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Automotive Fasteners - Global Market Trajectory & Analytics

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    Report

  • 606 Pages
  • July 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 834993

Global Automotive Fasteners Market to Reach US$20.1 Billion by the Year 2026


As indispensable components in vehicle assembly, automotive fasteners are designed to hold vehicle components together and prevent the structure from disassembling. Over the years, fasteners have transformed into multi-purpose highly engineered components. Growth in the global market is supported by rising production and sales of vehicles, technological advancements, and use of superior-quality materials. With rapid urbanization and increasing disposable income influencing the lifestyle of consumers, the demand for passenger vehicles has been escalating, implying greater demand for automotive fasteners. The combination of cutting-edge technology and advanced material composition is enabling the development of innovative automotive fasteners. There is higher demand for fasteners from the makers of commercial vehicles.

Fasteners, which generally account for just about 5% of production costs associated with vehicles, can represent up to 40% of production overheads in terms of labor costs for assembly systems. Intelligent fasteners, designed to eliminate the link between a tool and the fastener, offers the potential to reduce costs associated with automobile production and servicing. Incorporated with actuating techniques, intelligent fasteners comprise embedded microchips designed to control the application of fasteners using remote digital instructions. Potentially activated through remote electronic commands, intelligent fasteners store commands and procedures in the fastener control software. Fasteners integrated with sensing capacities could offer the potential for detecting, analyzing, and reporting issues requiring urgent attention.

Progress in automotive telematics could further enable real-time transmission of fastener related data to service centers. Data collected by sensor equipped fasteners could include wear & tear status, performance of components around the fastener as well as maintenance procedures, leading to the system issuing an alert to the service center on an impending failure of components determined through wear patterns. Intelligent fasteners could also assist in simplifying of disassembling complex components through software commands enabling superior control over genuine parts and allowing effortless parts change-out in the aftermarket. Intelligent fasteners, currently employed in the aerospace industry, offer the potential to expedite automotive assembly, flow and savings in terms of costs for automotive OEMs.

While intelligent fastening is currently still largely being researched, designing tamper-proof fastening techniques for automotive airbags has been the most studied application, which would improve security in vehicles as these fasteners would be designed to respond to only codes entered remotely by authorized service engineers. Potential applications of intelligent fasteners include molded body parts and accessories such as spare tires, roof racks, interior trim and headlamps to name a few. While the technology is currently deemed expensive for the automotive sector, the focus on improving fastening techniques, has allowed fastener manufacturers to explore intelligent fastening as an alternative for automotive sector, potentially paving the way for the technology to be adopted in automotive assembly over the approaching years.

Amid the COVID-19 crisis, the global market for Automotive Fasteners estimated at US$16.6 Billion in the year 2022, is projected to reach a revised size of US$20.1 Billion by 2026, growing at a CAGR of 4.4% over the analysis period. Removable, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR to reach US$12.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Permanent segment is readjusted to a revised 3.9% CAGR for the next 7-year period. This segment currently accounts for a 25.5% share of the global Automotive Fasteners market. Removable fasteners are most widely used for their ability to be easily removed using power tools without causing any harm to the body of a vehicle. The increasing popularity and production of electric vehicles is leading to changes in type of fasteners used in these vehicles. The permanent fastener trend can be attributed to different service requirements for electric vehicles.

The U.S. Market is Estimated at $2.8 Billion in 2022, While China is Forecast to Reach $4.8 Billion by 2026


The Automotive Fasteners market in the U.S. is estimated at US$2.8 Billion in the year 2022. The country currently accounts for a 17.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$4.8 Billion in the year 2026 trailing a CAGR of 6.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 3.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3% CAGR while Rest of European market (as defined in the study) will reach US$835.1 Million by the end of the analysis period. Production of automobiles has shifted rapidly from developed markets such as the United States and Europe to developing countries in Asia-Pacific. Strong demand/consumption patterns and growing importance of China and India as favorable destinations for outsourced automotive manufacturing activities have additionally helped beef up the region`s manufacturing prowess.

Semi-Permanent Segment to Reach $3.2 Billion by 2026


In the global Semi-Permanent segment, USA, Canada, Japan, China and Europe will drive the 2.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.9 Billion will reach a projected size of US$2.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$576 Million by the year 2026, while Latin America will expand at a 3.4% CAGR through the analysis period.

Select Competitors (Total 117 Featured):

  • ARaymond
  • Acument® Global Technologies
  • Illinois Tool Works, Inc.
  • Koninklijke Nedschroef Holding N.V.
  • LISI Automotive
  • NIFCO, Inc.
  • Penn Engineering
  • Phillips Screw Company
  • Rocknel Fastener, Inc.
  • STANLEY Engineered Fastening
  • TR Fastenings Ltd.
  • Westfield Fasteners Limited;

What`s New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the digital archives
  • Complimentary updates for one year
Frequently Asked Questions about the Global Market for Automotive Fasteners

What is the estimated value of the Global Market for Automotive Fasteners?

The Global Market for Automotive Fasteners was estimated to be valued at $16.6 Billion in 2022.

What is the growth rate of the Global Market for Automotive Fasteners?

The growth rate of the Global Market for Automotive Fasteners is 4.9%, with an estimated value of $20.1 Billion by 2026.

What is the forecasted size of the Global Market for Automotive Fasteners?

The Global Market for Automotive Fasteners is estimated to be worth $20.1 Billion by 2026.

Who are the key companies in the Global Market for Automotive Fasteners?

Key companies in the Global Market for Automotive Fasteners include ARaymond, Acument® Global Technologies, Illinois Tool Works, Inc., Koninklijke Nedschroef Holding N.V., LISI Automotive, NIFCO, Inc., Penn Engineering, Phillips Screw Company and STANLEY Engineered Fastening.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed?
  • Progress on Vaccinations: Why Should Businesses Care?
  • With IMF’s Upward Revision of Global GDP Forecasts, Most Companies are Bullish about an Economic Comeback Despite a Continuing Pandemic
  • A Strong Yet Exceedingly Patchy & Uncertain Recovery Shaped by New Variants Comes Into Play: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Easing Unemployment Levels in 2021 Although Moderate Will Infuse Hope for Industries Reliant on Consumer Discretionary Incomes: Global Number of Unemployed People (In Million) for Years 2019, 2020, 2021, and 2022
  • Industrial Activity Remains Subdued in 2020 with Strong Hopes of Long Term Recovery
  • Global PMI Index Points for the Years 2018, 2019 & 2020
  • Onset of COVID-19 Brings Automotive Fasteners Industry to a Screeching Halt
  • Automotive Fastener Manufacturers Face the Pandemic Music
  • Automotive Fasteners - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • An Introduction to Automotive Fasteners
  • Mechanical Automotive Fasteners
  • Segmental Overview
  • Fastener Finishing
  • Fasteners: “Holding the Automotive Industry Together”
  • Structure of the World Automotive Fasteners Market: Percentage Breakdown of Value Sales of Fasteners by Type - Bolts, Nuts, Washers and Others
  • Ubiquity of Fasteners in Automobile Design: A Review
  • Unmasking the Deceptive Simplicity of Fasteners
  • Modular Manufacturing & Production Platforms: The Cornerstone of Fastener Demand
  • Global Market Prospects & Outlook
  • Dynamic Elements with Potential to Amplify Outlook of Automotive Fasteners Market
  • Asia-Pacific, the Largest Auto Production Hub, Dominates the Global Market
  • With About 55% Share in World Production of Automobiles, Asia-Pacific Ranks as a Massive Market for Automotive Fasteners: Percentage Breakdown of Volume Production of Automobiles by Geographic Region for the Years 2017 & 2020
  • Competitive Scenario: Players Target Diverse Spectrum of Strategies to Stay Competitive
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Thriving Trends Taking Automotive Fasteners Market to the Next Level
  • Rise in Vehicle Recalls Due to Fastener Failure Fuels Emphasis on Quality
  • Fastener Failures & Vehicle Recalls Create Pressing Need for Quality-Oriented Initiatives
  • OEM Migration from Standard Parts to Customized Parts Drives the Importance of Customized Fasteners
  • Changing Automotive Manufacturing Trends Impact Opportunities for Fasteners
  • Automotive Lightweighting Forces Smarter & Tougher Fastener Innovations
  • Massive Engineering Interest in Lightweighting, as Measured by the Robust Demand for Automotive Lightweight Materials, Catalyzes Fastener Material & Design Innovations: Global Automotive Lightweight Materials Market (In US$ Billion) for Years 2022, 2024 & 2026
  • Lightweighting Benefits Spur the Commercial Value of Self-Tapping, Self Locking & Self Sealing Fasteners
  • Growing Shift Towards Lightweight Materials in Automobile Construction Spurs Development of Self-Tapping & Self-Locking Fasteners: % Breakdown of Automotive Materials Used by Type for the Years 2017 & 2030
  • Anticipated Stable Automobile Production to Fuel Growth Opportunities in the OEM Market
  • World Automobile Production in Million Units: 2008-2022
  • Global Production Capacity of the Automobile Industry (In Million Units) by Region for the Years 2017 and 2022
  • Nearshoring Trend Positions Brazil & Mexico as a Strong Production Centers for CVs
  • An Inevitable Rebound in Market Prospects to Encourage Growth in Sales of Fasteners: Global Commercial Vehicle Sales (In 000 Units) for Years 2018, 2020, 2022, 2024 & 2026
  • How the Automotive Industry was Impacted by the Pandemic & What’s the New Normal?
  • Car Production YoY % Growth in 2020 Across Major Regional Markets
  • Global Automotive Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Unprecedented Disruptions in the Supply Chain Triggered by COVID-19 Accelerates the Urgency to Rethink Supply Chain Management
  • Unprecedented Losses Sustained in the Supply Chain Pushes Up the Focus on Resilience & Supply Chain Reinvention: Global Losses in Supply Chain as a % of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) in the Year 2020
  • How Are OEMs Responding?
  • Automotive Fasteners Take Charge to Handle Thrilling Ride of Electric Vehicles
  • Rising Passenger Car Density & Aging Vehicles Spur Opportunities in the Repair & Maintenance Services Sector
  • Average Age of Light Vehicles (Car & Light Commercial Vehicles) in the US for Years 2010, 2018 and 2022E
  • Tough Emission Control Regulations to Benefit Automotive Fasteners
  • Transportation is the Biggest Contributor to GHG Emissions: Global CO2 Emissions (In Billion Metric Tons) for the Year 2021
  • Demographic Trends Create Fertile Environment for Long-Term Growth of Automobile Market
  • Urban Sprawl
  • World Urban Population in Millions: 1950-2050
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Growing Affluence of Middle Class Population
  • Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
  • Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
  • Large Base of Millennials
  • Global Millennials Population Spread by Region (in %): 2021E
  • Millennial Population as a Percentage (%) of Total Population in Developing Countries: 2021E
  • Rising Living Standards
  • Shape Memory Fasteners: The Future of Automotive Assembling
  • Metal Fasteners Continue to Reign
  • Plastic Fasteners Grow in Popularity
  • Acceptance of Adhesive Fasteners Casts a Long Shadow of Threat Over Mechanical Fasteners
  • Remote Fastening Technology: The Focus Area for Future R&D
4. GLOBAL MARKET PERSPECTIVEIII. MARKET ANALYSIS
UNITED STATES
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Market Overview
  • Reshoring Trend in the Manufacturing Sector to Spur Opportunity for Domestic Fastener Manufacturers
  • Fastener Quality Act
  • Fastener Standards
  • US Automotive Industry Warms Up to Adhesives, Sealants and Coatings
CANADA
JAPAN
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
CHINA
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Market Overview
EUROPE
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Overindebted Households Hamper Consumer Spending On New Cars, Pushing Up Average Age of Cars & Opportunities in the Aftermarket
  • Average Age of Cars in the EU (2014, 2016 & 2019): Breakdown by Select Country
  • EU Passenger Cars Market (2016 & 2021E): Percentage Breakdown of Passenger Car Fleet by Age
FRANCE
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
GERMANY
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
ITALY
UNITED KINGDOM
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
AUSTRALIA
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)
INDIA
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • Market Overview
SOUTH KOREA
REST OF ASIA-PACIFIC
  • Automotive Fasteners in Taiwan
LATIN AMERICA
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
AFRICA
  • Automotive Fasteners Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)
IV. COMPETITION
  • Total Companies Profiled: 117

Companies Mentioned

A selection of companies mentioned in this report includes:

  • ARaymond
  • Acument® Global Technologies
  • Illinois Tool Works, Inc.
  • Koninklijke Nedschroef Holding N.V.
  • LISI Automotive
  • NIFCO, Inc.
  • Penn Engineering
  • Phillips Screw Company
  • Rocknel Fastener, Inc.
  • STANLEY Engineered Fastening
  • TR Fastenings Ltd.
  • Westfield Fasteners Limited