The Automotive Fasteners by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
Learn More On The Automotive Fasteners Market:
https://www.thebusinessresearchcompany.com/report/automotive-fasteners-global-market-report
According to The Business Research Company’s Automotive Fasteners, The automotive fasteners market size has grown steadily in recent years. It will grow from $27.74 billion in 2023 to $28.65 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to increased automobiles production, increased demand for commercial vehicles, and strong economic growth in emerging markets.
The automotive fasteners market size is expected to see steady growth in the next few years. It will grow to $31.81 billion in 2028 at a compound annual growth rate (CAGR) of 2.7%. The growth in the forecast period can be attributed to increasing demand for electric vehicles and supportive government regulations. Major trends in the forecast period include launching self-clinching fasteners, developing new technological solutions, launching lightweight carbon fiber fasteners, launching new, innovative products, undergoing partnerships and collaborations.
The increasing demand for electric vehicles is expected to propel the growth of the automotive fasteners market going forward. Electric vehicles refer to vehicles that have been either partially or fully powered by electricity. EV general infrastructure equipment and battery casings require high-quality fastenings to provide security settings. For instance, according to a study by Bloomberg New Energy Finance (BNEF) report, electric vehicles will account for 10% of global passenger vehicle sales by 2025, rising to 28% in 2030 and 56% in 2040. Therefore, the rise of electric vehicles will drive the growth of the automotive fasteners market.
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The automotive fasteners market covered in this report is segmented –
1) By Product: Threaded, Non-Threaded
2) By Material Type: Iron, Steel, Aluminium, Brass, Plastic, Other Material Types
3) By Propulsion: IC (Internal Combustion) Engine Vehicles, Electric Vehicles, Hybrid And Alternative Fuel Vehicles
4) By Application: Engine, Chassis, Transmission, Steering, Front Or Rear Axle, Interior Trim, Other Applications
Companies in the market are focusing on launching new, innovative products to improve their product offerings and to stay competitive in the market. For example, in July 2022, Henkel, a Germany-based chemical and consumer goods company, introduced a new product, Loctite DRI 2250-W, a medium to high-strength pre-applied thread locker for high-speed, sustainable automotive applications. The product offers high speed throughput, high-temperature resistance and sustainability advantages of a water-based material. Further, in February 2020, Bulten, a Sweden-based automotive stampings company, launched BUFOe, a new product line of energy-efficient fasteners that reduce CO2 emissions in the manufacturing process by more than 30%. The BUFOe product line uses a combination of materials and a manufacturing process that makes the heat treatment redundant, resulting in a fastener that has a significantly lower impact on the environment.
The automotive fasteners market report table of contents includes:
1. Executive Summary
2. Automotive Fasteners Market Characteristics
3. Automotive Fasteners Market Trends And Strategies
4. Automotive Fasteners Market – Macro Economic Scenario
5. Global Automotive Fasteners Market Size and Growth
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26. South America Automotive Fasteners Market
27. Brazil Automotive Fasteners Market
28. Middle East Automotive Fasteners Market
29. Africa Automotive Fasteners Market
30. Automotive Fasteners Market Competitive Landscape And Company Profiles
Top Major Players:
- Illinois Tool Works Inc
- KAMAX Holding GmbH & Co. KG
- Lisi S.A
- Stanley Black & Decker
- Bulten AB
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