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From USD 21.5 billion in 2020, the global automotive fastener market size will reach USD 28.55 billion by 2027. It will register a 2.78% CAGR during the forecast period.
Factors attributing to the growth of the automotive fasteners market include increased production and sale of cars, mounting government regulations such as CAFÉ Standards and EU Carbon Emission Reduction Targets which are forcing auto manufacturers to develop lightweight vehicles and increased consumer demand for customized products will drive the market growth for the global automotive fastener industry.
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Also, mechanical development, the surge in demand for electric and alternative powertrain vehicles, and improvement in the quality and sturdiness of fasteners will propel the market demand further. Moreover, ease in the replacement of fasteners has made it appropriate for end-users, resulting in propelling the aftermarket of automotive fasteners.
COVID-19 Outbreak
The COVID-19 outbreak has restrained the growth of the automotive industry globally. There was supply chain disruptions, temporary halt in manufacturing activities, travel restrictions, that has slowed down the global economy of automotive industry, thereby hampering the growth of the automotive fasteners market. However, post-COVID-19 crisis, tax rates on passenger and commercial vehicles have been reduced and expansion of SMEs that are engaged in the production of automotive components worldwide will increase, thereby fuelling the growth of the global automotive fasteners market.
Market Segmentation
By vehicle type, the passenger car category is expected to be the largest segment in the automotive fastener market. In developing countries like China and India, the market for passenger automobiles is being fueled by rising demand for lightweight fasteners, government regulations for the fuel-efficient economy and emission reduction, and rising per capita income. In emerging countries, the production of passenger cars has risen exponentially. SUVs and premium automobiles are in great demand in developed countries in Europe and North America, which will boost demand for passenger cars even more. Furthermore, premium vehicle demand has risen in India and China. The global market demand for fastener will rise during the forecast period.
Geographical Analysis
Asia-Pacific contribute the largest share in the automotive fastener market and will exhibit significant growth during the forecast period owing to surge in sales of automobiles, increased infrastructure development, increased adoption of high-performance fasteners, and Japan, China, India, and South Korea are the growth engines, thereby contributing to the growth of the automotive fasteners market in the region. Furthermore, industry players are shifting their automobile manufacturing plants to India and China, resulting in growth in the automotive fastener market in the region.
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As part of its overall strategy, the international mobility provider KAMAX takes the next step toward increased vertical integration. Following its acquisition of a majority stake in the Robert Schröder group last year, KAMAX, a leading global manufacturer of fasteners, particularly for the automotive industry, is strengthening an important area of its business by acquiring the majority of shares in GALOL S.A., an industrial coating technology company, in February 2022. As a result, KAMAX completed the acquisition of a controlling ownership in Galol, a Spanish coatings manufacturer.
Some of the major market players are:
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