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The Global Automotive Fasteners Market size is estimated to grow by USD 8,379.8 million between 2022 and 2027 accelerating at a CAGR of 8%.
This automotive fasteners market report extensively covers market segmentation by end-user (OEM and aftermarket), vehicle type (passenger cars and commercial vehicles), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
The cost advantages of using plastic automotive fasteners is a major factor driving the automotive fasteners market growth. Plastic is increasingly replacing metal in automotive applications, including clips for HVAC and brake lines. The cost advantages of plastic over metal include lower material, labor, tooling, manufacturing, and shipping costs. Additionally, plastic fasteners are non-corrosive, versatile, and can be made into complex shapes. These factors will drive the growth of the global automotive fasteners market in the forecast period.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing popularity of structural blind fasteners is also driving the automotive fasteners market. The automotive industry is increasingly demanding lightweight materials for components, resulting in significant advances in vehicle design and construction. The use of lightweight materials, such as aluminum, improves fuel economy and agility by reducing vehicle weight, but this presents design challenges that can be overcome with the use of blind fasteners. These fasteners can join dissimilar metals, like aluminum to steel or carbon fiber, and are less costly, easy to install, and inspect. Structural and non-structural blind fasteners are the two types used in automotive applications. Structural blind fasteners, such as those offered by Arconic Fastening Systems, can bear high loads and are gaining popularity in the industry. The increasing use of blind fasteners is expected to drive the global automotive fasteners market during the forecast period.
The growing popularity of lightweight fasteners solutions is a major automotive fasteners market trend. Fasteners must provide lightweight solutions without compromising strength as lightweight materials are used in the body, chassis, and interior applications, as well as for powertrain components. Technologies such as clinching, flow drilling screws, and thread-forming screws are used to join dissimilar or thin materials to reduce vehicle weight. Luxury automakers like Cadillac, Audi, and Porsche use advanced fastening methods like laser welding, spot welding, and structural adhesives to achieve strong and lightweight frames. Self-piercing riveting is also used by major automakers like Honda, Jaguar, Mercedes-Benz, BMW, Ford, Fiat Chrysler, and GM. These fastening technologies are expected to expand to mid-segment vehicles in the future. The growing popularity of lightweight fastener solutions is expected to drive the growth of the global automotive fasteners market during the forecast period.
Fasteners-related recall due to improper manufacturing procedures is a major factor hindering the automotive fasteners market industry. Product recalls are a significant challenge for industries, including the automotive industry, as they incur huge costs. In the case of automotive fasteners, recalls can happen due to improper material or weak design and assembly. These issues can be reduced by adopting proper manufacturing and quality control procedures. The major quality issues arise due to improper heat treatment, incorrect raw materials, and thread rolling/cutting issues. Though fastener-related issues have decreased, they have not been eliminated, as evidenced by the 2019 recall of Jeep Cherokee luxury vehicles by Fiat Chrysler Automobiles due to loose passenger front seat fasteners. Such recalls pose a challenge for the global automotive fasteners market.
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The market share growth by the OEM segment will be significant during the forecast period. The OEM holds the highest share of the global automotive fasteners market in 2022 and is expected to continue during the forecast period. In the automotive industry, OEMs use fasteners for various applications. In most cases, these automotive fasteners are first tested to ensure they will perform well once the vehicle hits the market. Such factors ill increase segment growth during the forecast period.
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The OEM segment was valued at USD 14,778.56 million in 2017 and continue to grow by 2021. Automotive fasteners allow dissimilar materials to join without using adhesives, which can be messy, and bonds may not be as strong as those created by screws or automotive bolts. Thus, with the increasing production activities in the automotive sector, the demand for automotive fasteners will also increase during the forecast period. Thus, the OEM segment in the global automotive fasteners market is expected to grow during the forecast period.
The demand for fuel-efficient passenger cars has increased due to improved economic conditions in emerging economies, such as India, Indonesia, Brazil, and Mexico. APAC dominates the global passenger car market, with emerging economies like India, China, and Indonesia leading the market. The adoption of passenger cars, along with strict emission norms, is driving the significant adoption of lightweight fasteners. However, the outbreak of COVID-19 has negatively impacted the demand for passenger cars, affecting the sales and production of automotive fasteners. The passenger car industry has transformed from mechanically driven vehicles to high-end electronic/electrical-influenced vehicles with advanced features in safety, security, propulsion, connectivity, and the environment. During the forecast period, there will be an increase in the electrification of passenger cars, and the adoption of EVs will rise, leading to an increase in demand for lightweight fasteners. Increased disposable income and convenient vehicle loan schemes are driving the demand for sedans, coupes, hatchbacks, crossovers, and SUVs in several countries, which will drive the growth of the global automotive fasteners market.
APAC is estimated to contribute 59% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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APAC is expected to be the fastest-growing region for the automotive fasteners market during the forecast period. The growth of APAC in the automotive fasteners market is expected to outpace the growth of the market in Europe and North America during the forecast period. APAC has become both the largest and fastest-growing vehicle market in the world. Most revenue is expected to emanate from China, Japan, and India due to growing automobile production in these countries. The growth in automotive vehicle production in this region is driven by automobile manufacturers, such as GM, Ford, Volkswagen, and Daimler, who have shifted their production bases to the developing countries in APAC.
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The COVID-19 pandemic had a significant impact on the automotive industry in APAC in 2020, but with the lifting of lockdowns and vaccination programs, manufacturing and retail activities have gradually increased. This is expected to drive the demand for automotive fasteners in the region. Furthermore, the automotive industry in APAC, particularly in India and China, is expected to grow significantly in the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Automotive Fasteners Market. One of the major vendors in the market include:
Bulten AB- The company offers a wide variety of fasteners such as customer-specific standard products to customized special fasteners
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Automotive Fasteners Market Scope |
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Report Coverage |
Details |
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Page number |
155 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8% |
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Market growth 2023-2027 |
USD 8,379.8 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.82 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 59% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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, Sundaram Fasteners Ltd, and Trifast plc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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