Global Automotive Fastener Market is Grow at a CAGR of 3.7% Forecast By 2023
Posted by Aditi Desai on January 30th, 2019
The automotive fastener can be defined as the hardware device that can join two or more objects. Basically, it is used to create non-permanent joints in which joints can be easily removed without damaging the components. Some of the commonly used automotive fasteners are auto bolts, screws, nuts, washers and rivets. No doubt, automotive fastener market is a new trending market in today’s world.
Automotive Fastener Market Insights –
A recent study on Automotive Fastener Market research says that market is expected to flourish at a CAGR of 3.7% during the forecast span of 6 years i.e. 2018-2023. The market can grow at a notable amount of revenue by end of forecasted period. What is driving such growth? Significant growth in the automotive industry and rising vehicle production is likely to foster the growth for this market. The demand has emerged to such significant level that there is always a possibility of refinement and development of advanced automotive fasteners.
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Advantages of Automotive Fasteners –
· It doesn’t require any hole
· Less material is required
· The speed of fabrication is quite faster in these type of Fasteners
· It is a more economical and faster process
· If properly controlled, it is equal to permanent joints strength
The report begins with an overview of the fastener market, automotive fastener market trends, advantages, and disadvantages. It also speaks of the applications where the fastener is used. The research answers various market-related questions like the overall market in the current year i.e. 2017 and what could be the market forecast rise in 2018-2023. The region that can have the highest demand in the future and how it is going to differ from the current position. Moreover, it laid down the key factors that drive the automotive fastener market growth. To understand the market properly, the market has been divided into various segments and further sub-segments. This helps in better market understanding and its related insights. The report also put forwards the market opportunities for both existing and entry-level players. There is separate region wise and global geographical analysis. The report put forwards the competitors’ work, their recent product launches, and the key strategies to sustain in the market. The research also gives a possible solution that could foster the growth of the company business.
Market Segmentation –
The automotive fastener market size has been comprehensively divided by type, by product, by characteristics, by material, by application, by sales, and by vehicle type. By type, the market has been segmented into threaded fastener and non-threaded fastener. By product, the market can be segmented into bolts, nuts, washer, rivets, screws, and others. By characteristics, the market can be segmented into removable fasteners, permanent fasteners, and semi-permanent fasteners. According to the material, the market is sub-segmented as stainless steel, iron, aluminum, Nickel, Brass, plastic and others. You may find this market application in Chassis, Car body, power train, and others. The sales part could be divided as OEM and Aftermarket. The vehicle type is divided as a passenger car, light commercial vehicle, and heavy commercial vehicle.
The Asia Pacific to rule the market –
While considering the geographies of the world, North America, Latin America, Europe, Asia Pacific, and Middle East & Africa has been considered for analysis. Out of all the global regions, Asia Pacific is likely to rule the market as there is a lot of new opportunities for automated fasteners in this region.
Competitor Analysis -
While doing competitor analysis, automotive fastener market share has put portfolio of various companies like Acument Global Technologies, Inc., Bulten AB, ARaymond, ContMid Group, Illinois Tool Works Inc., Koninklijke Nedschroef Holding B.V., Shanghai Prime Machinery Co.,Ltd., Stanley Black & Decker, Inc., Nipman Automotive Solutions and Other Major & Niche Players.
For example, Nipman Automotive solutions have done a technical tie-up with South Korea IL-Ryung Coto manufacture steering components and sub-assemblies at an investment of USD 35 Million. This manufacturing will initially be Delhi NCR region and may be expanded later to serve the customers in a better way.
The new fasteners are relatively sharp as well as specialized for automotive industries. Therefore, it will be safe to say that automotive fastener market is one of the trending markets to adopt and has a great promising future ahead.
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