Mechanical parts that enable to bind two or more parts of a vehicle are known as automotive fasteners. Such products do not fasten permanently thus allowing parts of the vehicle to assembled or dismantled without damaging any part. Different materials, namely iron, stainless steel, aluminum, nickel, brass, and plastic are used to make automotive fasteners. The latter can be customized to produce different kinds of shapes and designs. Various coatings are used to thwart wobbling and leakage in joints.
At present the threaded fasteners, which have internal and external screw threads and find usage for both assembling and disassembling, are seeing surging demand in the automotive fasteners market. Threaded fasteners, apart from being comprised of screws which are witnessing maximum uptake, also consist of nuts, rivets, and studs. Depending upon characteristics, automotive fasteners are of three types: permanent, semi-permanent, and removable. Of them, semi-permanent holds most of the share in the market because of its widespread usage in a range of components.
Global Automotive Fasteners Market: Key Trends
At the forefront of driving demand in the global market for automotive fasteners is the massive production of automobiles in response to continuously soaring demand. In fact, demand has skyrocketed in the past couple of years on account of increased spending capacity of people and growing urbanization worldwide. Further, emergence of more advanced automotive technology and superior materials resulting in more cutting-edge automotive fasteners is also positively impacting the market. The easily replaceable nature of automotive fasteners egging consumers to purchase those for their vehicles is also positively impacting the aftermarket of automotive fasteners.
On the flipside, however, substitutes such as welding and clinching is stopping the market for automotive fasteners from reaching its full potential. Besides, rise in unibody vehicle framing lay off mechanical joining components is also hampering the market. Nevertheless, the market will rise steadily owing to surging car sales. Passenger vehicles, particularly, are contributing to it on account of the solid demand for personal cars and lowering rates for car loans. Commercial vehicles too are driving sales of automotive fasteners.
Global Automotive Fasteners Market: Regional Outlook
From a geographical standpoint, Asia Pacific leads the market for automotive fasteners, powered mainly by the large developing economies of India and China. Both production and consumption of passenger and commercial vehicles is high in the two regions on account of their large populations and their increasing wealth. While consumption is high on account of their fast developing economies which has uplifted millions out of poverty and provided them with money to splurge on better lifestyle, production is also high because of cheaper land and labor. Other ley nations in the region are South Korea and Japan.
Global Automotive Fasteners Market: Competitive Dynamics
Some of the prominent players in the market for automotive fasteners are The Phillips Screw Company, Permanent Technologies, Inc., Fastener Technology, Atotech, Shanghai Tianbao Fastener Manufacturing Co., Ltd., Shamrock International, Stanley Engineered Fastening, Acument Global Technologies, Jiangsu Xing Chang Jiang International Co., Ltd., Nifco Inc., KOVA Fasteners Pvt Ltd., Bulten AB, Westfield Fasteners Limited, APL, and Birmingham Fastener and Supply Inc.