Automotive Research Reports |
Automotive Fasteners Market Research Report – Forecast to 2023
Global automotive fasteners industry, according to a recent report published by Market Research Future (MRFR), is poised to rise at a moderate CAGR of 4.5% and register a substantial market valuation over the review period. Drivers and Restraints The constant growth in the sales of automobiles and the rising automotive components industry fuel the automotive fasteners market. The increasing need for technical development and design improvement in automotive fasteners is touted to raise the demand for the global market for automotive fasteners over the review period. The trend for using expendable fasteners in vehicles is expected to enhance the ease of use for automotive fasteners further and boost the market growth. The improved demand for vehicle stability and decreased vehicle weight will lead to the preference of fasteners over the welding. This is poised to create growth opportunities for the global automotive fasteners market players in the foreseeable future. In recent times, manufacturers have substantially been focusing on improving the design and quality of fasteners. They have been obtaining design companies for enhancing the designs of their automotive fasteners. However, there are numerous substitutes in the global market for automotive fasteners such as welding and clinching, which might hamper the market growth over the assessment period. Moreover, the sizeable unorganized aftermarket for automotive fasteners might also be a challenge for the manufacturers. Segmental Analysis The global market for automotive fasteners is segmented on the basis of type, distribution channel, end-use, and material, region. On the basis of the type, the market has been bifurcated as threaded and non-threaded. On the basis of material, the automotive fasteners market has been segmented as aluminum, iron, stainless nickel, steel, and others. On the basis of the distribution channel, the market has been bifurcated as OEM and aftermarket. On the basis of end-use, the automotive fasteners market has been segmented as removable, semi-permanent, and permanent. Regional Analysis On the basis of the region, the global market of the automotive fasteners is divided into North America, Asia-Pacific, Europe, and the Rest of the World (RoW). Asia-Pacific is poised to hold the highest market share in terms of both value and volume, due to the augmented sales in the aftermarket of fasteners in Asia-Pacific. The rapid rise in the sales of automobiles in the market of Asia-Pacific will expand the global automotive fasteners market over the review period. An increase in industrialization and urbanization, increased sales of different cars, and the trend of using high-performance fasteners in vehicles will increase the sales of the product in Asia-Pacific and create opportunities in the region. Europe is anticipated to lead in terms of CAGR over the forecast period. The presence of top manufacturers of automobiles and their parts in a higher concentration in Europe will minimalize the costs and enhance sales due to augmented demand for quality and innovative design within automotive fasteners and growing sales . Competitive Analysis The major market players in the automotive fasteners market include Permanent Technologies Inc. (US), Shanghai Tianbao Fastener Manufacturing Co., Ltd. (China), The Phillips Screw Company (US), Bulten AB (Sweden), Atotech (Germany), and Shamrock International (US). Nifco Inc. (Japan), Jiangsu Xing Chang Jiang International Co., Ltd. (China), KOVA Fasteners Pvt Ltd (India), and Westfield Fasteners Limited (UK) are some of the others. The market players operating in the global insurance market are slated to increase the investments towards research and development projects and expand the competitive dynamics of the global automotive fasteners market with business strategies such as joint ventures, acquisitions, mergers, and partnerships, among others. These are poised to create growth opportunities in the market over the review period. 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