The Global Market for Automotive Fasteners is Forecast to Reach US$26.5 Billion by 2024

Ubiquity of Fasteners in Automobile Design & Innovative Material Innovations Sustain and Spur Growth of 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 forecast to reach US$26.5 billion by 2024, driven by the ubiquity of fasteners as indispensable components in vehicle assembly coupled with new material innovations which are poised to add vigor to market growth.

Every piece of mechanical assembly requires the use of fasteners to hold components together and form systems. Fasteners such as bolts, nuts, bars, screws, rivets, pipe plugs, anchors, studs, washers, clips, clamps, rollpins, retaining rings and pins, among others are staples in automotive manufacturing, design and engineering. Fasteners can be found all throughout the vehicle interior, exterior, chassis and underhood. For instance, fasteners are used in steering components, electrical mountings, body seating and closures, transmission components, safety restraints, bumpers, security lock devices, wheels, brake systems, anti-vibration applications, fluid carrying components, among numerous others.

In under the bonnet applications in engine and transmission, fasteners play a pivotal role, influencing the performance and safety of automobile engines. Engine bolt and nut assembly require tolerance to high loads, tightening, compression and stretching. Pistons, for instance, move at rapid speeds high enough to damage neighboring components if not held in place by fasteners. Also, engine cylinders exert immense force and pressure requiring head bolts to be robust enough to withstand the strain. With the growing volume of electronic content per car, there is parallel focus shed on specially designed fasteners engineered to meet electrical distribution attachment needs. Polypropylene, nylon clips, connector sheet metal clips, Conduit clamps and brackets, are widely used for electrical mounting applications. Wire tie clips, Fir tree clips, Rosebud clips, Conduit clips, and Edge metal clips, Push pin, bolt down cable tie are popular types of clips used in this application.

Despite their deceptively simple looking design, the technology know-how and engineering fundamentals underlying fastener designs are complex. Over 70% of all mechanical failures are due to fastener failures caused by improper design, installation, and selection. Engineering a stable, reliable and safe joint is a complex task requiring in-depth understanding of the technical dynamics of fasteners. Structural and behavioral properties of joints depend upon fastener load-sharing ratio, separation load ratio, joint stiffness, clamped-member stiffness, among others. Few of the factors poised to drive growth in the market include growing demand for customized fasteners as auto OEMs focus on model differentiation; growing value of high quality fasteners as a result of the rise in vehicle recalls due to fastener failures; growing demand for self-tapping and self-locking fasteners as a result of the shift towards automotive lightweighting, and development of shape memory alloys and polymers as a new class of smart materials for fasteners.

As stated by the new market research report on Automotive Fasteners, Asia-Pacific represents the largest market worldwide. The region also ranks as the fastest growing market with a CAGR of 5.8% over the analysis period led by the emergence of the region as the world’s largest auto production hub forecast to account for over 44% of world production of automobiles by the year 2020. Other major factors driving growth in the region include stable automobile demand, sales and production trends; rising vehicle PARC/density and maintenance load of aging vehicles. Projected to account for over 67% of the world middle class population by 2030, Asia-Pacific ranks as an important market for automotive technologies including fasteners.    

Major players in the market include ARaymond, Acument® Global Technologies, Bulten AB, ContMid Group, Illinois Tool Works Inc., Koninklijke Nedschroef Holding N.V., LISI Automotive, NIFCO Inc., Penn Engineering, Permanent Technologies Inc., PHILLIPS SCREW COMPANY, Rocknel Fastener Inc., STANLEY Engineered Fastening, TR Fastenings, and Westfield Fasteners Limited, among others.

The research report titled “Automotive Fasteners: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The single segment report provides market estimates and projections for all major geographic markets such as the USA, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest of Latin America), and Rest of World.

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