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Automotive Fastener Market Size And Forecast

Automotive Fastener Market size was valued at USD 24.15 Billion in 2023 and is projected to reach USD 35.68 Billion by 2031 , growing at a CAGR of 6.03% from 2024 to 2031 . Automotive fasteners are mechanical pieces that are used to firmly link or fasten different parts and components inside of automobiles. These fasteners, which are made to endure the stresses and vibrations encountered in automotive applications, include screws, bolts, nuts, rivets, clips, and pins, among others. They firmly bind body panels, engine parts, chassis parts, interior trim, and electrical modules, among other components, to ensure the structural integrity, safety, and dependability of automobiles.

Automotive fasteners are designed to endure the challenging operating conditions seen in automotive applications.

They must meet strict performance standards, such as strength, corrosion resistance, and vibration resistance. They also help with cost-effective and production-efficient assembly procedures during the car manufacturing process.

Global Automotive Fastener Market Dynamics

The key market dynamics that are shaping the global automotive fasteners market include:

Key Market Drivers:

Growing Vehicle Production:

The flourishing automotive industry clubbed with high disposable income in the developing economies, such as China, India, and South Korea, is increasing the spending power on advanced vehicles, especially commercial and passenger vehicles, of the growing consumer base.

Focus on Lightweight Vehicles to Curb Emission:

Rising environmental concerns is bolstering demand for fuel efficient and lightweight vehicles to comply with emission regulations. Also, high demand for electric vehicles is projected to surge demand for lighter and stronger fasteners.

Increasing Integration of Advanced Technologies:

Incorporation of advanced or smart electronics and sensors is spurring the application of fasteners with advanced monitoring and diagnostics features to enable secure and reliable connections within complex electrical systems.

Demand for Vehicular Safety:

Rise in implementation of safety regulations is compelling automotive industries to use efficient fasteners to connect critical vehicle components.

Emergence of 3D Printing:

Growing fascination over personalization is encouraging the use of 3D printing and other advanced manufacturing techniques to develop on-demand production of bespoke fasteners.

Key Challenges

Compliance with Stringent Regulations:

Compliance with changing safety and environmental regulations increases the complexity in the development and production processes, resulting in adding up to the overall cost. The need to adapt to the changing standards by the manufacturers is a major hurdle restraining the growth of automotive fasteners market

Technical Shortcomings:

Changing technological advancements in the vehicles is bolstering the demand for upgraded fasteners. Thus, the integration of existing fastener technologies with latest specific applications might prove a challenge, impacting the market.

Limited Recycling Infrastructure

: While sustainable and recyclable fasteners are gaining momentum, the global infrastructure for their post-use collection and processing remains immature, limiting its widespread adoption.

Cost Pressures:

High-performance, lightweight, and smart fasteners often carry higher costs, potentially limiting adoption by the price-sensitive enterprises. Volatile prices of metal and plastic feedstocks is anticipated to impact production costs and profitability for manufacturers, resulting in uncertainties for businesses and the supply chain.

Lack of Consumer Acceptance

: Minimal knowledge regarding the performance and sustainability benefits of new fastener technologies, such as lightweight alternatives, is affecting the consumer acceptance and market penetration.

Key Trends

Lightweighting:

Growing demand to comply with emission regulations is driving demand for fuel efficient solutions , thereby surging demand for lighter fasteners made from advanced materials like aluminum, composites, and magnesium alloys. This trend aligns with the electrification of vehicles, necessitating demand for lightweight fasteners for extended range and better handling.

Smart fasteners:

Integrating sensors and connectivity into fasteners opens up exciting possibilities for real-time monitoring, predictive maintenance, and enhanced vehicle safety. These smart solutions enables track strain, temperature, and other vital parameters, allowing for proactive interventions and improved overall system performance.

Growing Emphasis on Sustainability

: Growing emphasis on eco-friendly practices is compelling manufacturers to use sustainable materials and processes, such as bio-based polymers, recycled metals, and environmentally friendly coatings. The adoption of sustainable solutions are minimizing environmental impact, enabling the automotive fasteners market gain momentum in the coming years.

Revolutionization in Fasteners

: Rising demand for customization and on-demand solutions with intricate geometrics is encouraging automakers to use advanced manufacturing techniques such as 3D printing to cater to diverse customer preferences. This trend translates to a demand for more adaptable and configurable fasteners with lower lead times and efficiency that can seamlessly integrate with different vehicle designs and components.

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Global Automotive Fastener Market Regional Analysis

Here is a more detailed regional analysis of the global Automotive Fastener Market:

Asia-Pacific (APAC):

As per Verified Market Research analyst, Asia Pacific is estimated to dominate the market over the forecast period. Asia Pacific being the hub for automotive industry, there are a number of car manufacturing units in countries China, India, Japan, and Southeast Asia, which are currently leading the market.

In addition to this, rising disposable income is changing the preferences of the consumer base increasing the purchase of cars, such as advanced passenger, commercial and passenger vehicles.

The emergence of stringent vehicle safety regulations and environment regulations are convincing the automakers to emphasis on production of lightweighting and fuel efficient vehicles.

The strong government funding and assistance for indigenous automakers and new entrants help the automotive fasteners market grow in APAC over the forecast period.

North America

North America is estimated to exhibit fastest growth during the forecast timeframe. The early adoption of technology such as artificial intelligence, machine learning, battery-based solutions, and other advancements in the automotive sector is bolstering the application of smart and hi-end automotive fasteners in North America.

Also, there is presence of key automotive manufacturers in economies such as the United States, Canada, and Mexico focusing on lightweight materials and advanced manufacturing processes, contributing to the market's dynamics.

Growing emphasis on lowering impact of vehicular release on the environmental is enhancing the production of sustainable, eco-friendly products, increasing the adoption of electric vehicles (EVs). Thus, the developing automotive industry is influencing fastener market in the region.

Europe

Europe is a significant market for automotive fasteners to the presence of key players in the countries like Germany, France, and the United Kingdom.

The emphasis on automotive safety and stringent regulations in the region is contributing to the demand for high-quality fasteners.

Additionally, the growth of the electric vehicle market and the need for lightweight materials is resulting in the development of diverse types of fasteners used in vehicle assembly.

Rising environmental concerns is spurring the demand for lightweight and sustainable fasteners to minimize impact on the environment as well as ensuring vehicular safety and efficiency.

Global Automotive Fastener Market: Segmentation Analysis

The Global Automotive Fastener Market is Segmented on the basis of Product Type, Function Type, Material Type, Application, Vehicle Type, and Geography.

Automotive Fastener Market, By Product Type

• Threaded Fastener
• Non-Threaded Fastener
• Smart Fasteners
• Others

Based on Product, the market is bifurcated into Threaded Fastener, Non-Threaded Fastener, Smart Fasteners, and Others. The threaded fastener segment is acquiring major market share and will continue to dominate the market over the forecast period. The increasing application of thread fasteners in the assembly and disassembly of multiple parts and components of any vehicle is a major contributor for the growth of the market.

Automotive Fastener Market, By Function Type

• Semi-Permanent Fasteners
• Permanent Fastener
• Detachable Fastener

Based on Type, the market is bifurcated into Semi-Permanent Fasteners, Permanent Fasteners, and Detachable Fastener. The detachable fasteners will have a prominent position amongst all the segments over the forecast period. The detachable fasteners can be removed with ease using power tools without creating any harm to the vehicle body, hence enabling it dominate the Automotive Fastener Market.

Automotive Fastener Market, By Material Type

• Metals
• Aluminum
• Brass
• Bronze
• Steel
• Iron
• Plastic
• Others

Based on Material Type, the market is bifurcated into Metals, Plastic, and Others. Amongst all the materials, steel fasteners hold the largest market share of about 90%, allowing the metal segment dominate the market. Its high tensile strength, resistance to corrosion, and durability are projected to enhance the use of metals for the production of automotive fasteners market. and resistivity from rust. Furthermore, in tropical and coastal areas where the vehicles are subjected to a corrosive environment, the steel fasteners play an important role to prevent corrosion.

Automotive Fastener Market, By Application

• Chassis
• Engine
• Interior Trim
• Front/Rear Axle
• Wire Harnessing
• Other

Based on Application, the market is bifurcated into Chassis, Engine, Interior Trim, Front/Rear Axle, Wire Harnessing, and Other. The wire harnessing segment is anticipated to grow at the highest CAGR among all the applications for automotive fasteners. This growth can be credited to the increasing usage of fastening wire bundles which in turn is contributing to the overall growth of the global Automotive Fastener Market.

Automotive Fastener Market, By Vehicle Type

• Passenger Vehicles
• Commercial Vehicles
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Electric Vehicles
• BEV
• HEV
• PHEV

Based on Vehicle Type, the market is bifurcated into Passenger Vehicles, Commercial Vehicles, and Electric Vehicles. It is anticipated that over the forecast period, the passenger vehicles segment will grow at the highest CAGR. The growing demand for lightweight automotive components and rising per capita income in emerging economies with stringent government rules are boosting the growth of the passenger car segment.

Key Players

• The "Global Automotive Fastener Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are
• Sundram Fasteners Limited, ITW, TE Connectivity Ltd., HB Fuller Company, LISI Group, NHK Spring Co., Ltd., Arconic Inc., Shanghai Prime Machinery Company Limited, Bulten Ab, Stanley Black & Decker, Sumitomo Metal Industries, Robert Bosch GmbH, Nifco Inc., SFS Group AG, Kamax, Bossard Holding AG, Eaton Corporation, Meidoh Co. Ltd., Nipman Fasteners.
• The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

• Automotive Fastener Market Recent Developments
• In January 2021, Illinois Tool Works Inc. and Amphenol Corporation, a leading global provider of high-technology interconnect antenna, and sensor solutions, announced that they have entered into an agreement under which ITW will acquire MTS Systems Corporation's Test & Simulation business, following the closing of Amphenol's acquisition of MTS.
• In November 2019, Bulten AB opens its new factory in Tianjin, China as a step to strengthen its supply chain. This will also strengthen Bulten's in-house cold forming, heat treatment, and surface treatment processes for the production of high-quality fasteners.
• In November 2019, LISI Automotive of France developed LISI insulating screws that will fasten circuits and starter-alternator belt systems operating at 12V and 48V respectively. This screw is specifically designed for Mild Hybrid vehicles to minimize energy losses.

TABLE OF CONTENTS

1 INTRODUCTION OF GLOBAL AUTOMOTIVE FASTENER MARKET

• 1.1 Overview of the Market
• 1.2 Scope of Report
• 1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH

• 3.1 Data Mining
• 3.2 Validation
• 3.3 Primary Interviews
• 3.4 List of Data Sources

4 GLOBAL AUTOMOTIVE FASTENER MARKET OUTLOOK

• 4.1 Overview
• 4.2 Market Dynamics
  • 4.2.1 Drivers
  • 4.2.2 Restraints
  • 4.2.3 Opportunities
• 4.3 Porters Five Force Model
• 4.4 Value Chain Analysis

5 GLOBAL AUTOMOTIVE FASTENER MARKET, BY PRODUCT TYPE

• 5.1 Overview
• 5.2 Threaded Fastener
• 5.3 Non-Threaded Fastener
• 5.4 Smart Fasteners
• 5.4 Others

6 GLOBAL AUTOMOTIVE FASTENER MARKET, BY FUNCTION TYPE

• 6.1 Overview
• 6.2 Semi-Permanent Fasteners
• 6.3 Permanent Fastener
• 6.4 Detachable Fastener

7 GLOBAL AUTOMOTIVE FASTENER MARKET, BY MATERIAL TYPE

• 7.1 Overview
• 7.2 Metals
  • 7.2.1 Aluminum
  • 7.2.2 Brass
  • 7.2.3 Bronze
  • 7.2.4 Steel
  • 7.2.5 Iron
• 7.3 Plastic
• 7.4 Others

8 GLOBAL AUTOMOTIVE FASTENER MARKET, BY APPLICATION

• 8.1 Overview
• 8.2 Chassis
• 8.3 Engine
• 8.4 Interior Trim
• 8.5 Front/Rear Axle
• 8.6 Wire Harnessing
• 8.7 Other

9 GLOBAL AUTOMOTIVE FASTENER MARKET, BY VEHICLE TYPE

• 9.1 Overview
• 9.2 Passenger Vehicles
• 9.3 Commercial Vehicles
  • 9.3.1 Light Commercial Vehicle
  • 9.3.2 Heavy Commercial Vehicle
• 9.4 Electric Vehicles
  • 9.4.1 BEV
  • 9.4.2 HEV
  • 9.4.3 PHEV

10 GLOBAL AUTOMOTIVE FASTENER MARKET, BY GEOGRAPHY

• 10.1 Overview
• 10.2 North America
  • 10.2.1 U.S.
  • 10.2.2 Canada
  • 10.2.3 Mexico
• 10.3 Europe
  • 10.3.1 Germany
  • 10.3.2 U.K.
  • 10.3.3 France
  • 10.3.4 Rest of Europe
• 10.4 Asia Pacific
  • 10.4.1 China
  • 10.4.2 Japan
  • 10.4.3 India
  • 10.4.4 Rest of Asia Pacific
• 10.5 Rest of the World
  • 10.5.1 Middle East and Africa
  • 10.5.2 South America

11 GLOBAL AUTOMOTIVE FASTENER MARKET COMPETITIVE LANDSCAPE

• 11.1 Overview
• 11.2 Company Market Ranking
• 11.3 Key Development Strategies

12 COMPANY PROFILES

• 12.1 Bulten AB
  • 12.1.1 Company Overview
  • 12.1.2 Company Insights
  • 12.1.3 Business Breakdown
  • 12.1.4 Product Benchmarking
  • 12.1.5 Key Developments
  • 12.1.6 Winning Imperatives
  • 12.1.7 Current Focus & Strategies
  • 12.1.8 Threat from Competition
  • 12.1.9 SWOT Analysis
• 12.2 Kamax
  • 12.2.1 Company Overview
  • 12.2.2 Company Insights
  • 12.2.3 Business Breakdown
  • 12.2.4 Product Benchmarking
  • 12.2.5 Key Developments
  • 12.2.6 Winning Imperatives
  • 12.2.7 Current Focus & Strategies
  • 12.2.8 Threat from Competition
  • 12.2.9 SWOT Analysis
• 12.3 Sundram Fasteners Limited
  • 12.3.1 Company Overview
  • 12.3.2 Company Insights
  • 12.3.3 Business Breakdown
  • 12.3.4 Product Benchmarking
  • 12.3.5 Key Developments
  • 12.3.6 Winning Imperatives
  • 12.3.7 Current Focus & Strategies
  • 12.3.8 Threat from Competition
  • 12.3.9 SWOT Analysis
• 12.4 ITW
  • 12.4.1 Company Overview
  • 12.4.2 Company Insights
  • 12.4.3 Business Breakdown
  • 12.4.4 Product Benchmarking
  • 12.4.5 Key Developments
  • 12.4.6 Winning Imperatives
  • 12.4.7 Current Focus & Strategies
  • 12.4.8 Threat from Competition
  • 12.4.9 SWOT Analysis
• 12.5 LISI Group
  • 12.5.1 Company Overview
  • 12.5.2 Company Insights
  • 12.5.3 Business Breakdown
  • 12.5.4 Product Benchmarking
  • 12.5.5 Key Developments
  • 12.5.6 Winning Imperatives
  • 12.5.7 Current Focus & Strategies
  • 12.5.8 Threat from Competition
  • 12.5.9 SWOT Analysis
• 12.6 Shanghai Prime Machinery Company Limited
  • 12.6.1 Company Overview
  • 12.6.2 Company Insights
  • 12.6.3 Business Breakdown
  • 12.6.4 Product Benchmarking
  • 12.6.5 Key Developments
  • 12.6.6 Winning Imperatives
  • 12.6.7 Current Focus & Strategies
  • 12.6.8 Threat from Competition
  • 12.6.9 SWOT Analysis
• 12.7 Stanley Black & Decker
  • 12.7.1 Company Overview
  • 12.7.2 Company Insights
  • 12.7.3 Business Breakdown
  • 12.7.4 Product Benchmarking
  • 12.7.5 Key Developments
  • 12.7.6 Winning Imperatives
  • 12.7.7 Current Focus & Strategies
  • 12.7.8 Threat from Competition
  • 12.7.9 SWOT Analysis
• 12.8 SFS Group AG
  • 12.8.1 Company Overview
  • 12.8.2 Company Insights
  • 12.8.3 Business Breakdown
  • 12.8.4 Product Benchmarking
  • 12.8.5 Key Developments
  • 12.8.6 Winning Imperatives
  • 12.8.7 Current Focus & Strategies
  • 12.8.8 Threat from Competition
  • 12.8.9 SWOT Analysis
• 12.9 Meidoh Co. Ltd.
  • 12.9.1 Company Overview
  • 12.9.2 Company Insights
  • 12.9.3 Business Breakdown
  • 12.9.4 Product Benchmarking
  • 12.9.5 Key Developments
  • 12.9.6 Winning Imperatives
  • 12.9.7 Current Focus & Strategies
  • 12.9.8 Threat from Competition
  • 12.9.9 SWOT Analysis
• 12.10 Nipman Fasteners
  • 12.10.1 Company Overview
  • 12.10.2 Company Insights
  • 12.10.3 Business Breakdown
  • 12.10.4 Product Benchmarking
  • 12.10.5 Key Developments
  • 12.10.6 Winning Imperatives
  • 12.10.7 Current Focus & Strategies
  • 12.10.8 Threat from Competition
  • 12.10.9 SWOT Analysis

13 KEY DEVELOPMENTS

• 13.1 Product Launches/Developments
• 13.2 Mergers and Acquisitions
• 13.3 Business Expansions
• 13.4 Partnerships and Collaborations

14 Appendix

• 14.1 Related Research