June 17, 2024
Global Automotive Fastener Market

Global Automotive Fastener Market Estimated to Witness High Growth Owing to Increased Automotive Production

The global automotive fastener market comprises of various fastening components that are used to join automotive parts together. Some key automotive fasteners include bolts, screws, nuts, washers, rivets, and clips. They play a crucial role in automotive manufacturing as different vehicle components such as engines, transmissions, suspension systems, drivetrains, and body parts need to be securely fastened. Automotive fasteners provide strength, prevent loosening over time due to vibrations, and enable easy disassembly and 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 from 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.

The global automotive fastener market is expected to witness key opportunities in electric vehicles as they have more fastening points compared to conventional vehicles. Adoption of advanced composite materials in automotive production will also drive demand for specialized fasteners.

Technological advancements like 3D printing and development of light-weight fasteners with improved strength-to-weight ratio are gaining traction. Automakers are also exploring use of reusable and recyclable fasteners to reduce waste and promote sustainability.

Market Drivers

The key driver for the global automotive fastener market is the rise in global automobile production and sales over the years. As automakers ramp up manufacturing volumes to meet consumer demand, it leads to increased consumption of fastening components. Growing preference for SUVs and luxury vehicles also contributes as they typically have more fastening points than smaller cars. Stringent fuel efficiency and emission norms are propelling automakers to use advanced materials and technologies, thereby fostering innovations in fasteners as well.

Current challenges in the Global Automotive Fastener Market:
The Global Automotive Fastener Market is facing several challenges such as supply chain disruptions caused by the ongoing Covid-19 pandemic, rising prices of raw materials like steel and aluminum, shortage of raw materials and labor workforce in some parts of the world. The market is also affected by fluctuations in demand due to changing economic conditions and geopolitical issues. Implementing advanced technology for reliable and cost-effective manufacturing poses a technological challenge for manufacturers in the market.

SWOT Analysis
Strength: The automotive fastener market enjoys steady demand from the stable automotive industry. They help provide structural integrity critical to safety.
Weakness: High dependency on raw material prices exposes fastener makers to volatility. Meeting emerging standards for improved performance and sustainability raises costs.
Opportunity: Growth in electric vehicles and autonomous driving spurs demand for innovative fasteners supporting new technologies and designs. Developing economies offer expanding automobile production and aftermarket sales.
Threats: Intense price competition from low-cost producers pressures margins. Stricter environmental norms may render some fastener designs obsolete over time.

Geographical Regions:
In terms of value, the Asia Pacific region holds the major share in the global automotive fastener market, given the high concentration of automotive manufacturing in China, India, and Japan. Countries like China, India, and South Korea are emerging as the fastest growing automotive markets, driving the demand for automotive fasteners in the Asia Pacific region.

The North America region is the second largest market for automotive fasteners, owing to the presence of major automakers like Ford, General Motors, and Tesla and a well-established aftermarket. Mexico has emerged as a key manufacturing hub, catering to the North American automotive fastener demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile