The automotive fasteners market is anticipated to obtain growth at an average CAGR of 6% and is forecasted to reach a valuation of USD 47,174.7 Million by 2032, while it holds a revenue of USD 26,342.1 Million in 2022.
Key Takeaways from Market Study
Europe holds the biggest market space for the automotive fasteners market and is anticipated to hold its ground during the forecast period, with 26% of the share attributed to the sales of commercial vehicles such as passenger cars and electric buses.
North America has the second largest space in the global automotive fasteners market, while its growth is owing to advancements in electric vehicle and their higher adoption with a 16% global share.
The automobile companies such as General Motors and Ford are making the USA a significant country in the region of North America.
“The future for the market looks promising for lightweight vehicle adoption that use lighter automotive components in vehicles including automotive fasteners. These fasteners increase the performance of vehicles such as lightweight parts, and fuel efficiency. The rise of electronic vehicles has also pushed the demand for automotive fasteners that require fitting ensuring the use of sustainable and environmentally friendly electric vehicles. The technical developments to enhance the quality and durability of the automotive components and products. ” says a Future Market Insights analyst while discussing the future of the market.
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In recent times, companies around the world have invested capital in technology research and development units to help them enhance the productivity of multiple machines.
Automotive fasteners and industry-specific designs and shapes attract end users to adopt these fasteners. Industries rising along with its application in housing, door panels, and other vehicle parts are fueling the sales of automotive fasteners.
Dynamic consumer preferences for smart vehicles, rising disposable income, and increasing adoption of cutting-edge technology in automobiles are some of the factors driving the global automotive fasteners market.
The preference for using lightweight vehicles across the world is expected to enhance the demand for using lighter automotive components in vehicles. In order to increase the performance of vehicles as well as fuel efficiency, lightweight parts are important.
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Competitive Landscape:
The automotive fasteners market is fragmented by the key players that help to develop the market all around the globe during the forecast period. These players are showing their efforts and focus on increasing the automotive fasteners’ market share. The key players are using various tricks and marketing terms to acquire the lion’s share in the automotive fasteners market size.
Key Companies Profiled
Permanent Technologies, Inc.
Phillips screw company
Westfield Fasteners Limited
Atotech Deutschland GmbH
Stanley Engineered Fastening
PennEngineering
Shanghai Tianbao Fastener Manufacturing Co., Ltd.
Jiangsu Xing Chang Jiang International Co., Ltd.
Shamrock International Fasteners
Birmingham Fastener, Inc.
Sundram Fasteners Limited
Recent Market Development
The Amphenol Corporation and Illinois Tool Works companies announced an agreement that ITW acquire the MTS corporation system test with the closing of the acquisition of Amphenol.
Atotech Deutschland GmbH has announced the acquisition of J-KEM International (“J-KEM”) company, which is based in Rosersberg, Sweden. J-KEM is a leading global supplier of high-quality chemical products and processes that are used for the printed circuit board and general metal finishing industries. J-KEM’s customer relationships and strong technology have helped Atotech to expand its market and drive its growth soon.
Bulten AB launched its new industry in China to increase the supply chain. The company is likely to develop in-house forming, surface treatment, and heat treatment processes to produce high-quality fasteners in the country.
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