Automotive Fasteners Market to Surpass to USD 29.56 Billion by 2030 Driven by Rising Automotive Production and Advancements in Material Technology | Research by SNS Insider
Based on SNS Insider’s research, the rise in automotive production, the shift towards lightweight materials, technological advancements, adherence to safety standards, and the trend of vehicle customization collectively contribute to the expanding automotive fasteners market landscape
Pune, Jan. 16, 2024 (GLOBE NEWSWIRE) — The Automotive Fasteners Market, as per the SNS Insider report, achieved a valuation of USD 23.33 billion in 2022. Projections indicate an anticipated growth to USD 29.56 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 3% during the forecast period from 2023 to 2030.
Automotive fasteners encompass a diverse range of mechanical devices designed to join or affix different automotive components securely. These components include, but are not limited to, body panels, engine parts, suspension systems, and interior elements. Fasteners are meticulously selected based on the specific requirements of each application, considering factors such as load-bearing capacity, corrosion resistance, and overall durability.
One of the primary drivers behind the surge in demand for automotive fasteners is the continuous growth in global automotive production. As emerging markets witness increased urbanization and rising disposable incomes, there is a subsequent uptick in the demand for vehicles. The escalating production volumes necessitate a proportional demand for high-quality fasteners to ensure the structural integrity of vehicles. With a growing emphasis on fuel efficiency and environmental sustainability, the automotive industry is increasingly adopting lightweight materials in vehicle manufacturing. This transition to materials like aluminum and advanced composites necessitates specialized fasteners capable of securely joining these lightweight components while maintaining structural strength. This trend fuels the demand for innovative fastening solutions tailored to lightweight materials. The automotive fasteners market is witnessing a paradigm shift with the integration of advanced technologies. Manufacturers are investing in research and development to introduce smart fastening solutions that enhance efficiency and facilitate predictive maintenance. Technologies such as RFID-enabled fasteners and real-time monitoring contribute to the optimization of assembly processes, reducing downtime and ensuring overall operational excellence.
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Automotive Fasteners Market Report Scope:
|Market Size in 2022
|USD 23.33 billion
|Market Size by 2030
|USD 29.56 billion
|CAGR of 3% by 2023-2030
Key Takeaway from Automotive Fasteners Market Study
- While the threaded segment forms the structural backbone, the engine segment of automotive fasteners fuels the performance aspect of vehicles. As automotive engines evolve to meet stringent efficiency and emission standards, the demand for specialized fasteners within this segment intensifies.
- As the automotive industry advances, the integration of threaded and engine segments becomes paramount for manufacturers seeking to dominate the fasteners market. The synergy between these segments is not merely a technical necessity but a strategic imperative.
- Sundram Fasteners has recently announced the acquisition of orders totaling $250 million. As the automotive industry undergoes a transformative phase, Sundram Fasteners is evidently well-positioned to emerge as a key contributor to the future of transportation.
- GHK, a prominent player in the automotive sector, has recently finalized the acquisition of a leading automotive parts distributor. This strategic move is set to bolster GHK’s market presence and strengthen its capabilities in providing high-quality automotive components to meet the ever-evolving needs of the industry.
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Reasons to Buy This Report:
- It Covers COVID-19 Impact Analysis
- It includes Industry Flowchar
- It covers Impact of the Russia-Ukraine War
- It covers Impact of Ongoing Recession
- It Covers segment and region level Trend Analysis
- It covers Recent Developments & Industry News
Market Dynamics Analysis
The dynamics of the automotive fasteners market are shaped by a complex interplay of various factors, encompassing drivers, restraints, challenges, and threats that collectively influence the industry’s trajectory. On the driver’s side, the increasing demand for lightweight materials in automotive manufacturing to enhance fuel efficiency and meet stringent emission standards stands out prominently. As automakers strive to optimize their designs for better performance, the demand for advanced and high-strength fasteners has surged, propelling market growth. Furthermore, the flourishing automotive sector in emerging economies, coupled with rising vehicle production and sales, contributes significantly to the expansion of the market. However, these drivers coexist with formidable restraints. The fluctuating prices of raw materials, such as steel and aluminum, pose a challenge for market players, impacting their profit margins. Additionally, the increasing adoption of electric vehicles, which often require different types of fasteners, presents a transitional challenge for traditional fastener manufacturers who must adapt to this evolving landscape.
Key Regional Developments
In North America, the automotive fasteners market is influenced by the region’s robust automotive manufacturing sector. The presence of major automobile OEMs and the increasing adoption of advanced technologies contribute to the growing demand for innovative fastening solutions. The European market is characterized by a focus on lightweight materials and sustainability. With an emphasis on reducing vehicle weight to meet environmental standards, manufacturers in the region are increasingly turning to advanced materials and fastening solutions. The Asia-Pacific region emerges as a key player in the market, primarily due to the booming automotive industry in countries like China and India. The increasing production of vehicles, both for domestic consumption and export, drives the demand for a wide range of fasteners.
Impact of Recession
The ongoing recession has undeniably cast a shadow over the automotive fasteners market, necessitating adaptive strategies to navigate these challenging times. The recession has resulted in a domino effect on the automotive supply chain. Disruptions in the production and transportation of raw materials have cascaded down to fastener manufacturers. This has led to delays in production schedules, increased lead times, and a general sense of uncertainty in the market. Despite financial constraints, strategic investments in advanced manufacturing technologies can enhance efficiency and reduce production costs. Automation and digitization can streamline operations, making fastener manufacturers more resilient to economic uncertainties.
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