for assembling vehicles. The use of lightweight materials and the
need for stronger, more durable fasteners are driving innovation.
For instance, vehicle manufacturers are turning to Passive
Automotive Fastening Systems, which require no tools for
installation. Additionally, the adoption of Corrosion-Resistant
Fasteners is increasing due to their extended lifespan.
Furthermore, the implementation of Vehicle Electrification is
leading to the development of new types of fasteners for electric
vehicle components. Overall, the Automotive Fasteners market is
evolving to meet the demands of modern vehicle
manufacturing.
Research report provides comprehensive data on
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Report
Market Challenges
- The automotive fasteners market faces challenges from product
recalls, particularly due to issues with material and surface
treatment or weak design and assembly. These problems can lead to
significant costs for the industry. Major quality concerns include
improper heat treatment, incorrect raw materials, thread
rolling/cutting issues, and hydrogen embrittlement. While
fastener-related failures have decreased, they still pose a risk
for a 100% system failure rate in vehicles. Thus, maintaining
rigorous manufacturing and quality control procedures is crucial
for the market's success.
- The Automotive Fasteners Market faces several challenges. The
use of lightweight materials in vehicle production necessitates the
development of new fastener types. Bolts and nuts, screws, and
clips are common fasteners in this industry. However, the need for
high strength and durability, along with resistance to corrosion
and vibration, poses challenges. Vehlige and Traschitzky discuss
the importance of electroless nickel plating for enhancing fastener
performance. Additionally, the trend towards electric vehicles and
their unique powertrains brings new requirements for fasteners.
Producers must adapt to these challenges to meet customer needs and
stay competitive.
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challenges - Request a sample report!
Segment Overview
This automotive fasteners market report extensively covers
market segmentation by
- End-user
- Vehicle Type
- 2.1 Passenger cars
- 2.2 Commercial vehicles
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 OEM- The OEM sector dominates the global
automotive fasteners market due to its extensive usage in the
industry. Nuts, bolts, and washers are the primary types of
fasteners employed by OEMs for securing vehicle components. These
fasteners ensure the prevention of breaking and cracking under
stress, enabling dissimilar materials to join without the need for
adhesives. With the expansion of automotive production, the demand
for automotive fasteners will continue to rise, making the OEM
segment a significant contributor to the market's growth.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The automotive fasteners market encompasses a vast array of
components, including bolts, nuts, screws, retainers, spring clips,
and washers. These essential elements are primarily manufactured in
metal and plastic materials, catering to the demands of the
commercial vehicle sector and the broader automotive industry. The
market's characteristics are defined by its significant volume and
the diverse vehicle types it serves, ranging from conventional to
electric vehicles. The prospects for automotive fasteners are
promising, driven by the increasing demand for lightweight and
durable materials, as well as the growing popularity of electric
vehicles. Core competencies of key players in this sector include
data triangulation, ensuring the highest quality and precision in
their offerings. Automotive fasteners made of materials like Brass
and aluminum continue to be in high demand due to their strength
and versatility.
Market Research Overview
The Automotive Fasteners Market encompasses a wide range of
components used in assembling vehicles. These essential parts
include bolts, nuts, screws, and washers. The market is driven by
the increasing production of automobiles worldwide, with a
significant focus on lightweight and high-strength materials. The
use of advanced technologies, such as self-tapping screws and
threaded inserts, enhances vehicle performance and durability. The
market is segmented based on product type, vehicle type, and
geography. The Asia Pacific region
dominates the market due to the high production volume of
automobiles in countries like China and India. The European and North American markets
also hold substantial shares due to the presence of established
automotive industries. The market is expected to grow steadily due
to the continuous demand for automotive production and the
development of new technologies.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Vehicle Type
-
- Passenger Cars
- Commercial Vehicles
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio