Report: $12b Auto Fastener Market Driven By Technology
Report: $12b Auto Fastener Market Driven By Technology
Jason Sandefur
“The increasing complexities of car designs, advent of technologically advanced and improved products, and the need to lower cost associated with vehicle recalls are expected to contribute to higher sales of automotive fasteners,” according to “Automotive Fasteners: A Global Strategic Business Report.”
“Driven by these factors, the market is projected to reach $12.2 billion by 2012.”
However, the global “slowdown in the automotive industry and shift away from larger models are factors that are expected to adversely affect performance of the automotive fasteners market.”
Published by San Jose, CA-based Global Industry Analysts Inc., the report includes a review of key market issues and trends, product introductions, and recent industry activity. Analysis is provided for the years 1996-2005 and 2006-2015 for established and emerging markets including the U.S., Canada, France, Germany, Italy, the UK, Spain, Russia, Asia-Pacific, and Latin America.
The increasingly complex nature of vehicular designs is pushing automotive fasteners to be stronger, improved and more durable, the report found.
“Technological improvements have played a critical role in transforming fasteners into multi-purpose highly engineered automotive components. New age cars demand economical and user-friendly fastening options that can replace mechanical fasteners and are also effective in holding together rubber, aluminum and plastic parts.”
Inappropriate selection of fasteners can lead to high rate of vehicle recalls, and as well as increased warranty costs, according to the report.
“Failure of fasteners has emerged as a leading contributor to the recall of vehicles in Europe and North America. However, advancements in the technological arena, new quality management methods, and improving production processes are expected to reduce fastener defects.”
In the U.S., the “introduction of automated assembling processes in the production of automotive fasteners are expected to result in improvement of product quality.”
The 469-page report surveyed 209 fastener companies. Included in the report price of $3,950 are over 85 “market data tables.”
Founded in 1987, Global Industry Analysts publishes off-the-shelf market research in more than 880 research reports generated each year. For more details about “Automotive Fasteners: A Global Strategic Business Report,” visit strategr.com/Auto_Fasteners_Market_Report.asp. �2009 FastenerNews.com
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