The global automotive fastener market is expected to observe an extensive growth in the coming years, owing to shift in focus toward lightweight vehicles and increase use of electronics such as carputers, ignition systems, in-car entertainment systems, and telematics in automobiles. In addition, high production of automobiles across major economies of the world is further expected to benefit the market, during the forecast period. Also, the development of more superior materials and cutting-edge automotive technologies resulting in more advance automotive fasteners is certainly boosting the market.
Geographically, Asia-Pacific was the largest automotive fastener market, followed by Europe during the historical period, owing to high production of automobiles in this region. China is the world’s largest automobile manufacturer and is one of the major consumers of fastener, attributing to the growth of its market in the region. Furthermore, governments’ regulations and guidelines for lightweight vehicles have prompted to developments in technologies for producing durable and lightweight products in the region.
Drivers
Increasing automobiles production around the world, coupled with high demand for fuel-efficient vehicles, especially in emerging economies, is the major factor driving the growth of the automotive fastener market. The demand for passenger vehicles has increased in the recent years, due to amplified spending capacity of end users and rising urbanization across the globe. In 2017, around 70 million passenger cars were sold globally, which was an increment of about 2% from 2016. Such increasing number of automotive vehicles are acting as a growth drive for the market.
Competitive Landscape
The global automotive fastener market is highly fragmented, and competition among its players is fierce. The market is highly price sensitives due to presence of considerable number of small vendors in the market. The competition is expected to be high during the forecast period, owing to low switching cost from metal fastener to plastic fastener. Major key players in the automotive fastener industry are Bulten AB, Phillips Screw Company Inc., Permanent Technologies Inc., Fastener Technology Corporation, Atotech Deutschland GmbH, Sundram Fasteners Ltd., and Stanley Black & Decker Inc..
