Automotive Fasteners Market : To Experience A Hike In Growth By 2021-2031
- Anna Sibley
- May 17, 2021
- 2 min read
Automotive Fasteners: Introduction
Automotive fasteners include nuts, screws, bolts, and spring clips. The parts that support to fix two or more parts of a vehicle are known as automotive fasteners. Such products do not fasten permanently and hence, enable components or parts of the vehicle to be assembled or dismantled without damaging them. Different materials, namely iron, stainless steel, aluminum, nickel, brass, and plastic are used to make automotive fasteners.
Key Drivers of Automotive Fasteners Market
Rise in demand for light weight vehicles across the globe due to enactment of stringent emission norms across the globe is likely to increase the adoption of lightweight components in vehicles, which in turn is anticipated to boost the automotive fasteners market across the globe. Rise in disposable income and reduction in tax rates on passenger and commercial vehicles due to the coronavirus pandemic are prompting consumers to own vehicles. Rise in small- and medium-scale industries across the globe that engage in the manufacturing of automotive components is anticipated to further propel the automotive fasteners market across the globe.
Advancements in automotive technology and material composition are leading to the development of cutting-edge automotive fasteners, which in turn is also boosting the automotive fasteners market across the globe. Rising utilization of fasteners in commercial vehicles is also likely to fuel the automotive fasteners market across the globe.
Europe and Asia Pacific to hold Significant Share of Global Automotive Fasteners Market
Europe is projected to account for a significant share of the global automotive fasteners market due to stringent rules and regulations regarding vehicle emission enacted across the region. Europe has presence of major original equipment manufacturers as well as tier-1 suppliers who have major facilities that undertake research & development regarding the lightweight component, which is likely to propel the automotive fasteners market across the globe
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Followed by Europe, Asia Pacific is projected to account for a notable share of the global automotive fasteners market due to an increase in sale of vehicles across the region. Rising demand for fuel-efficient vehicles across Asia Pacific is likely to drive the automotive fasteners market in the region. Increase in aftermarket sale of vehicles fasteners across the regions is likely to boost the automotive fasteners market across the region.
Key Players Operating in Automotive Fasteners Market
The global automotive fasteners market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the automotive fasteners market are:
Permanent Technologies Inc.
Phillips Screw Company Inc.
ARaymond
Fastener Technology Corporation
Atotech
Shanghai Tianbao Fastener Manufacturing Co., Ltd.
Shamrock International
Stanley Engineered Fastening
Acument Global Technologies
Jiangsu Xing Chang Jiang International Co., Ltd.,
Nifco Inc.
KOVA Fasteners Pvt Ltd.
Bulten AB
Westfield Fasteners Limited
Sundram Fasteners Limited
Birmingham Fastener, Inc.
Penn Engineering
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