Automotive Fasteners Market size is set to grow by USD 8.74 billion from 2024-2028, Cost advantages of using plastic automotive fasteners boost the market, Technavio

NEW YORK, June 20, 2024 /PRNewswire/ -- The global automotive fasteners market size is estimated to grow by USD 8.74 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.85%  during the forecast period. Cost advantages of using plastic automotive fasteners is driving market growth, with a trend towards growing popularity of lightweight fasteners solutions. However, fasteners-related recall due to improper manufacturing procedures  poses a challenge. Key market players include A.AGRATI Spa, Acument Global Technologies Inc., Bulten AB, EJOT HOLDING GmbH and Co. KG, Illinois Tool Works Inc., KAMAX Holding GmbH and Co KG, Koninklijke Nedschroef Holding BV, Nifco Inc., Norm Holding, Penn Engineering, Phillips Screw Co., Precision Castparts Corp., Raygroup SASU, Rocknel Fastener Inc., SBE VARVIT Spa, Simmonds Marshall Ltd., Stanley Black and Decker Inc., Sterling Tools Ltd., Sundram Fasteners Ltd., and Trifast plc.

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Market Driver

The automotive industry's shift towards lightweighting vehicles necessitates innovations in fasteners to enhance strength and reduce weight. Technologies like clinching, flow drilling screws, and thread-forming screws are used to join lightweight materials in body, chassis, and powertrain components. Luxury vehicle manufacturers, such as Cadillac, Audi, and Porsche, have adopted advanced fastening methods like laser welding, spot welding, arc welding, and structural adhesives. Self-piercing riveting is also widely used. These technologies are expected to expand to mid-segment vehicles, driving the growth of the global automotive fasteners market. 

The Automotive Fasteners market is currently experiencing significant trends. Commercially available fasteners include nuts, bolts, threaded rods, and washers. These components are essential for assembling vehicles. The use of lightweight materials and the need for stronger, more durable fasteners are driving innovation. For instance, vehicle manufacturers are turning to Passive Automotive Fastening Systems, which require no tools for installation. Additionally, the adoption of Corrosion-Resistant Fasteners is increasing due to their extended lifespan. Furthermore, the implementation of Vehicle Electrification is leading to the development of new types of fasteners for electric vehicle components. Overall, the Automotive Fasteners market is evolving to meet the demands of modern vehicle manufacturing. 

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Market Challenges

• The automotive fasteners market faces challenges from product recalls, particularly due to issues with material and surface treatment or weak design and assembly. These problems can lead to significant costs for the industry. Major quality concerns include improper heat treatment, incorrect raw materials, thread rolling/cutting issues, and hydrogen embrittlement. While fastener-related failures have decreased, they still pose a risk for a 100% system failure rate in vehicles. Thus, maintaining rigorous manufacturing and quality control procedures is crucial for the market's success.
• The Automotive Fasteners Market faces several challenges. The use of lightweight materials in vehicle production necessitates the development of new fastener types. Bolts and nuts, screws, and clips are common fasteners in this industry. However, the need for high strength and durability, along with resistance to corrosion and vibration, poses challenges. Vehlige and Traschitzky discuss the importance of electroless nickel plating for enhancing fastener performance. Additionally, the trend towards electric vehicles and their unique powertrains brings new requirements for fasteners. Producers must adapt to these challenges to meet customer needs and stay competitive.

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Segment Overview 

This automotive fasteners market report extensively covers market segmentation by  

1. End-user 
• 1.1 OEM
• 1.2 Aftermarket
2. Vehicle Type
• 2.1 Passenger cars
• 2.2 Commercial vehicles
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 OEM-  The OEM sector dominates the global automotive fasteners market due to its extensive usage in the industry. Nuts, bolts, and washers are the primary types of fasteners employed by OEMs for securing vehicle components. These fasteners ensure the prevention of breaking and cracking under stress, enabling dissimilar materials to join without the need for adhesives. With the expansion of automotive production, the demand for automotive fasteners will continue to rise, making the OEM segment a significant contributor to the market's growth.

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Research Analysis

The automotive fasteners market encompasses a vast array of components, including bolts, nuts, screws, retainers, spring clips, and washers. These essential elements are primarily manufactured in metal and plastic materials, catering to the demands of the commercial vehicle sector and the broader automotive industry. The market's characteristics are defined by its significant volume and the diverse vehicle types it serves, ranging from conventional to electric vehicles. The prospects for automotive fasteners are promising, driven by the increasing demand for lightweight and durable materials, as well as the growing popularity of electric vehicles. Core competencies of key players in this sector include data triangulation, ensuring the highest quality and precision in their offerings. Automotive fasteners made of materials like Brass and aluminum continue to be in high demand due to their strength and versatility.

Market Research Overview

The Automotive Fasteners Market encompasses a wide range of components used in assembling vehicles. These essential parts include bolts, nuts, screws, and washers. The market is driven by the increasing production of automobiles worldwide, with a significant focus on lightweight and high-strength materials. The use of advanced technologies, such as self-tapping screws and threaded inserts, enhances vehicle performance and durability. The market is segmented based on product type, vehicle type, and geography. The Asia Pacific region dominates the market due to the high production volume of automobiles in countries like China and India. The European and North American markets also hold substantial shares due to the presence of established automotive industries. The market is expected to grow steadily due to the continuous demand for automotive production and the development of new technologies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• OEM
• Aftermarket
• Vehicle Type
• Passenger Cars
• Commercial Vehicles
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio