Automotive Fasteners Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 60.38 Billion |
| Market Size (2029) | USD 74.22 Billion |
| CAGR (2024 - 2029) | 4.13 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Automotive Fasteners Market Analysis
The Automotive Fasteners Market size is estimated at USD 60.38 billion in 2024, and is expected to reach USD 74.22 billion by 2029, growing at a CAGR of 4.13% during the forecast period (2024-2029).
Currently, the automotive fasteners market is valued at USD 60.38 billion and is expected to reach USD 74.22 billion over the next five years, registering a solid CAGR of 4.13% during the forecast period.
The COVID-19 pandemic hindered the growth of the automotive industry across the world. Asia-Pacific, being the largest exporter of automotive fasteners, was deeply affected during the crisis. The disruptions in supply chain activities, the interruption in large-scale manufacturing, and restrictions on travel resulted in the slowdown of the market.
After 2021, the market recovered knowingly well owing to ease in supply chain capabilities with a decrease in the infection rate of the COVID-19 virus. In addition, production capabilities also improved, showcasing immense growth potential in the market.
The market witnessed a steady recovery due to various factors, including growing vehicle production, shifting focus toward lightweight vehicles, and the increasing use of electric vehicles. Moreover, manufacturers are also shifting from standard fasteners to customized fasteners, and this new development will also drive this market.
Vehicle maintenance companies and MRO service providers are key nodes involved in the automotive fasteners business, elevating the demand. With the increase in aftermarket maintenance and service activities for commercial and passenger vehicles, demand for automotive fasteners will also surge in the coming assessment period.
Furthermore, mechanical advancements and enhancement in the quality and sturdiness of fasteners are other elements anticipated to boost demand in the market. In addition, the surging demand for lightweight vehicles and their stability is expected to boost inclination toward automotive fasteners over welding.
Asia-Pacific is estimated to be the largest market for automotive fasteners, followed by Europe, during the forecast period, owing to the large production and sales of vehicles in the region. Manufacturers are shifting from standard parts to customized parts, which is likely to drive the demand for customized fasteners in Asia-Pacific.
Automotive Fasteners Market Trends
Vehicle Sales to Fuel the Demand for Iron Fasteners
Car sales across the world increased to around 67.2 million automobiles in 2022, up from around 66.7 million units in 2021. In 2020 and 2021, a faltering global economy caused the industry to experience a downward trend. In 2022, COVID-19 and the Russia-Ukraine War contributed to shortages in the automotive semiconductor market and additional supply chain disruptions. Despite these challenges, sales growth was anticipated in 2023.
Factors such as growing vehicle production and major countries across the world opting for several government initiatives promoting e-mobility are facilitating the growth of the market. However, the impact of the pandemic has resulted in slow growth. Further, fastener manufacturers are aiming for key mobility partners like BMW, Volkswagen, Opel, Fiat, etc., to maintain a strong supply of their fasteners during production.
The most usual kind of fasteners include nuts, washers, and bolts. Among these, nuts are expected to be the fastest-growing threaded fasteners, registering significant growth over the forecast period. Nuts are used in vehicle conjunctions in combination with bolts and sometimes with washers to fasten several parts collectively. These fasteners stay and adjoin together by grouping their inner linings.
Furthermore, increased demand for metal-to-metal fastening in vehicles has elevated the demand for detachable fasteners. This is attributed to the ease and flexibility offered by this fastener during their installation while attaching two metal pieces to vehicles. Moreover, this has helped automakers as well who are facing challenges with loosed bolts and fasteners fitting in the vehicles. These fasteners allow them to repair and replace the fitting to provide perfect fitting over the parts/components.
Moreover, the growing demand for vehicles may provide lucrative opportunities for market players during the forecast period. In addition, as manufacturers shift from standard fasteners to customized fasteners, this new development may drive vehicle sales and market demand.
Asia-Pacific to Exhibit the Highest Growth Rate During the Forecast Period
Asia-Pacific is projected to account for a notable share of the automotive fasteners market due to an increase in the sales of vehicles across the region. Rising demand for fuel-efficient vehicles across Asia-Pacific is likely to drive the automotive fasteners market in the region. An increase in the aftermarket sales of vehicle fasteners across the world may also boost demand for the automotive fasteners market in the region.
The market growth in this region is also attributed to the surging production of vehicles and increasing aftermarket sales of vehicle fasteners. Japan, China, and India are booming in the market due to the presence of automobile giants like Toyota, Suzuki, Mahindra & Mahindra, Isuzu, Dongfeng, SAIC Motor, and TATA Motors.
Asia-Pacific has been driving the demand for automotive fasteners on the rocks of economies of agglomeration. With the presence of almost all top automotive manufacturers and service providers, the region is also supplying immense growth potential for new entrants.
India is one of the major automobile exporters, and strong export growth is expected in the near future, as seen in its present mobility expansion projects. The automotive industry received a cumulative FDI inflow of approximately USD 30.78 million between April 2000 and September 2021. The Government of India expected the industry to attract USD 810 million in domestic and foreign investment by 2023.
During FY 2021-2022, a total of 3,069,499 passenger vehicles were sold in India, an increase from 2,711,457 in the previous years. Comparing April 2021 to March 2022, passenger car sales fell from 1,541,866 to 1,467,056 units, while utility vehicle sales rose from 1,060,750 to 1,489,178 units. Companies are witnessing orders from key OEMs across India for the supply of parts and components, including fasteners. For instance:
In January 2023, Sundram Fasteners Ltd, a Chennai-based fastener manufacturer, bagged an order worth USD 250 million from an EV OEM under a six-year-long purchase order.
Additionally, the advancing government guidelines for the use of reduced vehicle weight have led to improvements in technologies for producing durable and lightweight components in the region. Therefore, all these aforementioned factors are likely to contribute to the overall development of the market in Asia-Pacific during the forecast period.
Automotive Fasteners Industry Overview
The market for automotive fasteners is highly competitive, with a few players, such as Bossard Group, Stanley Black & Decker Inc., and KAMAX Holding GmbH & Co., dominating the market. These companies collectively account for a major share of this market.
The players in the market have adopted various strategies to diversify their presence globally and increase their market shares. The companies should focus on introducing more innovative products, mainly lightweight fasteners, as the demand for lightweight vehicles is increasing worldwide. Players are carrying out strategic mergers and acquisitions in order to extend their market foothold.
- March 2022: Birmingham Fastener & Supply Company Inc. acquired K-T Bolt Manufacturing Inc. Through this acquisition, the company strengthened Birmingham Fastener's product offering and manufacturing diversity.
Automotive Fasteners Market Leaders
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Bossard Group
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Stanley Black & Decker Inc.
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KAMAX Holding GmbH & Co.
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LISI Group
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Indiana Automotive Fasteners Inc. (Aoyama Seisakusho Co., Ltd.)
*Disclaimer: Major Players sorted in no particular order
Automotive Fasteners Market News
- September 2022: BultenAB and Polestar collaborated to develop a climate-neutral electric car by the year 2030. In this collaboration, BultenAB will supply climate-neutral and highly functional fasteners.
- April 2022: Birmingham Fastener & Supply Company Inc. acquired Champion Sales and Manufacturing Inc., one of the leading rubber gasket companies based in Magnolia, Texas. Through this acquisition, Birmingham Fastener & Supply Company Inc. is expected to enhance its product offering and manufacturing diversity across Texas.
Automotive Fasteners Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Vehicle Sales to Fuel Fastener Demand
4.1.2 Others
4.2 Market Restraints
4.2.1 Increasing Electric Vehicle Sales to Hinder the Growth
4.2.2 Others
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value USD Million)
5.1 Fastener Type
5.1.1 Threaded
5.1.2 Non-Threaded
5.2 Vehicle Type
5.2.1 Commercial Vehicles
5.2.2 Passenger Cars
5.3 Propulsion
5.3.1 IC Engine Vehicles
5.3.2 Electric Vehicles
5.4 Function Type
5.4.1 Detachable
5.4.2 Non-detachable
5.5 Material Type
5.5.1 Iron
5.5.2 Steel
5.5.3 Aluminum
5.5.4 Brass
5.5.5 Plastic
5.6 Geography
5.6.1 North America
5.6.1.1 United States
5.6.1.2 Canada
5.6.1.3 Rest of North America
5.6.2 Europe
5.6.2.1 Germany
5.6.2.2 United Kingdom
5.6.2.3 France
5.6.2.4 Italy
5.6.2.5 Rest of Europe
5.6.3 Asia-Pacific
5.6.3.1 India
5.6.3.2 China
5.6.3.3 Japan
5.6.3.4 South Korea
5.6.3.5 Rest of Asia-Pacific
5.6.4 Rest of the World
5.6.4.1 South America
5.6.4.2 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Bulten AB
6.2.2 Shanghai Tianbao Fastener Manufacturing Company Limited
6.2.3 Westfield Fasteners Limited
6.2.4 The Phillips Screw Company
6.2.5 KOVA Fasteners Private Limited
6.2.6 KAMAX Holding GmbH & Co. KG
6.2.7 LISI Group
6.2.8 Illinois Tool Works Inc.
6.2.9 The SFS Group AG
6.2.10 Nifco Inc.
6.2.11 Jiangsu Xing Chang Jiang International Co. Ltd
6.2.12 Bossard Group
6.2.13 Stanley Black & Decker Inc.
6.2.14 Indiana Automotive Fasteners Inc. (Aoyama Seisakusho Co. Ltd)
6.2.15
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Fasteners Industry Segmentation
Automotive fasteners include nuts, bolts, screws, retainers, spring clips, and washers. The main types of automotive fasteners are nuts, bolts, and washers.
The automotive fasteners market is segmented by fastener type, vehicle type, vehicle propulsion type, function, material type, and geography. By fastener type, the market is segmented as threaded and non-threaded. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By vehicle propulsion type, the market is segmented into IC engine vehicles and electric vehicles. By function, the market is segmented into detachable and non-detachable. By material type, the market is segmented into iron, steel, aluminum, brass, and plastic. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
The market sizes and forecasts for the market are provided in terms of value (USD) for all the above segments.
| Fastener Type | |
| Threaded | |
| Non-Threaded |
| Vehicle Type | |
| Commercial Vehicles | |
| Passenger Cars |
| Propulsion | |
| IC Engine Vehicles | |
| Electric Vehicles |
| Function Type | |
| Detachable | |
| Non-detachable |
| Material Type | |
| Iron | |
| Steel | |
| Aluminum | |
| Brass | |
| Plastic |
| Geography | |||||||
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Automotive Fasteners Market Research FAQs
How big is the Automotive Fasteners Market?
The Automotive Fasteners Market size is expected to reach USD 60.38 billion in 2024 and grow at a CAGR of 4.13% to reach USD 74.22 billion by 2029.
What is the current Automotive Fasteners Market size?
In 2024, the Automotive Fasteners Market size is expected to reach USD 60.38 billion.
Who are the key players in Automotive Fasteners Market?
Bossard Group, Stanley Black & Decker Inc., KAMAX Holding GmbH & Co., LISI Group and Indiana Automotive Fasteners Inc. (Aoyama Seisakusho Co., Ltd.) are the major companies operating in the Automotive Fasteners Market.
Which is the fastest growing region in Automotive Fasteners Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Fasteners Market?
In 2024, the Asia-Pacific accounts for the largest market share in Automotive Fasteners Market.
What years does this Automotive Fasteners Market cover, and what was the market size in 2023?
In 2023, the Automotive Fasteners Market size was estimated at USD 57.89 billion. The report covers the Automotive Fasteners Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Fasteners Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Fasteners Industry Report
Statistics for the 2024 Automotive Fasteners market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Automotive Fasteners analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
