According to the report, the global automotive fasteners market is projected to surpass US$ 68.9 Bn by 2031, expanding at a CAGR of 3.28% during the forecast period. Automotive fasteners support or join two or more vehicle parts permanently or temporarily. The fasteners used to join vehicle parts include several products such as nuts screws, rivets, studs, snap rings, and clips.
Increasing consumer preferences for lightweight vehicles due to enforcement of several government emission laws across the world is expected to enhance the demand for using lighter components or automotive parts in vehicles.
The use of lightweight parts boosts the performance of vehicles and increases fuel-efficiency, which, in turn, propels the automotive fasteners market. Moreover, redemption of tax rates of passenger and commercial vehicle due to the onset of the COVID-19 pandemic has boosted the adoption of vehicles among consumers, which further fuels the market. Furthermore, major manufacturers of fasteners are focusing on the development of advanced and lightweight material fasteners, which boosts the demand for automotive fasteners.
The COVID-19 pandemic outbreak has hampered the automotive industry across the globe, as all automotive and related parts manufacturing processes were stopped. Moreover, a shortage of raw material supply was witnessed, as the global supply chains and distribution channels was disrupted. Consequently, the original equipment manufacturing and aftermarket segment of automotive fasteners witnessed a sharp decline in market share. However, all the global restrictions have been relieved, which reinitiated the manufacturing as well as supply chain processes. This is projected to further boost the automotive fasteners market.
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Expansion of Automotive Fasteners Market
Based on coating, the dry-film lube coating segment held a prominent share of the automotive fasteners market, in terms of revenue and volume, in 2020. The dry-film lube coating segment held around 64% share of the market, in terms of revenue, in 2020. This coating has high rust-resistance properties, and it reduces friction between surfaces in different environments such as in high and low temperature, pressure, and on liquids and oils surfaces. Therefore, the rate of adoption of dry-film lube coating fasteners is high, as compared to other coating fasteners.
In terms of electric vehicle type, the hybrid electric vehicle (HEV) segment held a prominent share of the automotive fasteners market, in terms of revenue and volume, in 2020. The hybrid electric vehicles segment is expected to expand at a rapid pace due to rising adoption of EVs and increasing integration of technological applications in vehicles.
Moreover, governments are also providing several incentives to manufacturers and consumers to boost the adoption of electric vehicles, which further fuels the demand for automotive fasteners.
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Regional Analysis of Automotive Fasteners Market
In terms of region, the global automotive fasteners market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive fasteners market in 2020, due to increase in production of vehicles, rise in adoption of electric vehicles, and surge in small and medium-scale industries in the region, which are engaged in manufacturing process of automotive components. China is considered a leading country in Asia Pacific, which has highest rate of vehicle adoption and hence, accounts for a notable share of the global automotive fasteners market.
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