The global automotive fasteners market has been witnessing significant growth over the past few years. Factors such as the increasing production of passenger vehicles and stringent government regulations to increase fuel efficiency boost the automotive fastener industry. Automotive fasteners improve vehicle fuel efficiency, design, and control. With advances in technologies improving vehicle fuel efficiency and design, the market is expected to perceive rapid revenue growth over the next five years. In this regard, Market Research Future (MRFR) confirms that the global automotive fasteners market valuation is projected to reach USD 35,636.5 MN by 2026, posting a 5.95?GR during the forecast period (2020 – 2026).
Additional factors pushing the market growth include the increased sales of the commercial vehicle and the improving economic conditions, increasing the purchasing power of consumers. On the other hand, high costs and low awareness regarding automotive components are major factors impeding the growth of the market. Also, fluctuating prices and the demand-supply gap in raw materials required for production pose challenges for industry players. Nevertheless, concerns regarding safety and focus on vehicle & passenger security would support the market rise, attracting many investors.
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The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Sundram Fasteners Limited, ITW, Stanley Black & Decker, Kamax, Meidoh co. Ltd, Nipman Fasteners, Piolax, Norm Civata, Agrat, LISI, Brugola, Fontana, and Koninklijke Nedschroef are some of the key players operating in the global market.
The use of plastic fasteners due to the need for reducing vehicle weight and eschew the usage of stainless steel and nickel can fuel the market growth. Removable fasteners are likely to be in huge demand due to the corrosive nature of bolts, studs, and nuts and the frequent need to replace it.
Automotive Fasteners Market – Segmentation
The report is segmented into types, applications, sales channels, propulsion, end uses, and regions. The type segment is sub-segmented into threaded and non-threaded fasteners. The application is sub-segmented into aluminum, steel, brass, nickel, copper, and plastic. The sales channel is sub-segmented into aftermarkets and OEMs. The propulsion is sub-segmented into ICE and electric propulsion. The end-use is sub-segmented into permanent, semi-permanent, and removable.
Automotive Fasteners Market – Regional Analysis
The Asia Pacific region is projected to remain the largest market for automotive fasteners globally. Factors such as the continuous growth in the automotive sector, the presence of manufacturers, and the increasing emphasis on increasing the fuel efficiency of vehicles in the region drive the automotive fastener market growth.
Besides, the increasing demand for improved vehicle safety and fuel efficiency boosts the automotive fastener market share. Government regulations for lightweight & fuel-efficient vehicles and technological advancements increase the automotive fastener market size.
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