The growing popularity of lightweight fastener solutions is a trend in several industries, including the automotive fasteners market. Manufacturers are introducing lighter-weight solutions to improve the strength and performance of fasteners while decreasing the load of an application. The lightweight materials for vehicle applications are typically used in the body, chassis, interior, and powertrain components.
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The automotive fasteners market size is expected to grow by U.S.$6.02 billion by 2025. Moreover, the growth momentum of the market will accelerate at a CAGR of 6.47% during this period, according to a new report from Technavio, a global market research firm.
The economics
By application, the market has been segmented into passenger cars and commercial vehicles. The passenger car segment will have significant market share growth during the forecast period. Improvements in economic conditions since the pandemic has increased the demand for technologically advanced and fuel-efficient passenger cars. Also, a focus on sustainable and decreasing carbon footprints is pushing consumers toward more efficient vehicles.
By geography, the market has been segmented into APAC, Europe, North America, South America, and MEA. APAC is going to have a lucrative growth during the forecast period. Growing automobile production will drive the automotive fasteners market growth.
Some of the key vendors operating in the market include Bulten AB, EJOT Holding GmbH & Co. KG, Illinois Tool Works Inc., KAMAX Holding GmbH & Co. KG, Koninklijke Nedschroef Holding BV, Norm Fasteners, Penn Engineering, Rocknel Fastener Inc., SBE-VARVIT Spa, and Sundaram Fasteners Ltd.
The key offerings of a few vendors are:
- Bulten AB – The company offers automotive fasteners to various automotive OEMs.
- EJOT Holding GmbH & Co. KG – The company offers automotive fasteners to various automotive OEMs.
- Illinois Tool Works Inc. – The company designs and manufactures innovative fasteners for OEMs and their top-tier suppliers.
- KAMAX Holding GmbH & Co. KG – The company offers automotive fasteners to various automotive OEMs.
- Koninklijke Nedschroef Holding BV – The company offers automotive fasteners to various automotive OEMs.
What the report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2020, 2021, until 2025
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply-chain trends mapping the latest technological advancements
Filed Under: Fastening + joining