The Global Market for Automotive Fasteners is Projected to Reach US$22.7 Billion by 2020

Stable Automobile Production Trends to Fuel Growth in the Automotive Fasteners Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Automotive Fasteners market. The global market for Automotive Fasteners is projected to reach US$22.7 billion by 2020, driven by stable automobile production trends and growing number of vehicle recalls due to fastener failure.  

As indispensable components in vehicle assembly, automotive fasteners are designed to hold vehicle components together, preventing the structure from disassembling. Robustness of an automobile is only as strong as the weakest link in the vehicle’s assembled parts. A compromised fastener can seriously undermine the safety of the vehicle and its passengers. Fatigue strength in automobile construction critically hinges onto the quality, reliability and durability of fasteners. The market is poised to benefit from technological developments that help improve fatigue strength of fasteners. Failure of fasteners has emerged as a leading cause for recall of vehicles across Europe and North America. Over the years, fasteners have therefore transformed into multi-purpose highly engineered components. The adoption of modular manufacturing and production platforms by auto OEMs has long been the cornerstone of fastener demand. Modular vehicle architectures help automakers save costs by standardizing parts of the vehicle, which can be outsourced, designed and assembled off the main assembly line. The trend towards modular production of automobiles benefits the use of fasteners since putting together components manufactured at numerous different locations requires reliable fastening solutions. The increase in the number of assembly steps doubles the use of fasteners at each stage of production.

A key trend in the market is the disruptive emergence of plastic fasteners, especially Nylon fasteners, supported by technology breakthroughs achieved in composite material R&D. Unlike metal fasteners which are heat treated and cold worked, plastic fasteners are manufactured through a process called injection molding. Technology developments have imparted plastics performance features on par with metals such as material toughness, corrosion resistance, and heat resistance. Types of plastic fasteners growing in popularity in automotive applications include Nylon, Acetal, Polyvinyl Chloride, Polyvinylidene fluoride or PVDF and Phenolics based fasteners. The number of plastic fasteners used in an automobile is steadily increasing. The development of polymer composite plastic fasteners, and shape-memory polymers are additionally helping expand the use of plastic fasteners in automobile engineering. Also driving the use of plastic fasteners are the stringent fuel efficiency norms legislated by governments worldwide, and the ensuing focus on designing lightweight vehicles. Other major factors driving growth in the market include rising passenger car density and aging vehicles and the resulting increase in fastener consumption in the repair & maintenance services sector; and sharp decline in oil prices and the ensuing increase in vehicle sales especially SUVs which require higher number of fasteners per vehicle.  

As stated by the new market research report on Automotive Fasteners, Asia-Pacific represents the largest market worldwide. The region is also forecast to emerge as the fastest growing market with a CAGR of 6.9% over the analysis period, led by factors such as stable automobile production, expanding middle class population, and rise in per capita car ownership.

Major players covered in the report include ARaymond, Acument® Global Technologies, Bulten AB, ContMid Group, Illinois Tool Works, Inc.,  LISI Automotive, Koninklijke Nedschroef Holding N.V., NIFCO, Inc., Rocknel Fastener, Inc., STANLEY Engineered Fastening, SPS Technologies, Inc., Sundram Fasteners Ltd., TR Fastenings, and ZF TRW

The research report titled “Automotive Fasteners: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and strategic industry activities of major companies worldwide. The report provides market estimates and projections for sales of Automotive Fasteners in US$ Million for both Passenger Cars and Commercial vehicles for all major geographic markets- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, & Rest of Europe), Asia-Pacific (China, India, South Korea, & Rest of Asia-Pacific), Latin America (Brazil, Mexico, & Rest of Latin America), and Rest of World

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