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Automotive Fasteners Market Size, Share & COVID-19 Impact Analysis, By Type (Threaded, Non-threaded), By Material (Metal, Plastic), By Characteristic (Permanent, Removable), By Vehicle Type (Passenger Car, Commercial Vehicle), and Regional Forecasts, 2023-2030

Region : Global | Format: PDF | Report ID: FBI107700

 

KEY MARKET INSIGHTS

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The global automotive fasteners market size was valued at USD 22.12 billion in 2022 and is projected to grow from USD 22.99 billion in 2023 to USD 33.82 billion by 2030, at a CAGR of 5.67% during the 2023-2030 forecast period. The growing demand for passenger and commercial vehicles is expected to fuel the market growth. 


Automotive fasteners clamp various vehicle parts together to avoid wobbling, leak prevention of joints, and transmit loads. It includes bolts, nuts, screws, retainers, spring clips, and washers. Each fastener is designed in such a way that it supports specific automotive requirements. Depending on their usage, it can be made from metal or plastic. They can also be divided based on their type and characteristic such as threaded or non-threaded and permanent or temporary.


With increasing spending in automotive production facilities, the rapidly growing automotive industry is expected to surge the demand for fasteners over the forecast period. The growing demand for electric vehicles and supportive government initiatives for producing electric cars support global automotive fasteners industry growth. The COVID-19 pandemic significantly impacted fastener demand due to reduction in production and sales of vehicles during the pandemic. The COVID-19 restrictions also halted production activities in many regions, negatively impacting the automotive fasteners market growth.


COVID-19 IMPACT 


Reduction in Manufacturing Activities and Sales of Vehicles Negatively Impacted Market Growth


The COVID-19 pandemic adversely affected the automobile production industry, with key manufacturers shutting down their operations entirely or partially due to quarantine restrictions. For instance, according to the International Organization of Motor Vehicle Manufacturers, the production of vehicles in 2020 declined by 15.7% compared to 2020. From 2020 through 2021, the automotive industry started recovering from the pandemic, but semiconductor shortages and supply chain bottlenecks limited production activities. Decline in manufacturing activities has resulted in the reduced demand for various automotive components, including fasteners.


The increase in raw material prices post-pandemic has significantly impacted the raw material-intensive fasteners market. Raw materials account for around 60-70% of the total production cost of fasteners.



  • For instance, as of July 2021, flat steel stood 134% higher than in 2020. This price increase reported maximum elevation in the last two decades in the steel market.    


The decreased demand for vehicles from consumers during the pandemic is another factor affecting the demand for fasteners.



  • For instance, according to OICA, vehicle sales in 2020 reduced by around 10 million compared to 2019. The number of vehicles sold in 2020 was 53.91 million compared to 64.04 million in 2019.  


LATEST TRENDS


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Growing Adoption of Electric Vehicles to Fuel the Demand for Automotive Fasteners 


The surging adoption of Electrical Vehicles (EVs) is creating a significant opportunity for the fasteners industry, as many fasteners are required to manufacture EVs. EV manufacturers are focusing on cost-effective fasteners to reduce and optimize manufacturing costs. Suitable fasteners are the major consideration for lightweight EV batteries to maximize their performance and reduce energy consumption. There has been significant investment being made in EVs by government authorities and private players.  



  • For instance, in December 2022, Mahindra and Mahindra, an Indian automaker, invested USD 1.2 billion to set up a new EV manufacturing plant in Pune, India. This investment will help the company manufacture its new plant's upcoming Battery Electric Vehicles (BEVs) range such as XUV 700.


 Fasteners are not only playing a key role in EV batteries but also in charging units, EV battery casing, and general infrastructure equipment. Thus, manufacturers are closely working with battery module manufacturers to ensure functional coatings for fasteners to protect them from corrosion. 


DRIVING FACTORS


Growing Demand for Lightweight Vehicles to Drive Market Growth


The increasing adoption of lightweight vehicles and high-durability products supports market growth. Supportive government initiatives for developing light cars are further supporting market expansion. For instance, in October 2020, the U.K. Government’s Department for Business, Energy and Industrial Strategy (BEIS) awarded support to Lotus Group, a U.K.-based auto-maker, to develop Lightweight Electric Vehicle Architecture. This funding is aimed at developing lightweight electric vehicles in the U.K.    


The shifting focus toward lightweight vehicles is another factor supporting the market growth. Light vehicles help to increase fuel efficiency significantly. American automakers are emphasizing a reduction in the weight of vehicles to support the 2025 CAFE (Corporate Average Fuel Economy) mandate, which requires new cars and trucks to achieve an average of 55 miles per gallon. As steel remains the most dominant raw material used for vehicle production, many component manufacturers are shifting toward aluminum and plastic. Lightweight fasteners are the key factors for developing lightweight vehicle structures. They are used in various automotive components such as the body, chassis, powertrain, and interior.  


Rising Vehicle Production Post COVID-19 to Aid Market Proliferation


The growing vehicle production after the pandemic has resulted in increased demand for automotive fasteners. For instance, according to OICA, the number of vehicles produced in 2021 was around 80.15 million compared to 77.71 million in 2020. Vehicle production increased by 3.1% in 2021 as compared to 2020. The vast automotive production creates huge opportunities for the fasteners market. On average, a single passenger car manufacturing requires around 5,000 fasteners, while a medium or heavy truck manufacturing requires 5,710 fasteners. The increase in vehicle production has surged the demand for robust fasteners.


Advancements in the manufacturing process and the adoption of innovative technologies, such as IoT and Artificial Intelligence (AI), are also fueling market growth. Emerging countries, such as India and China, have been investing heavily in advanced manufacturing infrastructure. The growing proliferation of vehicle maintenance and MRO companies significantly impacts the global demand for automotive fasteners.


RESTRAINING FACTORS


Emergence of Alternatives to Hinder Market Augmentation


Market growth is limited by the emergence of alternatives such as welding, adhesives, and clinching of auto parts. Adhesive fasteners replace mechanical fasteners such as screws, nuts, bolts, and rivets. Adhesive fasteners reduce the material, labor and processing costs and optimize assembly labor time. Developing specialty fasteners can eliminate the mechanical fasteners required to develop structural applications such as automotive manufacturing.   


Rising raw material prices and supply chain disruptions are expected to restrict the demand for metal fasteners. Due to rising costs, automotive manufacturers are shifting toward plastic and other fastener alternatives. 


SEGMENTATION


By Type Analysis


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Rising Vehicle Sales to Boost the Demand for Threaded Fasteners


Based on type, the market is segmented into threaded and non-threaded.


The threaded segment held the highest market share in 2022. Growing automotive sales have resulted in increased demand for threaded fasteners. Threaded fasteners are usually preferred in removable chassis and engine parts which require regular maintenance.  


The non-threaded segment is expected to grow significantly over the forecast period due to increasing demand for lightweight vehicles. Non-threaded fasteners include washers, rivets, pins and rings. The need for non-threaded fasteners is growing across small vehicle components requiring less frequent maintenance.


By Material Analysis


Metal Segment to Dominate the Market Due to Better Mechanical Strength


Based on material, the market is divided into metal and plastic. 


The metal fastener segment is expected to hold the major automotive fasteners market share throughout the forecast period from 2023 to 2030. Metal fasteners have high mechanical strength and better mechanical resistance. The metal fasteners producers offer stainless steel fasteners that provide high resistance to corrosion and require low maintenance. 


The plastic fastener segment is expected to grow at the highest growth rate during the forecast period due to its lightweight nature and cost-effectiveness. Plastic fasteners are also non-corrosive in nature which reduces their maintenance cost. A plastic fastener does not conduct electricity, making it suitable for electric vehicles. The growing demand for lightweight fasteners is also fueling the growth of plastic fasteners.


By Characteristic Analysis


Removable Segment Held the Leading Market Share in 2022 due to Flexibility Offered by Detachable Automotive Parts


By characteristic, the market is categorized into permanent and removable.


The removable segment held the highest market share in 2022. Removable fasteners, such as screws and bolts, are used for applications where regular disassembly and reassembly is needed. They are easy to remove using hand tools or power tools without breaking. These types of fasteners have a long life as compared to permanent fasteners. The reusability of removable fasteners also makes them cost-effective. These properties are responsible for a major market share of removable fasteners.


The permanent segment is expected to grow significantly over the forecast period due to increasing adoption of advanced interiors in passenger cars. Permanent fasteners are majorly used in non-metallic parts of vehicles.


By Vehicle Type Analysis


Passenger Vehicle Held the Largest Market Share in 2022 due to Increasing Sales and Production of Passenger Cars


By vehicle type, the market is categorized into passenger car and commercial vehicle.


The commercial vehicle segment is expected to witness the highest growth rate during the forecast period due to increase in the production of commercial vehicles. For instance, according to OICA, the number of light commercial vehicles produced in 2021 were 18.59 million compared to 17.22 million in 2020. The production of commercial vehicles increased by 8% in 2021. The increased commercial vehicle production boosted the demand for fasteners required for production. Commercial vehicles require more fasteners as compared to passenger cars.


The passenger car segment held the major market share in 2022 due to growing demand for passenger cars across the globe. Stringent government regulations related to lightweight passenger cars are expected to fuel the need for plastic fasteners across the passenger car segment.


REGIONAL INSIGHTS


Asia Pacific Automotive Fasteners Market Size, 2022 (USD Billion)

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Well-established Automotive Industry in China and Japan to Propel Market Expansion in Asia Pacific


Regionally, the market is fragmented into North America, Europe, Asia Pacific, and the Rest of the World.


Asia Pacific dominated the fasteners market in 2022 due to growing investment in the automotive industry in the region. The automotive industry across China and Japan is well established as major vehicle companies have production facilities in these countries. Supportive government initiatives for developing automotive manufacturing facilities in developing countries, such as India, are expected to fuel market growth. The surging demand for EVs in the region is expected to create a huge opportunity for lightweight automotive fasteners.


North America is expected to witness significant market growth during the forecast period. The stringent government regulation related to vehicle mileage, such as the 2025 CAFE (Corporate Average Fuel Economy) mandate, is expected to propel the demand for lightweight fasteners in the region.


KEY INDUSTRY PLAYERS


Strategic Partnerships Adopted by Key Market Players to Sustain in the Growing Market Competition


Bulten AB was established in 1873 and headquartered in Sweden. Bulten AB offers high-quality fasteners with production facilities in seven countries, Sweden, Germany, the U.S., Poland, the U.K., Taiwan, and China. It provides SEMS fasteners, thread-forming screws, screws for plastics, self-aligning screws, fasteners with patches, weld fasteners, functional fasteners, nuts, and special fasteners.



  • For instance, in April 2022, Bulten AB signed a Full-Service Provider (FSP) contract with the global automotive manufacturer to supply fasteners for a new European electric vehicle program. The contract size was USD 7.17 million.


Stanley Black & Decker, Inc. was established in 1843 in the U.S. The company offers hand tools, power tools, outdoor products and related accessories, and engineered fastening systems & products.



  • In September 2021, Stanley Black & Decker entered into a definitive agreement with Excel Industries for USD 375 million in cash. This acquisition helped the company to enhance its production capabilities.


Sundram Fasteners Limited was established in 1966 and is headquartered in India. The company manufactures critical, high precision components for the automotive, infrastructure, and aviation sectors. The company offers automotive fasteners for a variety of customers.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • June 2022: Sundram Fasteners Limited announced an investment of USD 48.43 million to develop fasteners and defense in the next two years. This investment is expected to fuel the company’s market growth in the automotive fasteners industry.

  • May 2022: Navitas Capital acquired the controlling interest in MULTIFIX Group, a technical supplier of fasteners. This initiative helped the MULTIFIX Group to support the company’s growth strategy.

  • October 2021: Böllhoff Group acquired the worldwide HELICOIL trademark from Stanley Engineered Fastening to enhance its capabilities in the North America region for automotive repair and non-automotive application.

  • October 2021: PennEngineering expanded its presence by launching its PEM in Tokyo, Japan. This expansion helped the company to enhance its global presence.

  • September 2021: Center Rock Capital Partners, LP’s industrial fastener distribution platform LINC Systems, LLC (LINC), acquired Air-O Fasteners (Air-O), a distributor of fastening equipment. This acquisition helped LINC Systems, LLC to expand its presence in the Western U.S


REPORT COVERAGE


An Infographic Representation of Automotive Fasteners Market

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The global automotive fasteners market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, end-users, design, and technology. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market in recent years.


Report Scope & Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 5.67% from 2023 to 2030



Unit



Value (USD Billion)



By Type




  • Threaded

  • Non-threaded



By Material




  • Metal

  • Plastic



By Characteristic




  • Removable

  • Permanent



By Vehicle Type




  • Passenger Car (PC)

  • Commercial Vehicle



By Geography




  • North America (By Type, By Material, By Characteristic, By Vehicle Type)



  • U.S. (By Type, By Material, By Characteristic, By Vehicle Type)

  • Canada (By Type, By Material, By Characteristic, By Vehicle Type)

  • Mexico (By Type, By Material, By Characteristic, By Vehicle Type)



  • Europe (By Type, By Material, By Characteristic, By Vehicle Type)



  • Germany (By Type, By Material, By Characteristic, By Vehicle Type)

  • France (By Type, By Material, By Characteristic, By Vehicle Type)

  • U.K. (By Type, By Material, By Characteristic, By Vehicle Type)

  • Rest of Europe (By Type, By Material, By Characteristic, By Vehicle Type)



  • Asia Pacific (By Type, By Material, By Characteristic, By Vehicle Type)



  • China (By Type, By Material, By Characteristic, By Vehicle Type)

  • Japan (By Type, By Material, By Characteristic, By Vehicle Type)

  • India (By Type, By Material, By Characteristic, By Vehicle Type)

  • South Korea (By Type, By Material, By Characteristic, By Vehicle Type)

  • Rest of Asia Pacific (By Type, By Material, By Characteristic, By Vehicle Type)



  • Rest of the World (By Component, By Propulsion Type, By Vehicle Type)



Frequently Asked Questions

Fortune Business Insights market research reports say that the market was valued at USD 22.12 billion in 2022 and is projected to reach USD 33.82 billion b 2030.

The market is expected to register a CAGR of 5.67% during the forecast period 2023-2030.

Rise in adoption of lightweight vehicles is expected to boost the market growth.

Asia Pacific led the global market in 2022.

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