The global automotive fastener market is growing substantially at a 2.78% CAGR during the forecast period 2021-2027 owing to the rising number of vehicle sales and production. The primary purpose of automotive fasteners is to keep vehicle parts together in order to prevent separation and leakage from joints. Owing to urbanization, there is an increase in disposable income among consumers and a change in lifestyle, resulting in increased demand for passenger vehicles that drives the growth of the automotive fastener market. Mechanical innovations, as well as improvements in the quality and sturdiness of fasteners, are expected to raise market demand.

The growing demand for reduced weight of vehicles while keeping stability is likely to increase customer preference for automotive fasteners over welding, allowing the market to expand. The developed electronic components like sensors, high-frequency signals, advanced trims, etc need various fasteners for fitting, which will accelerate the growth of the automotive fasteners market. Manufacturers are also moving away from standard fasteners and are focusing on customized fasteners, which will fuel the industry.

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In January 2021, Bulten's subsidiary PSM Fasteners Taiwan Ltd has opened a new production plant in Taipei, Taiwan. Bulten has enhanced its position as an international supplier of fastener solutions and set excellent circumstances for managing future expansion with the opening of the new facility.

The COVID-19 outbreak has hampered the development in the automotive sector worldwide. The market has declined as a result of delays in supply chain activity, large-scale industrial interruptions, and travel restrictions. However, due to the resumption of industrial operations across the globe following the pandemic, the automotive fastener market is predicted to rise optimistically during the forecast period.

The plastic fasteners segment is anticipated to have a substantial growth during the projected period owing to the mounting demand for lightweight vehicles so as to enhance fuel efficiency. By reducing the use of metals like iron and stainless steel, the vehicle's weight will be reduced. This will increase the use of lightweight materials like plastic, which will lead to an increase in demand for plastic fasteners.

Asia-Pacific dominates the automotive fastener market followed by Europe owing to increased production and sale of automobiles and rising demand for fuel-efficient vehicles. China is the world's largest vehicle producer and one of the leading fastener users, contributing to the region's market growth. Furthermore, government laws and guidelines for lightweight cars have encouraged technological advancements in the region to produce durable and lightweight products.

Some of the major players in the global automotive fasteners market include Bulten AB, KAMAX, Sundram Fasteners, Illinois Tool Works Inc., Westfield Fasteners Limited, Lisi Group, STANLEY® Engineered Fastening, Shanghai Prime Machinery Co., Ltd., SFS Group, and MEIDOH Co., LTD.

Source: VynZ Research