Enjoy complimentary customisation on priority with our Enterprise License!
The global automotive fasteners market size is estimated to grow by USD 8.75 billion at a CAGR of 7.85% between 2023 and 2028. The market is experiencing significant growth driven by their cost advantages over metal alternatives. Plastic is increasingly substituting metal in automotive applications, notably in clips for HVAC and brake lines. Plastic offers lower material, labor, tooling, manufacturing, and shipping costs compared to metal. Furthermore, plastic fasteners boast non-corrosive properties, versatility, and the ability to be molded into complex shapes. These attributes make plastic fasteners highly desirable in the automotive industry, fueling their adoption and contributing to market growth. In the forecast period, these factors are expected to continue driving the expansion of the market for plastic automotive fasteners. Besides analyzing the current market scenario, our market forecasting report examines historic data from 2018 to 2022. It also includes an in-depth analysis of drivers, trends, and challenges.
To learn more about this report, Request Free Sample
The market is driven by the increasing demand for passenger and commercial vehicles globally, necessitating the use of reliable and durable fastening solutions. Key trends include a shift towards lightweight and corrosion-resistant materials like brass, aluminum, and stainless steel, catering to the rising demand for electric vehicles. However, challenges persist in ensuring compatibility with various vehicle types and maintaining high standards of safety and performance. Companies like Sundram Fasteners and Stanley Black & Decker are innovating to meet these demands, emphasizing their core competencies in delivering efficient and reliable fastening solutions.
The market share growth by the OEM segment will be significant during the forecast period. The OEM holds the highest share of the market in 2023 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.
Get a glance at the market contribution of the segments, Request Free Sample
The OEM segment was valued at USD 14.77 billion in 2018. 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 market is expected to grow during the forecast period.
APAC is estimated to contribute 60% 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.
For more insights on the market share of various regions Request Free Sample
APAC is expected to be the fastest-growing region for the market during the forecast period. The growth of APAC in the 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.
The market is driven by the increasing demand for passenger and commercial vehicles globally, necessitating the use of reliable and durable fastening solutions. Key trends include a shift towards lightweight and corrosion-resistant materials like brass, aluminum, and stainless steel, catering to the rising demand for electric vehicles. However, challenges persist in ensuring compatibility with various vehicle types and maintaining high standards of safety and performance. Companies like Sundram Fasteners and Stanley Black & Decker are innovating to meet these demands, emphasizing their core competencies in delivering efficient and reliable fastening solutions. Our researchers analyzed the data with 2023 as the base year, along with 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 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.
Thus, such 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 market during the forecast period.
The growing popularity of lightweight fasteners solutions is a major 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.
Moreover, 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 market during the forecast period.
Fasteners-related recall due to improper manufacturing procedures is a major factor hindering the market. 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.
Further, 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 market.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
A.AGRATI Spa, Acument Global Technologies Inc., 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
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market growth and forecasting research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is witnessing significant growth attributed to the escalating vehicle sales, particularly in the context of electric vehicle manufacturing plants. Established fasteners find applications across various automotive components like the engine, transmission, and interior trim, emphasizing the importance of their high-durability characteristics. Innovations in threaded and non-threaded fasteners, along with advancements in IoT and Artificial Intelligence, are driving weight reduction initiatives in the production of lightweight electric vehicles. Companies like The Philips Screw and Westfield Fasteners play crucial roles in providing reliable and efficient fastening solutions tailored to meet the demands of the automotive industry. The market is influenced by various factors such as the volume of automotive production, the material type used in fastener manufacturing, and the rising demand for electric vehicle type.
Automotive Original Equipment Manufacturers (OEMs) play a pivotal role in driving the adoption of advanced fastening solutions, ensuring reliability in critical components like steering and front/rear axle assemblies. Fastener types, including nuts, retainers, spring clips, and washers are essential for securing different vehicle parts. Fluctuations in raw material prices, particularly for stainless steel, nickel, and iron, impact production costs. As the automotive industry shifts towards EV manufacturing and lightweight vehicles, there's a growing demand for high-durability fasteners. The integration of Artificial Intelligence (AI) is also enhancing the efficiency of fastener production, particularly in the development of threaded, metal, removable, and permanent fasteners for both passenger and commercial vehicles.
Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
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 8.74 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
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 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 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 the forecast period. |
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.