Automotive fasteners are a type of hardware used to secure parts of an automobile, such as panels, trim, and engines. They come in various sizes, shapes, and materials and play a crucial role in maintaining the integrity and stability of vehicles. The COVID-19 pandemic has had a significant impact on the automotive fastener market.
The decrease in vehicle production and overall economic slowdown caused by the pandemic has resulted in decreased demand for automotive fasteners. Supply chain disruptions, increased costs of production, and transportation difficulties have also impacted the market. However, the demand for automotive fasteners for essential vehicles and repair and maintenance services has remained relatively stable. The market is expected to recover gradually as the global economy stabilizes and vehicle production picks up pace.
According to MRFR analysis, the global Automotive Fasteners market is expected to register a CAGR of ~7% from 2022 to 2030 and hold a value of over USD Â 38 billion by 2030.
Regional Analysis
The Asia-Pacific region is expected to offer significant growth opportunities for the automotive fastener market. The region is home to some of the largest automobile manufacturers and suppliers, such as China, Japan, and South Korea. The increasing demand for vehicles, driven by factors such as population growth and urbanization, is expected to drive the demand for automotive fasteners in the region. Additionally, the growing demand for lightweight and high-strength fasteners to meet fuel efficiency and emission regulations is expected to further drive the demand for automotive fasteners in the Asia-Pacific region.
Market Segmentation
The Global Automotive Fasteners market has been segmented into type, application, and sales channel.
Based on the type, the market has been segmented into threaded and non-threaded.
Based on the application, the market has been segmented into steel, aluminum, brass, nickel, plastic, and copper.
Based on the sales channel, the market has been segmented into OEM and Aftermarket.
Key Players
Some of the key market players are The Philips Screw Company, Permanent Technologies Inc., Atotech, KAMAX, Lisi Group, SFS Group, Fontana Gruppo, Shanghai Tianbao Fastener International, Nifco Inc., KOVA Fasteners Pvt. Ltd., Bulten AB, Westfield Fasteners Limited.
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