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(Transportation-News.com, May 12, 2021 ) The Global Automotive Fasteners Market is projected to grow from an estimated $21.45 billion in 2018 to $25.30 billion by 2025, at a CAGR of 2.39%.
The governments of several countries have made stringent regulations for the use of basic safety products such as seatbelts and airbags. In the US and Europe, the governments have already implemented regulations related to mandatory safety features for all vehicles sold in the respective countries, which are followed by automakers. The inclusion of advanced safety features will increase the volume of fasteners required by the automotive industry. This, in turn, will create several opportunities for automotive fastener suppliers.
The ecosystem of the automotive fastener market consists of established fasteners manufacturers such as Bulten AB (Sweden), KAMAX (Germany), Sundram Fasteners (India), Stanley Black & Decker (US), Shanghai Prime Machinery Company (China), SFS Group (Switzerland) and Lisi Group (France). It also comprises a few other players such as Meidoh Co. (Japan), Nipman Fasteners (India), Piolax (US), Westfield Fasteners (UK), Fontana Gruppo (Italy), Bollhoff (Germany), Nedshroef (Netherlands), Nifco Group (Japan), Boltun Corporation (Taiwan), Chanshu City Standard Parts (China), Wurth Group (Germany), and Simmonds Marshall (India).
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The interior trim segment is estimated to be the fastest-growing segment of the fastener market, by application, in terms of value. Automobile manufacturers are now focusing on using lightweight fasteners in the major application areas to reduce the weight of the vehicle. The automakers’ focus is high on the interior trims where the application of plastic and aluminium fasteners is increasing to achieve weight reduction, which will drive the requirement of fasteners.
Removable automotive fasteners enable the parts to be disconnected readily without any damage. These fasteners contribute the maximum share in the total number of fasteners used in an automobile. Removable automotive fasteners such as nuts, bolts, and studs can be installed and removed easily with the help of hand tools or power tools. These types of fasteners have a long life and can be used multiple times. The penetration of removable fastener in automobiles is high due to their properties.
The study considers countries such as China, Japan, India, and South Korea in the Asia Pacific region. The increasing production of vehicles in China, Japan, and India and the growing demand for electric vehicles, especially in China and Japan, are expected to drive the automotive fastener market in the region. The government regulations for lightweight vehicles have led to advancements in technology for manufacturing lightweight and durable products in the region. Also, manufacturers are shifting from standard parts to customized parts, which will drive the demand for customized fasteners in the Asia Pacific region.
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Target Audience:
1. Manufacturers of automotive fasteners
2. Automotive OEMs
3. Electric vehicle manufacturers
4. Industry associations and experts
5. Traders, distributors, and suppliers of automotive fasteners
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
newsletter@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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