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Automotive Fastener Market Overview
The global automotive fastener market is expected to observe an extensive growth in the coming years, owing to shift in focus toward lightweight vehicles and increase use of electronics such as carputers, ignition systems, in-car entertainment systems, and telematics in automobiles. In addition, high production of automobiles across major economies of the world is further expected to benefit the market, during the forecast period. Also, the development of more superior materials and cutting-edge automotive technologies resulting in more advance automotive fasteners is certainly boosting the market.
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.
Based on vehicle type, the automotive fastener market has been categorized into passenger cars, light commercial vehicles, and medium and heavy commercial vehicles. The passenger cars category has dominated the market, owing to its high production in countries such as India and China. The category accounts for 80% of total automobile production annually, therefore, it is expected to lead the industry during the forecast period as well.
On the basis of application, the automotive fastener market has been categorized into interior, exterior, powertrain, electronics, chassis, wire harnessing, and others. Of these, the wire harnessing category is anticipated to hold the largest market share during the forecast period, owing to its increased usage in fastening wire bundles.
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.
Automotive Fastener Market Dynamics
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.
In addition, technical development in quality and durability of fastener is expected to benefit the automotive fastener market. Furthermore, easy replacement of the fastener makes it convenient for the end users, which is further expected to boost the aftermarket of automotive fastener.
Availability of substitutes such as welding and clinching is the main challenge for the growth of the automotive fastener market. In addition, factor such as rise in unibody automobile framing lay off mechanical joining is anticipated to affect the progress of the market.
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..
The report will also provide country-wise analysis of the market. Some of the major countries covered in the report are the U.S., Canada, Mexico, the U.K., Germany, France, Spain, Italy, the Netherlands, China, India, Japan, Thailand, South Korea, South Africa, and Australia.