Automotive Fastener Market Growth To Be Driven By Increasing Number Of Automobile Industries Across The Globe
Pune, Maharashtra, November 06, 2019 (Wired Release) Prudour Pvt. Ltd. – Automotive fasteners are those components which are useful in vehicle assembly and automotive industries and consist of nuts, washers, concrete anchors, threaded rods, bolts, rivets, screws, and retaining rings that are used completely for manufacturing of automotive. These automotive fasteners are the mechanical components that help in joining, holding, or affixes two or many parts together. Automotive fasteners are made up of different materials including aluminium, stainless steel, plastic, brass nickel. Automotive fasteners are useful for the clamping parts of vehicles together for avoiding the wobbling or separation, for preventing leakage of joint, transmitting loads. Automotive fasteners are in different coatings and shapes, colors, attractive designs, and quality.
The automotive fastener market worldwide is expected to grow at a compound annual growth rate of nearly 3.3% over the next 10 years and was valued at around US$ 21,450.0Mn in 2018 to US$ 29,623.2Mn in 2028. Mainly five types of automotive fasteners are available in the market currently, including iron, nickel, brass, stainless steel, aluminium. Out of these types, demand for stainless steel is expected to increase at a significant rate as it is cost effective.
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The increasing number of automobile companies and rising awareness regarding the importance of fasteners in automobiles are among the major factors that are propelling the demand for automotive fastener market. Increasing number of advanced technical improvements and enhancements in the stability due to quality of fasteners these automotive fasteners makes it suitable for the end use consumers to purchase fasteners for their vehicles, and are among the other factors which support to drive the growth of the target market. An alternative for automotive fasteners such as welding and clinching are factors that are hampering the target market.
The emergence of more advanced automotive technology results in more cutting-edge automotive fasteners and easily replaceable nature of automotive fasteners egging consumers for purchasing those for their vehicles. This is one of the trend observed in the target market, which is expected to gain traction in the market and support the growth of the global market. The automotive fastener is used in various applications including passenger car and commercial vehicle. Demand for the automotive fastener is increasing in passenger car due to the increasing demand for lightweight fasteners, and increasing government mandates for emission reduction and fuel economy and increasing disposable income.
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Rapid technological advancements and rising sale of vehicles, growing production of vehicles, and increasing demand for automotive fasteners from the end-users especially in US and Canada are the factors that are resulting in high demand for the target market in North America. Increasing demand for automotive fastener in the region of Asia Pacific due to increasing manufacturing activities of vehicles in China, Japan, and India and rising demand for electric vehicles in this region. Demand for the automotive fastener is comparatively less in regions such as Latin America, and the Middle East and Africa.
Some of the major players operating in the global automotive fastener market include Stanley Engineered Fastening, Penn Engineering and Manufacturing oration, Koninklijke Nedschroef Holding B.V, Illinois Tools Work Inc., Sundaram Fasteners, Rocknel Fastener, Bulten AB, Trifast, Phillips Screw, and Precision Castparts.