Impact of Covid-19 Outbreak on Automotive Fasteners Market

The global automotive fasteners market 2020, according to the report published by Market Research Future, is poised to develop at a CAGR of ~4.5% and record a substantive market value over the review period.

Drivers and Restraints

The market is projected to grow owing to various reasons such as the rising vehicle production, shifting focus toward lightweight automobiles, and the increasing use of electronics in vehicles. Moreover, manufacturers are also moving from standard fasteners to customized fasteners, and this new development will also drive this market. The constant growth in the sales of automobiles and the rising automotive components industry drive the automotive fasteners market. The increasing need for technical development and design improvement in automotive fasteners will increase the demand in the global market for automotive fasteners. The trend for deploying replaceable fasteners in vehicles will further enhance the ease of use for automotive fasteners and boost market growth. The increased demand for vehicle stability and decreased vehicle weight will lead to the preference of fasteners over the welding. This will be a growth prospect for the global automotive fastener market. In recent times, manufacturers have substantially been focusing on improving the design and quality of fasteners. They have been procuring design companies for enhancing the designs of their automotive fasteners. On the other hand, The presence of numerous substitutes in the global market for automotive fasteners such as welding and clinching, might hamper the market growth. Furthermore, the sizeable unorganized aftermarket for automotive fasteners might also be a challenge for the manufacturers.

Market Segmentation

The global automotive fasteners market is segmented on the basis of material, type, end-use, distribution channel, and region. On the basis of type, the automotive fasteners market has as threaded and non-threaded. Based on the material, the market has been segmented as aluminum, iron, stainless steel, nickel, and others. the distribution channel, the market has been bifurcated as OEM and aftermarket. Based on the end-use, the market has been bifurcated as semi-permanent, removable,and permanent.

Regional Overview

Geographically, the global automotive fasteners market has been analyzed into the four major regions as well as North America, Asia-Pacific, Europe,, and the Rest of the World. The global automotive fastener market in Asia-Pacific is poised to expand over the review period, followed by Europe. Developing economies such as China and India and developed economies such as Japan that are the major hubs for the automotive industry will boost the market share for Asia-Pacific. Also, the growing demand for premium vehicles in India, Japan, and China has also observed an increasing market trend in the last few years. These factors have advanced the worldwide demand for the fastener market for the passenger car segment.Increasing demand for lightweight fasteners, government directives for fuel economy and emission decrease, and an increase in per capita income are the factors influencing the demand for passenger cars in developing countries such as China and India. Rising automotive fasteners sales in the aftermarket will further improve the transactions in the Asia-Pacific market. In Europe, the augmented manufacturing of vehicles is poised to increase the demand for automotive fasteners which will strengthen the market in the future. North America has a high demand for SUVs and premium cars, which will further boost the need for the passenger car segment.

Competitive Landscape

The major players in the automotive fasteners industry include Permanent Technologies Inc. (US), Shanghai Tianbao Fastener Manufacturing Co., Ltd. (China), Atotech (Germany), Jiangsu Xing Chang Jiang International Co., Ltd. (China), The Phillips Screw Company (US), and Shamrock International (US). Nifco Inc. (Japan), Bulten AB (Sweden), KOVA Fasteners Pvt Ltd (India), and Westfield Fasteners Limited (UK) are among others.