Automotive Fastener Market will witness significant growth owing to the growth in automobile industry. Recent technical advancements and improvement in quality of material has enhanced the durability of product. Easy availability of financial help from institutions such as banks makes it easy for people to own a vehicle.
Automobile fasteners are mechanical components employed in vehicles to join two or more parts together. These help in avoiding wobbling, leakage and enabling transmission of load from on body part to another. It is available in various shapes, colours and finishes to meet the requirements of end users. These are fabricated from various materials such as iron, brass and nickel each having their unique characteristics. Their quality and strength depend on integrity of the joint required in a joint.
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Increased technological advancements for manufacturing lightweight and high durability products will drive automotive fasteners market. Government regulations for light weight vehicles shall support its use. Recent processes such as 3-D printing has made it easy to design and fabricate with complex geometry requirements. Manufacturers are drifting from standard to customized parts that has given positive outlook to automotive fastener market.
Automotive fastener is manufactured using various materials including, iron, brass, aluminium, nickel, stainless steel and plastic. Stainless steel holds major share owing to its corrosion resistance property that enhances the durability and life of parts. Further, these are readily available and have better aesthetic appearance as compared to others. Iron has substantial share and used in various parts including flywheels and coupling joints owing to its high strength properties. Plastic based product is used for interiors and components namely head lamps and dash boards.
Automotive fastener is used in all the passenger cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV). Passenger cars have major share with growth in demand of personal cars and private cabs. LCV and HCV have moderate contribution and expected to depict healthy growth with rise in industrial sector and strengthening transportation sector.
Based on the characteristics, automotive fasteners are available in removable, semi-permanent and permanent types. Semi-permanent will be the fastest growing segment due to its wide usage in various components and forms major contribution for after sales. Permanent has substantial share owing to its use on chassis for fastening the components.
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Europe, led by Germany has substantial share in automotive fasteners market with well-established and flourishing automobile industry hosting big players namely Audi and Volkswagen. Asia Pacific has significant share owing to growing number of automobile manufacturers and demand of automobiles.
North America automotive fasteners market has a substantial share due to presence of OEMs and after sales centres that cater to local as well as overseas demand. Further, presence of key manufacturing companies including, Fords and General Motors has enhanced the product demand in the region. Middle East & Africa has nascent share and anticipated to show moderate growth with rise in income level and demand for automobiles.
Automotive fastener market is fragmented with the presence of substantial number of regional players. Some of the key players include Permanent Technologies, Shamrock International, Phillips Screw Company, Westfield, Atotech Deutschland, Shanghai Tianbao, Stanley Engineering Jiangsu Xing Chang Jiang International, Acument Global Technologies, NIFCO and BUlten.
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