Automotive Fastener Market Boosting the Strong Growth Worldwide to 2027
Improvement in automotive component toughness and quality as well as mechanical enhancements could play a vital role in driving the adoption of fasteners. The ability to easily replace these clasps by users have supported the deployment of fasteners in new vehicles.
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Growing inclination towards lightweight fasteners due to rising demand for fuel-efficient vehicles may enhance business outlook over the forthcoming years. While growing demand for lightweight fasteners over welding could significantly boost the automotive fastener market size.
On this note, Global Market Insights, Inc., predicts that the automotive fastener market could cross USD 20 billion by the year 2026.
Diminishing growth of the global automotive sector since 2018 could impede automotive fastener industry share. Rampant spread of coronavirus has compelled various automotive companies to enforce lockdown to protect their employees. This halt in global automotive economy could negatively impact the product demand in the future.
Earlier in 2019, the automotive OEMs segment were considered to amass a volume share of more than 45%, and is expected to maintain this healthy growth over the forecasted period. Apart from OEMs, automotive fasteners can also be bought from aftermarket suppliers.
Based on materials, the automotive fastener industry is bifurcated into steel, plastic, and metallic fasteners like aluminum, brass, and copper. Fastener made out of brass is very popular as it is largely used in adjoining several door clamps and engine components.
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On the regional front, North America is considered to be a lucrative market for the automotive fastener manufacturers. Estimates suggest that the region is likely to cover over 15% of the global market within the projected timeframe.
This growth can be attributed to the numerous ongoing and future automotive developmental activities being conducted within the region. This would ensure healthy growth prospects to the region’s vehicle fastener market over the next few years.
In a bid to ascertain a dominant position over the vehicle fastener market, several industry players are undertaking organic growth strategies like inking merger or partnership deals, launching new products, and acquiring new assets. As of now, the Automotive Fastener Market is being led by companies like Agrati Group, Fontana, KOVA Fasteners, KAMAX, Sundram Fasteners Limited, Bulten AB, Westfield Fasteners, Shanghai Prime Machinery Company and SFS Group, IWT Inc.
Table of Contents (ToC) of the report:
Chapter 1. Methodology & Scope
1.2. Market definition
1.3. Market estimation & forecast parameters
1.3.1. COVID-19 impact calculations on industry forecast
1.4. Data sources
22.214.171.124. Paid sources
126.96.36.199. Public sources
Chapter 2. Automotive Fastener Market Summary
2.1. Automotive fasteners industry 360° synopsis, 2016 – 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Materials trends
2.1.4. Characteristic trends
2.1.5. Distribution trends
2.1.6. Application trends
2.1.7. Regional trends
Chapter 3. Automotive Fastener Market Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2016 – 2026
3.3. Industry ecosystem analysis
3.3.1. Value addition
3.3.2. Distribution channel analysis
3.3.3. Value chain disruption analysis (COVID-19 impact)
3.3.4. Vendor matrix
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