New Analysis from Global Industry Analysts Reveals Steady Growth for Automotive Fasteners, with the Market to Reach $20.1 Billion Worldwide by 2026

SAN FRANCISCO, Feb. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Automotive Fasteners - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 16; Released: February 2022
Executive Pool: 1199
Companies: 117 - Players covered include Acument® Global Technologies; ARaymond; Bulten AB; ContMid Group; Illinois Tool Works Inc.; LISI Automotive; NIFCO Inc.; Penn Engineering; Permanent Technologies Inc.; Rocknel Fastener Inc.; STANLEY Engineered Fastening; TR Fastenings; Westfield Fasteners Limited and Others.
Coverage: All major geographies and key segments
Segments: Type (Removable, Permanent, Semi-Permanent); Product (Threaded Fastener, Non-Threaded Fastener); Material Type (Steel, Plastic, Other Material Types); and Application (Passenger Cars, Commercial Vehicles)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Automotive Fasteners Market to Reach US$20.1 Billion by the Year 2026
As indispensable components in vehicle assembly, automotive fasteners are designed to hold vehicle components together and prevent the structure from disassembling. Over the years, fasteners have transformed into multi-purpose highly engineered components. Growth in the global market is supported by rising production and sales of vehicles, technological advancements, and use of superior-quality materials. With rapid urbanization and increasing disposable income influencing the lifestyle of consumers, the demand for passenger vehicles has been escalating, implying greater demand for automotive fasteners. The combination of cutting-edge technology and advanced material composition is enabling the development of innovative automotive fasteners. There is higher demand for fasteners from the makers of commercial vehicles.

Fasteners, which generally account for just about 5% of production costs associated with vehicles, can represent up to 40% of production overheads in terms of labor costs for assembly systems. Intelligent fasteners, designed to eliminate the link between a tool and the fastener, offers the potential to reduce costs associated with automobile production and servicing. Incorporated with actuating techniques, intelligent fasteners comprise embedded microchips designed to control the application of fasteners using remote digital instructions. Potentially activated through remote electronic commands, intelligent fasteners store commands and procedures in the fastener control software. Fasteners integrated with sensing capacities could offer the potential for detecting, analyzing, and reporting issues requiring urgent attention.

Progress in automotive telematics could further enable real-time transmission of fastener related data to service centers. Data collected by sensor equipped fasteners could include wear & tear status, performance of components around the fastener as well as maintenance procedures, leading to the system issuing an alert to the service center on an impending failure of components determined through wear patterns. Intelligent fasteners could also assist in simplifying of disassembling complex components through software commands enabling superior control over genuine parts and allowing effortless parts change-out in the aftermarket. Intelligent fasteners, currently employed in the aerospace industry, offer the potential to expedite automotive assembly, flow and savings in terms of costs for automotive OEMs.

While intelligent fastening is currently still largely being researched, designing tamper-proof fastening techniques for automotive airbags has been the most studied application, which would improve security in vehicles as these fasteners would be designed to respond to only codes entered remotely by authorized service engineers. Potential applications of intelligent fasteners include molded body parts and accessories such as spare tires, roof racks, interior trim and headlamps to name a few. While the technology is currently deemed expensive for the automotive sector, the focus on improving fastening techniques, has allowed fastener manufacturers to explore intelligent fastening as an alternative for automotive sector, potentially paving the way for the technology to be adopted in automotive assembly over the approaching years.

Amid the COVID-19 crisis, the global market for Automotive Fasteners estimated at US$16.6 Billion in the year 2022, is projected to reach a revised size of US$20.1 Billion by 2026, growing at a CAGR of 4.4% over the analysis period. Removable, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR to reach US$12.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Permanent segment is readjusted to a revised 3.9% CAGR for the next 7-year period. This segment currently accounts for a 25.5% share of the global Automotive Fasteners market. Removable fasteners are most widely used for their ability to be easily removed using power tools without causing any harm to the body of a vehicle. The increasing popularity and production of electric vehicles is leading to changes in type of fasteners used in these vehicles. The permanent fastener trend can be attributed to different service requirements for electric vehicles.

The U.S. Market is Estimated at $2.8 Billion in 2022, While China is Forecast to Reach $4.8 Billion by 2026
The Automotive Fasteners market in the U.S. is estimated at US$2.8 Billion in the year 2022. The country currently accounts for a 17.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$4.8 Billion in the year 2026 trailing a CAGR of 6.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 3.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3% CAGR while Rest of European market (as defined in the study) will reach US$835.1 Million by the end of the analysis period. Production of automobiles has shifted rapidly from developed markets such as the United States and Europe to developing countries in Asia-Pacific. Strong demand/consumption patterns and growing importance of China and India as favorable destinations for outsourced automotive manufacturing activities have additionally helped beef up the region's manufacturing prowess.

Semi-Permanent Segment to Reach $3.2 Billion by 2026
In the global Semi-Permanent segment, USA, Canada, Japan, China and Europe will drive the 2.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.9 Billion will reach a projected size of US$2.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$576 Million by the year 2026, while Latin America will expand at a 3.4% CAGR through the analysis period. More

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