22 April 2019 - Global Automotive Fastener Market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. The automotive fastener is the mechanical parts that allow binding two or more parts of the vehicle.
The factors that are playing a major role in the growth of the market are the rising use of enhanced technology, the rise in global automotive companies, and the new trends and developments in automotive fastener sector. However, the emergency of substitutes for automotive fasteners may restrain the overall market growth in the years to come. Automotive fastener market is segmented based on product type, characteristics, material type, vehicle type, electric vehicle type, application, and region.
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Non-threaded and threaded are the product types that could be explored in the market in the forecast period. Based on the characteristics, semi-permanent fasteners, removable fasteners, and permanent fasteners could classify automotive fastener market in the forecast period. Removable fasteners sector accounted for the significant share of the market and is estimated to continue its dominance in the years to come. The reason could be its long life and are reusable, and allows the parts to be disconnected easily without any damage.
Market split by Type, can be divided into:
- Steel Fasteners
- Aluminum Fasteners
- Copper Fasteners
- Plastic Fasteners
Market split by Application, can be divided into:
- Automotive OEM
- Aftermarket
The plastic sector is estimated to grow at the highest CAGR in the years to come. Heavy commercial vehicle (HCV), passenger car (PC), and light commercial vehicle (LCV) are the vehicle types that could be explored in automotive fastener market in the forecast period. The passenger car sector accounted for the significant share of the market and is estimated to lead the overall market in the years to come. The reason could be the rising demand for lightweight fasteners, increasing disposable income, and the government initiative for fuel emission and economy reduction. Based on the electric vehicle types, plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), and hybrid electric vehicle (HEV) could classify automotive fastener in the forecast period. The market may be categorized based on the applications like interior trim, engine, front/rear axle, chassis, steering, transmission, and others that could be explored in the forecast period. The interior trim sector accounted for the significant share of the market in terms of value and is estimated to lead the overall market in the years to come.
Globally, Asia Pacific accounted for the significant share of the automotive fastener industry and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the rise in the sale of vehicles, the growing production of vehicles, and the high demand from the end-users. The developing countries like India and China are the major consumers of the automotive fastener in this region.
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Leading players of Automotive Fastener including:
- Wurth
- Araymond
- ITW
- KAMAX
- STANLEY
- Aoyama Seisakusho
- Meidoh and more…
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