According to the new market research report "Automotive Fastener Market by Characteristics (Removable, Permanent, Semi-Permanent), Products (Threaded, Non-Threaded), Material Type (Stainless Steel, Plastic, Aluminum), Application, Electric Vehicle Type, and Region - Global Forecast to 2025", published by MarketsandMarkets™, The global Automotive Fastener Market is projected to grow from an estimated USD 21.45 billion in 2018 to USD 25.30 billion by 2025, at a CAGR of 2.39% from 2018 to 2025.
The market is anticipated to grow owing to various reasons such as the growing vehicle production, shifting focus toward lightweight vehicles, and the increasing use of electronics in vehicles. However, the major restraint for the Automotive Fastener Market is the development of alternatives such as clinching and welding in auto parts, which can potentially reduce the cost of operation and thus can eliminate the use of traditional fasteners.
Browse and in-depth TOC on “Automotive Fastener Market"
106 - Tables
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“The semi-permanent fastener segment is estimated to be the fastest growing segment of the Automotive Fastener Market, in terms of value”
Semi-permanent fasteners, such as cotter pin, can be disassembled. Semi-permanent automotive fastener is the upcoming trend in the automotive industry. Semi-permanent fasteners segment is expected to show comparatively higher growth in future due to its wide use in automobiles. It can be used in almost all components of a vehicle. Wide application and advantages over permanent fasteners will drive the growth of semi-permanent fasteners in the coming years.
“The Rest of World region is estimated to be the fastest growing market for the automotive fasteners in terms of value”
The increasing production of vehicles, specifically in Brazil and Russia, is expected to drive the Automotive Fastener Market in the Rest of World region. The electric, self-driving, and connected vehicles are global trends and will potentially make the largest impact on the development of the region’s car market. The support of the Russian and Brazilian governments to the relevant projects will boost the Automotive Fastener Market in the region.
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The removable fastener segment, by characteristics, is estimated to be the largest segment in the Automotive Fastener Market
Removable automotive fasteners enable the parts to be disconnected readily without any damage. These fasteners contribute the maximum share in the total number of fasteners used in an automobile. Removable automotive fasteners such as nuts, bolts, and studs can be installed and removed easily with the help of hand tools or power tools. These types of fasteners have a long life and can be used multiple times. The penetration of removable fastener in automobiles is high due to its properties.
The plastic fastener segment, by material type, is estimated to be the fastest growing segment of the Automotive Fastener Market
The market for plastic fastener is estimated to have the highest growth due to the increasing need to reduce vehicle weight. The increasing demand for automobile weight reduction and fuel efficiency will reduce the use of metals such as stainless steel and iron and will increase the use of lightweight materials like plastic, which are the growth drivers for the plastic fastener segment in future.
The ecosystem of the automotive fastener consists of established fasteners manufacturers such as Bulten AB (Sweden), KAMAX (Germany), Sundram Fasteners (India), Stanley Black & Decker (US), Shanghai Prime Machinery Company (China), SFS Group (Switzerland) and Lisi Group (France). It also comprises a few other players such as Meidoh Co. (Japan), Nipman Fasteners (India), Piolax (US), Westfield Fasteners (UK), Fontana Gruppo (Italy), Bollhoff (Germany), Nedshroef (Netherlands), Nifco Group (Japan), Boltun Corporation (Taiwan), Chanshu City Standard Parts (China), Wurth Group (Germany), and Simmonds Marshall (India).
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