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Automotive Fastener Market by Material Type, Characteristics, Application, Product type,Function, Vehicle Type, Growth, and Demand Forecast, 2014–2024
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On the basis of material type, the automotive fastener market has been categorized into stainless steel, plastic, and aluminum. Among these, the market for plastic fasteners is expected to have a significant growth in the coming years, mainly due to the growing demand for lightweight vehicles to increase fuel efficiency. The vehicle weight will be reduced by decreasing the usage of metals such as iron and stainless steel. This will upsurge the use of lightweight materials, such as plastic, which in turn, will boost the demand for plastic fasteners.
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Geographically, Asia-Pacific was the largest automotive fastener market, followed by Europe during the historical period, owing to high production of automobiles in this region. China is the world’s largest automobile manufacturer and is one of the major consumers of fastener, attributing to the growth of its market in the region. Furthermore, governments’ regulations and guidelines for lightweight vehicles have prompted to developments in technologies for producing durable and lightweight products in the region.
Increasing automobiles production around the world, coupled with high demand for fuel-efficient vehicles, especially in emerging economies, is the major factor driving the growth of the automotive fastener market. The demand for passenger vehicles has increased in the recent years, due to amplified spending capacity of end users and rising urbanization across the globe. In 2017, around 70 million passenger cars were sold globally, which was an increment of about 2% from 2016. Such increasing number of automotive vehicles are acting as a growth drive for the market.
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Automotive Fastener Market Competitive Landscape
The global automotive fastener market is highly fragmented, and competition among its players is fierce. The market is highly price sensitives due to presence of considerable number of small vendors in the market. The competition is expected to be high during the forecast period, owing to low switching cost from metal fastener to plastic fastener. Major key players in the automotive fastener industry are Bulten AB, Phillips Screw Company Inc., Permanent Technologies Inc., Fastener Technology Corporation, Atotech Deutschland GmbH, Sundram Fasteners Ltd., and Stanley Black & Decker Inc.
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