The Global Automotive Fastener Market is driven by rising automotive industry
The global automotive fastener market comprises various fastening components that are used to join automotive parts together. Automotive fasteners include nuts, bolts, screws, washers, and rivets among others. They play a crucial role in holding vehicle parts together and provide strength and stability to automotive assemblies. Rising demand for lightweight vehicles to improve fuel efficiency has accelerated the use of advanced fastening technology in automobiles. Fasteners made from advanced materials such as stainless steel and aluminum offer weight reduction without compromising on strength. Furthermore, next-generation fasteners integrated with sensors enable vehicle diagnostics and predictive maintenance. 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 operating in the Global Automotive Fastener Market Share 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 & Decker, Sundram Fasteners Limited, Westfield Fasteners Limited. Key players are focusing on partnerships, collaborations, and new product launches to strengthen their market position and expand their global footprint.
The growing demand for vehicles across the globe is driving the automotive fastener market. According to various estimates, over 95 million vehicles are sold annually worldwide. As vehicle production increases with rising disposable incomes, the demand for fasteners is expected to grow substantially. Moreover, increasing preference for lightweight vehicles to improve fuel efficiency is also propelling the need for advanced fastening technologies.
Automotive fastener manufacturers are investing in global expansions to tap the rising demand from growing automobile markets worldwide. North America and Europe have been the early adopters, however, Asian markets like China and India are emerging as high potential regions. Various automotive companies have already set up or expanded their production facilities across Asia to cater to the growing regional demand. This is positively impacting the automotive fastener market on a global level.
Market Drivers
The primary driver fueling growth of the global automotive fastener market is the rising automotive production worldwide. According to various industry estimates, over 95 million vehicles are manufactured annually. As disposable incomes rise across major developing economies, vehicle ownership is increasing rapidly. This is directly increasing the demand for various automotive components including fasteners. Furthermore, the growing preference of lightweight vehicles to improve fuel efficiency is another key factor driving the need for advanced fastening solutions made of high-strength alloys. Stringent emission regulations have accelerated adoption of lightweight materials in the automotive industry. This in turn is positively impacting the automotive fastener market on a global level.
The global automotive fastener market is witnessing uncertainties due to the evolving geopolitical landscape. Heightened geopolitical tensions and political instability in various parts of the world are affecting international trade relations and automotive supply chains. The ongoing Russia-Ukraine conflict has further exacerbated the supply chain disruptions that were already plaguing the automotive industry since the outbreak of the COVID-19 pandemic. Western sanctions on Russia are restricting access to important raw materials for fasteners like steel. This is negatively impacting automotive production volumes globally. Automakers are bracing for shortages of critical fastening components essential for vehicle assembly lines. The conflict has also disrupted land and sea transport routes connecting Eastern Europe and Western markets, putting pressure on just-in-time manufacturing schedules.
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