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Published: April 2017
Report Code: AT10905
Category : Vehicles & Components
Self-Piercing Rivets (SPR) includes a process of joining two or more pieces of similar or dissimilar material by driving a rivet piercing the top sheet and then fortifying it within the bottom sheet without piercing it thereby forming a mechanical interlock. In other words, self-piercing rivets include a mechanical joining process for fastening similar sheet materials, primarily steels and aluminum.
GLOBAL AUTOMATIC SELF-PIERCING RIVETS MARKET, BY APPLICATION, BILLION UNITS (2012 – 2022)
The process involved in the global automatic self-piercing rivets market comprises four steps: clamping, piercing, flaring and compression. Self-piercing rivets provide superior fastening solution in case where spot welding is not feasible such as pre-painted metal (white goods), aluminum (signs), and zinc-coated steel (HVAC, building and automotive applications). Automatic self-piercing rivets are used across various vehicle segments such as luxury, cross overs and hatchback.
The global market for automatic self-piercing rivets is expected to witness a CAGR of 26.2% during the forecast period (2016-2022), to reach 45.0 billion units by 2022. Increasing focus towards the development of lightweight vehicles is escalating the use of automatic self-piercing rivets across various vehicle segments. This is expected to propel the demand of automatic self-piercing rivets during the forecast period. Based on coating, Almac is expected to be the largest segment in the global automatic self-piercing rivets market during the forecast period. Conventional vehicles emanated the largest demand in the global automatic self-piercing rivets market. Additionally, the segment is expected to witness highest demand in the global market for automatic self-piercing rivets during the forecast period.
The key trend observed in the global automatic self-piercing rivets market is the growing demand from premium vehicle segment. Most of the automotive manufacturers in India such as TATA and Honda are also focusing on entering in to the luxury vehicle segment. For instance, in 2017, TATA has launched an affordable luxury racing cars, TAMO, suitable for Asian market thereby, marking their presence in the premium vehicle category. This would significantly create demand for automatic self-piercing rivets during the forecast period.
Another trend observed in the global automatic self-piercing rivets market is the growing Asian automotive market. In recent years, Asian region witnessed increasing traction for automatic self-piercing rivets due to the increasing automotive applications in China and India. Moreover, majority of automakers are making huge investment in this region. For instance, Maruti Suzuki announced their plans to set up new manufacturing plant in Gujarat. Moreover, Hyundai affiliate KIA has also announced their plans to set up a manufacturing plant in India to capture the growing market of Asia-Pacific.
The factors driving the growth of automatic self-piercing rivets market are rising production of luxury vehicles, increasing government initiatives towards reduction of CO₂ emissions and increasing the fuel efficiency. Increasing production of luxury vehicles has considerably increased the use of automatic self-piercing rivets for fastening various similar and dissimilar aluminum vehicles. Moreover, luxury vehicle manufacturers such as Audi AG, Daimler AG, Porsche etc. are increasingly using automatic self-piercing rivets in the production of their aluminum-intensive vehicles.
The government across various countries in the North American and European region have been increasingly developing stringent emission standards and accordingly automotive manufacturers across the globe have been reducing the weight of the cars by using aluminum. According to the Aluminum Transportation Group (ATG), 5-7% fuel could be saved by every 10% reduction in the weight of a vehicle, and substituting aluminum for the heavier material with the usage of automatic self-piercing rivets is an effective way for facilitating the fuel saving initiative.
Additionally, the increasing usage of self-piercing rivets in the hatchback and sedan cars is supplementing the growth in the global automatic self-piercing rivets market. Increasing government initiatives towards reduction of CO₂ and increasing the fuel efficiency has been continuously encouraging companies such as Daimler AG, Ford, Land Rover, Audi, BMW, Renault across various applications such as bonnets, hoods, trunk lids, boot lids, doors and window regulators in the aluminum intensive vehicles. This is expected to further boost the market for automatic self-piercing rivets during the forecast period.
Some of the major factors hindering the growth of the global automatic self-piercing rivets market include high cost of aluminum and lack of technical knowledge required for self-piercing rivets. Although, the quantity of aluminum used is reduced while replacing stainless steel, the cost of aluminum is still higher than that of stainless steel. Due to price sensitivity, the use of aluminum for production of vehicles in developing countries is expected to witness low growth as compared with other countries; however, the increase in government initiatives and focus on lightweight vehicles is expected to reduce the impact on the global market for automatic self-piercing rivets in the long run. Moreover, large number of automotive manufacturers around the globe have been resistant in shifting to the automatic self-piercing rivets due to the lack of expertise and the complexities involved in the process of self-piercing rivets.
The global automatic self-piercing rivets market is dominated by three major players that account for the majority of the share in the market. Some of the key players in the global market for automatic self-piercing rivets include Henrob Ltd, STANLEY Engineered Fastening, Wilhelm Bollhoff GmbH und Co. KG, TOX PRESSOTECHNIK GmbH & Co.KG, Richard Bergner Holding GmbH & Co. KG and ECKOLD AG.
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