Press release
Global Automotive Fasteners Market to Reach $32.36 Billion by 2029, Growing at 2.8% CAGR
Automotive Fasteners
The surge in demand for electric vehicles is predicted to stimulate the advancement of the automotive fasteners market. Electric vehicles, which refers to cars powered partially or totally by electricity, require steadfast fastenings as part of their general infrastructure and battery casings. For example, as per the International Energy Agency (IEA), a self-governing organization based in France, around 14 million new electric cars were globally registered in 2023 as reported in April 2024. Electric car sales saw a significant increase in 2023 with a jump of 3.5 million units from 2022, equating to a year-on-year growth of 35%. Consequently, the growing popularity of electric vehicles will contribute to the expansion of the automotive fasteners market.
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What is the projected compound annual growth rate (CAGR) of the automotive fasteners market from 2025 to 2034, and what factors influence it?
The stable expansion of the automotive fasteners market size has been evident in the past years. The market is projected to swell from $28.23 billion in 2024 to $28.98 billion in 2025, which represents a Compound Annual Growth Rate (CAGR) of 2.6%. The increase seen in the past is mainly due to the rise in automobile production, the heightened need for commercial vehicles, and the robust economic development in thriving markets.
The market for automotive fasteners is predicted to sustain a consistent growth in the upcoming years, expanding to a value of $32.36 billion in 2029 with an annual compound growth rate of 2.8%. The surge anticipated during this forecast period is due to the rising demand for electric vehicles and favorable regulations from the government. Key trends to watch out for during this forecast period involve the introduction of self-clinching fasteners, the development of advanced technological solutions, the release of lightweight carbon fiber fasteners, the unveiling of novel, innovative products, and the pursuit of partnerships and collaborations.
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How are the latest trends influencing the growth of the automotive fasteners market?
Firms in the marketplace are honing their focus on the introduction of fresh and innovative goods in order to enhance the quality of their product array and maintain their competitive edge. As an example, Henkel, a German firm specializing in chemicals and consumer products, debuted a new product in July 2022 labelled as Loctite DRI 2250-W. This product, characterized by its medium to high-strength pre-applied thread locker, is designed for high-speed, sustainable automotive industries. The newly introduced product has notable features of high-speed throughput, resistance to high temperature and the environmental merits of being a water-based material.
What are the major segments of the automotive fasteners market and their role in driving growth?
The automotive fasteners market covered in this report is segmented -
1) By Product: Threaded, Non-Threaded
2) By Material Type: Iron, Steel, Aluminium, Brass, Plastic, Other Material Types
3) By Propulsion: IC (Internal Combustion) Engine Vehicles, Electric Vehicles, Hybrid And Alternative Fuel Vehicles
4) By Application: Engine, Chassis, Transmission, Steering, Front Or Rear Axle, Interior Trim, Other Applications
Subsegments:
1) By Threaded: Bolts, Nuts, Screws, Studs
2) By Non-Threaded: Washers, Rivets, Clips, Pins
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Which regions are key players in the growth of the automotive fasteners market?
Asia-Pacific was the largest region in the automotive fasteners market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive fasteners market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the automotive fasteners market?
Major companies operating in the automotive fasteners market include Illinois Tool Works Inc, KAMAX Holding GmbH & Co. KG, Lisi S.A., Stanley Black & Decker, Bulten AB, Nifco Inc, PennEngineering, Sundram Fasteners Limited, The SFS Group AG, Agrati, KOVA Fasteners Pvt. Ltd., Deepak Fasteners Limited (DFL), TorqBolt Inc., Jyoti Engineering (Jyoti), Boltport Fasteners (BPF), Kaloti Group of Companies, Ananka Fasteners Manufacturers, Caliber Enterprises (India), Yijin Hardware Co., Ltd, Shanghai Jianxin Hardware Co., Ltd, Jiaxing Qimu Trading Co., Ltd., Handan Zhongpin Fasteners Manufacturing Co., Ltd, Tianjin Fine Fasteners Co., Ltd, Tucker GmbH, Keller & Kalmbach GmbH, GWR Fasteners Limited, Kebrell Nuts & Bolts Ltd, FASTENEX, S.L., Rivit s.r.l., Bontempi Vibo, TR VIC Italy, Fiera srl, Zavod Signal, Ideal-Plast LLC, LitPromGarant -NN LLC, Proftruba LLC, Coba Automotive Rus LLC, Spring Alians LLC, Ural Spring Plant, Nedschroef, Zwick Roell Group, Belenus of Brazil S / A, METALAC, Fastener SRL, BULONERA BAF SRL, AI-Rashed Fasteners, Prince Fasteners Manufacturing Co Ltd, Petrofast Middle East FZC, Asia Bolts Industries LLC, EJOT Middle East, TripleFast Middle East, Kuban Karare, Phillips screw company, Westfield Fasteners Limited
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What Is Covered In The Automotive Fasteners Global Market Report?
•Market Size Forecast: Examine the automotive fasteners market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive fasteners market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive fasteners market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive fasteners market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive fasteners market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive fasteners market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive fasteners market.
•Competitive Landscape: Review strategic developments in the automotive fasteners market, including expansions, agreements, and new product launches.
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