Rise In Demand Of Electronic Systems To Boost The Automotive Fastener Market

Automotive Fastener Market: Key Highlights

• According to the new market research report “Automotive Fastener Market by Product Type (Threaded Fastener and Non-Threaded Fastener), by Fastener Type (Nuts, Bolts & Screws, Washers, Rivets, Concrete Anchors, Inserts, Threaded Rod, Retaining Rings and Others), by Material (Stainless Steel, Aluminum, Iron, Nickel, Brass, Bronze, Plastic and Others), by Classification (Permanent Fastener, Semi-Permanent Fastener and Non-Permanent Fastener), by Application (Engine, Chassis, Interior Trim, Steering, Automotive Electronics, Front/Rear Axle, Transmission, and Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2019 to 2027)”, the automotive fastener market is estimated to reach around USD 32.5 Billion by 2027 at a CAGR of around 4.4% during the review period
• The rise in demand for electronic systems is a key factor to boost the demand for the automotive fastener market
• However, the use of adhesives as an alternative for mechanical fastener remains a major restraining factor for the market growth

Automotive Fastener Market: Key Market Dynamics

• Fastener manufacturers are developing complex, specially engineered fasteners using materials such as aluminum and magnesium which are lighter and can maintain the performance and quality under high heat levels. Thus, increasing demand for lightweight vehicles is anticipated to boost the market growth
• The rise in demand for electric and autonomous vehicles has boosted the demand for electronic systems which needs a vast set of fasteners for qualitative manufacturing
• Growing adoption of the electric, autonomous and semi-autonomous vehicle is anticipated to boost the automotive fastener market in the future
• Corrosion of metals used is likely to act as a challenge for market growth

Automotive Fastener Market: Regional Overview

• Asia-Pacific

The growth in the Asia-Pacific region is attributed to the highest production and sales of automobiles and the adoption of premium and smart vehicles, that will penetrate the high usage of the automotive fastener. The government regulations for lightweight vehicles have led to advancements in technology for manufacturing lightweight and durable products in this region. A prominent country like China holds the largest automobile share in this region which is expected to boost the growth for the automotive Fastener market.

• Europe

In Europe, the increasing vehicle production, technological advancements, and customers’ preference towards SUVs and premium vehicles have resulted in the boost for automotive fastener market growth. Moreover, Germany, UK, and France hold the major share for automobile production which indirectly propels the automotive fastener market growth in this region.

Automotive Fastener Market: Key Players Overview

• Bulten AB:

Bulten AB company manufactures fastener in the European automotive industry. The company’s product range includes customer-specific standard products to specialists and customized fasteners. In December 2019, the company acquired PSM International Holdings Limited which manufactures, develops and supplies fasteners to the automotive industry. This was the company’s strategy to strengthen its position in the international fastener market.

• Stanley Black & Decker, Inc.:

Stanley Black & Decker, Inc. is a US-based company that manufactures industrial tools, healthcare solutions, mechanical access, and electronic security solutions, engineered fastening systems, and more. In January 2018, the company announced plans to purchase Nelson Fastener Systems, a manufacturer of fasteners excluding its stud welding business for approximately USD 400 million.

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