According to a new market research report “Global Automatic Self-Piercing Rivets Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Application (Conventional Vehicles, New Energy Vehicles), by Coating (Almac, Aluminum, Zinc, and Others)” published by P&S Intelligence, the global market for automatic self-piercing rivets is projected to reach 45.0 billion units by 2022, growing at a CAGR of 26.2% during 2016 - 2022.
Browse Report Description with Detailed TOC: https://www.psmarketresearch.com/market-analysis/automatic-self-piercing-rivets-market
Global automatic self-piercing rivets market worth 8.1 billion units in 2015
As per the research, the global market for automatic self-piercing rivets is likely to grow from 8.1 billion units in 2015 to 45.0 billion units by 2022. With the growth in lightweight vehicles segment and the increasing use of aluminum in the vehicle manufacturing process, the global automatic self-piercing rivets market is gaining traction. The automatic self-piercing rivets market is emerging and are widely used across various vehicle segments such as luxury, cross overs and hatchback.
Insights on market segments
As per the findings of research, the conventional vehicles emanated the largest demand for automatic self-piercing rivets. Almac coating has been the largest revenue generator in the global market.
Europe stands as the largest automatic self-piercing rivets market
Europe accounted for the largest region in the global automatic self-piercing rivets market, where Germany contributed to the largest revenue. The U.S. was the major market in North America, whereas China contributed to the largest revenue in Asia-Pacific region. Rest of the World included Brazil as the largest market and Iran, South Africa and rest of Latin American, and Middle-East and African countries.
Growing demand for luxury vehicles bolsters market growth
The factors driving the growth of the automatic self-piercing rivets market include rising production of luxury vehicles, increasing government initiatives towards reduction of CO₂ emissions and increasing the fuel efficiency. Luxury vehicle manufacturers such as Audi AG, Daimler AG, Porsche etc. are increasingly adopting automatic self-piercing rivets for the production of their aluminum-intensive vehicles. Moreover, luxury cars such as Jaguar XJ, XK, XF, Audi A8, BMW 5 and 6 series are aluminum-rich vehicles and include automatic self-piercing rivets as the key fastening material. This is expected to boost the demand for automatic self-piercing rivets to a considerable level during the forecast period.
Government initiatives to reduce CO₂ emissions and improve fuel efficiency has been promoting the use of various lightweight materials such as aluminum, which is further increasing the use of automatic self-piercing rivets for the fastening purposes. Automatic self-piercing rivets reduce the heat problems associated with the spot welding of pure aluminum and aluminum alloys, which melt below 800⁰C. Moreover, automatic self-piercing rivets are highly compatible with the stimulated and coated aluminum surfaces, which further reduces the damage and removes recoating or re-plating. All these factors have led to the widespread adoption of automatic self-piercing rivets, globally.
Growing initiatives from the government focusing on promoting the use of automatic self-piercing rivets is expected to create ample opportunities for the global market. Analysts observed that the increasing government initiatives pertaining to the fuel efficiency and reducing CO₂ emissions such as vehicle efficiency incentive, global fuel economy initiative has significantly contributed in changing the dynamics of vehicle manufacturing. Global Fuel Economy Initiative has set an objective of improving the fuel economy for the new vehicles worldwide by at least 50% through 2030, the target year to achieve 50% fuel economy in the case of light vehicle fleet is 2050.
The increasing government initiatives and policies in both developed and emerging nations have significantly led to the widespread adoption of lightweight materials for automotive applications across the globe. Moreover, lightweight materials have the potential to offer increased vehicle efficiency, while maintaining the safety and performance of modern automobiles. Such trend is expected to result in the rise of automatic self-piercing rivets in the automotive sector.
Rising affordability of luxury vehicles in emerging economies poses as another opportunity for the global automatic self-piercing rivets market. Due to increasing number of HNWI population, there has been a rising demand for the luxury vehicles across various emerging economies such as India, China and Vietnam. Additionally, due to growing pollution concerns, the governments in these countries are increasingly promoting the initiatives such as fuel efficiency, developing lightweight vehicle and minimizing CO₂ emissions. This is expected to benefit the global market for automatic self-piercing rivets in future.
Top three players account for major market share
The research states that the global market for automatic self-piercing rivets had a consolidated structure in 2015, where the top three competitors accounted for a major share of the global market. Some of the key players in the global automatic self-piercing rivets market 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.
Product launches and acquisitions have been the major recent developments in the global market for automatic self-piercing rivets. Stanley Engineered Fastening and Wilhelm Bollhoff GmbH und Co. KG are some of the companies that recently introduced new automatic self-piercing rivets solutions. Atlas Copco had made strategic acquisitions to expand their product portfolio in the automatic self-piercing rivets business.
GLOBAL AUTOMATIC SELF-PIERCING RIVETS MARKET SEGMENTATION