The global automotive fastener/connector market is experiencing growth due to factors such as rise in lightweight vehicle manufacturing and growing vehicle production.
PORTLAND, Ore., Aug. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Fastener/Connector Market by Product Type (Threaded, and Non-Threaded), Characteristic (Removable Fasteners, Permanent Fasteners, Semi-Permanent Fasteners), Material (Stainless Steel, Brass, Nickle, Aluminum, Plastic, Iron, and Bronze) and Vehicle Type (Passenger Car, and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2024-2033″.
According to the report, the automotive fastener/connector market was valued at $34.2 billion in 2023, and is estimated to reach $52.1 billion by 2033, growing at a CAGR of 4.4% from 2024 to 2033.
Prime determinants of growth
The rise in lightweight vehicle manufacturing and growing vehicle production are the two main primary factors driving the growth of global automotive fastener/connector market. Furthermore, increasing alternatives for fasteners and rising material costs are two important factors hampering the growth of the global automotive fastener/connector market. Moreover, innovations in manufacturing technologies is providing an opportunity for the growth of the global automotive fastener/connector market.
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Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2024–2033 |
|
Base Year |
2023 |
|
Market Size in 2023 |
$34.2 billion |
|
Market Size in 2033 |
$52.1 billion |
|
CAGR |
4.4 % |
|
No. of Pages in Report |
250 |
|
Segments Covered |
Product Type, Characteristics, Material Type, Vehicle Type and Region. |
|
Drivers |
Rise in lightweight vehicle manufacturing |
|
Growing vehicle production |
|
|
Opportunities |
Increasing innovations in manufacturing technologies |
|
Restraint |
Increasing alternatives for fasteners |
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Rising material costs |
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Segment Highlights
By product type, the threaded segment dominated the global automotive fastener/connector market in 2023. This is due to an increase in automotive sales, and technological advancements in the fastener/connector industry to make them lightweight, safe, and durable. Furthermore, the rise in the manufacturing of electric vehicles is also creating high demand for threaded segments in the automotive fastener/connector industry. Meanwhile, the non-threaded segment is expected to grow at a significant rate in the global automotive fastener/connector market. This is due to the non-threaded fasteners such as clips, rivets, and snap-fit designs being lighter in weight and aligning with the industry’s focus on fuel efficiency and electric vehicle design. The non-threaded segment also helps in reducing manufacturing time and cost.
By characteristics, the removable fastener segment dominated the global automotive fastener/connector market in 2023. This is because removable fasteners such as nuts, bolts, and screws offer flexibility and versatility and allow for disassembly and reassembly during maintenance, repair, and replacement of parts during automotive manufacturing. Meanwhile, the semi-permanent fastener segment is expected to grow at a significant rate in the global automotive fastener/connector market at an increasing growth rate. This is due to the increased focus on lightweight vehicles and vehicle electrification. These fasteners offer the benefits of removability and flexibility while maintaining strength and durability, making them ideal for automotive applications, particularly due to the rise of electric vehicles (EVs) and the demand for lighter, and more productive vehicles.
By material, the stainless steel segment dominated the global automotive fastener/connector market in 2023. This is because stainless steel is commonly used in applications where corrosion resistance is critical. Meanwhile, the aluminum segment is expected to grow at an increasing rate in the global automotive fastener/connector market. This is because aluminum fasteners/connectors offer the right balance between strength and reduced weight, making the fasteners increasingly relevant in the automotive manufacturing industry.
By vehicle type, the passenger car segment dominated the global automotive fastener/connector market in 2023. This is due to the large production of passenger car in the automotive industry and the increasing applications of fasteners such as body assembly, engine components, chassis, interiors, and others in automotive manufacturing. Meanwhile, the commercial vehicle segment is expected to grow at an increasing rate in the global automotive fastener/connector market. This is due to the growing demand for heavy-duty vehicles such as trucks, buses, and other heavy vehicles in areas such as logistics, construction, and transportation.
Regional Outlook
The Asia-Pacific region dominated the global automotive fastener/connector market in 2023. This is due to the region’s large automotive manufacturing industry, especially in countries such as China, Japan, and South Korea. Meanwhile, the same region is growing at a significant rate due to factors such as rising middle class, urbanization, and infrastructure development.
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Players: –
- Maclean Fogg
- TR Fastenings
- Kamax Holding GmBH & Co.
- Bollhoff Group
- Sundaram Fasteners
- Meidoh Co. Ltd.
- Wurth Group
- Boltun Corporation
- Nipman Fasteners
- SFS Group AG
- Berkshire Hathaway Inc.,
- Illinois Tool Works Inc.
- Sterling Tools Limited
- Westfield Fasteners Limited
- Shanghai Prime Machinery Company Limited
- Kova Fasteners, Private Limited
- The Philips Screw Company
- Stanley Black & Decker
- Lisi Group.
The report provides a detailed analysis of these key players in the global automotive fastener/connector market. These players have adopted different strategies such as new product launches, and contracts to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Developments:
- In February 2022, Maclean Fogg launched thread strong wheel fastener/connector. Thread strong wheel fastener/connector are available directly to consumers through www.threadstrong.use commerce website and other selected outlets.
- In July 2023, TR fastenings launched unique screw solution. Through the new solution the company wants to change the way the fastener/connector are used in the PC screen brackets, thus delivering increasing product life and improved quality. The fastener/connector joins an entire range of M3-M8 sizes in three different head styles to support various applications
- In February 2024 Bollhoff Group has launched quicllock rapid release fasteners. The fastener/connector provide better efficiency and security.
- In January 2023, Sundram fasteners bagged a $250 million amount order in the electric vehicle space. The company is planning to invest Rs 200 crore to support the new orders under the six-year-long purchase package involving the supply of shaft sub-assemblies and drive gear sub-assemblies. The company will ship the parts from its powertrain divisions located at Mahindra World City in Chengalpattu, Tamil Nadu, and Sri City in Tirupati district, Andhra Pradesh. The parts will be serviced from the Company’s warehouse in North America.
- In August 2023, Sundaram Fasteners launched fastener/connector for ISRO. The fasteners were made of alloy steel, heat-resistant stainless steel, super alloy with coatings such as silver plating, aluminum ion vapor deposition and passivation. The fastener were used in the manufacturing of Chandrayaan 3.
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