Automotive Fastener Market by Characteristics (Removable, Permanent, Semi-Permanent), Products (Threaded, Non-Threaded), Material Type (Stainless Steel, Plastic, Aluminum), Application, Electric Vehicle Type, and Region - Global Forecast to 2025
Northbrook, IL -- (SBWIRE) -- 06/25/2018 -- The global automotive fastener market is projected to grow from an estimated USD 21.45 Billion in 2018 to USD 25.30 Billion by 2025, at a CAGR of 2.39% from 2018 to 2025. The market is anticipated to grow owing to various reasons such as the growing vehicle production, shifting focus toward lightweight vehicles, and the increasing use of electronics in vehicles. Moreover, manufacturers are also shifting from standard fasteners to customized fasteners, and this new development will also drive the automotive fastener market.
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The removable fastener segment, by characteristics, is estimated to be the largest segment in the Automotive Fastener Market
Removable automotive fasteners enable the parts to be disconnected readily without any damage. These fasteners contribute the maximum share in the total number of fasteners used in an automobile. Removable automotive fasteners such as nuts, bolts, and studs can be installed and removed easily with the help of hand tools or power tools. These types of fasteners have a long life and can be used multiple times. The penetration of removable fastener in automobiles is high due to its properties.
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The plastic fastener segment, by material type, is estimated to be the fastest growing segment of the Automotive Fastener Market
The market for plastic fastener is estimated to have the highest growth due to the increasing need to reduce vehicle weight. The increasing demand for automobile weight reduction and fuel efficiency will reduce the use of metals such as stainless steel and iron and will increase the use of lightweight materials like plastic, which are the growth drivers for the plastic fastener segment in future.
Asia Pacific is estimated to be the largest market for the automotive fasteners
The study considers countries such as China, Japan, India, and South Korea in the Asia Pacific region. The increasing production of vehicles in China, Japan, and India and the growing demand for electric vehicles, especially in China and Japan, are expected to drive the Automotive Fastener Market in the region. The government regulations for lightweight vehicles have led to advancements in technology for manufacturing lightweight and durable products in the region. Also, manufacturers are shifting from standard parts to customized parts, which will drive the demand for customized fasteners in the Asia Pacific region.
The study covers all the major players in the Automotive Fastener Market, including established players such as Bulten AB (Sweden), KAMAX (Germany), Sundram Fasteners (India), Stanley Black & Decker (US), Shanghai Prime Machinery Company (China), SFS Group (Switzerland), and Lisi Group (France). These companies collectively account for a major share of the Automotive Fastener Market. The report also comprises a few other players such as Meidoh Co. (Japan), Nipman Fasteners (India), Piolax (US), Westfield Fasteners (UK), Fontana Gruppo (Italy), Bollhoff (Germany), Nedshroef (Netherlands), Nifco Group (Japan), Boltun Corporation (Taiwan), Chanshu City Standard Parts (China), Wurth Group (Germany), and Simmonds Marshall (India)
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