Global Fastener News

The automotive fastener market size exceeded $14.81 billion in 2021 and is set to grow at over 5.9% CAGR to $21.5 billion by 2028, according to a new report by Global Market Insights Inc.

“Manufacturers are focusing on manufacturing universal fasteners that are designed for versatility and usability as their main imperatives. The new and enhanced types of plastics or metal alloys used in fastener are stronger and lighter than before. 

“The use of recyclable and reusable automotive fastener also causes less harm to the environment. The introduction of electric and hybrid models has changed engineered approaches and led to the development of different types of fastener that are more durable and permanent solutions.”

Fasteners are not only needed in electric vehicles but also in charging units, battery casings, and general infrastructural equipment. A rise in requirement for low emission commuting together with the government supporting zero emissions, long-range vehicles via tax rebates, and subsidies have propelled players to provide electric vehicles globally. Automotive fasteners play a major role in terms of new and specific applications, surrounding electrification and unique technical requirements.

Non-threaded automotive fastener will show positive growth through 2028. These fasteners help in distributing loads evenly onto the bearing surface and are found in different thicknesses, materials & sizes, depending upon the requirement. Non-threaded automotive fastener provides force distribution and vibration absorption while reducing costs and saving time.

“Heightening demand for lightweight vehicles and market stability will shift inclination toward automotive fastener compared to welding,” according to Global Markets.

Non-permanent fastener to garner huge revenue share
The automotive fastener market size from non-permanent fastener segment is slated to witness 6% gains till 2028. Non-permanent automotive fastener, such as screws and bolts, find application in vehicles as they allow the parts to be disassembled and re-assembled as required. These fasteners are mainly used for connecting two components which can be removed, and the separated pieces come out without suffering any damage.

Automotive OEM to hold significant share
The automotive OEM segment is poised to reach $9.5 billion by 2028, holding 45% of the market share. Consumers seeking to replace their damaged vehicle components purchase fastener from automotive OEMs to ensure that the replaced fastener are fully compatible with the vehicle and are manufactured with the same quality standards.

Light commercial vehicle segment to be the swiftest growing application
Light commercial vehicles segment is predicted to generate a revenue of about $4 billion by 2028. Developments in the automotive industry and incrementing industrial activities will accelerate the demand for light commercial vehicles. A rise in e-commerce activities and third-party logistics will augment the market for light commercial vehicles as they are highly suitable for last-mile deliveries.

Asia Pacific is assessed to be the key regional market
The Asia Pacific automotive fastener market demand is likely to account for 3 million tons by 2028. The region will dominate the global automotive market owing to the surging production of vehicles and increasing aftermarket sales of the fastener Japan, China, and India have a stronghold in the industry led by the existence of automobile giants such as Mahindra & Mahindra, Toyota, Suzuki, Isuzu, Dongfeng, TATA Motors and SAIC Motor. Furthermore, advancing government guidelines in terms of vehicle weight reduction have led to technological developments in the manufacture of durable and lightweight components in the region.

The 300-page report costs $5,150 for a single-user license. Web: GMinsights.com