Albany, NY -- (SBWIRE) -- 05/08/2018 -- Automotive fasteners are mechanical components which join or fasten two or more parts of the vehicle. Automotive fasteners provide non-permanent joints and enable the parts of the vehicle to be assembled and dissembled repeatedly, without causing any damage to the part. Automotive fasteners are made of various materials such as stainless steel, iron, aluminum, brass, nickel, and plastic. Automotive fasteners are customized in various designs, shapes, and coatings, and prevent wobbling and leakage in joints.
Rapid rise in production of automotive vehicles is anticipated to boost the automotive fasteners market. Increase in automotive vehicle sales owing to increase in population and improved standard of living is expected to propel the automotive fasteners market during the forecast period. Advancements in automotive technology and improvement in material quality have augmented the endurance of products, which has led to the manufacture of superior quality fasteners. This is expected to propel the automotive fasteners market during the forecast period. Presence of major substitutes such as welding and clinching is anticipated to restrain the automotive fasteners market. Rise in unibody vehicle framing lay off mechanical joining components. This is expected to hamper the likes of automotive fasteners market during the forecast period.
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The automotive fasteners market can be segmented based on product type, fasteners type, vehicle type, characteristics, sales channel, and region. Based on product type, the automotive fasteners market can be segregated into two segments. In terms of product type, the threaded fasteners segment holds a prominent share of the market, as compared to the other segment. Threaded fasteners have internal or external screw threads and are usually utilized for the assembly of multiple parts and facilitate disassembly in vehicles.
Based on fasteners type, the automotive fasteners market can be segmented into four type. Screw segments holds major market share as compared to others fasteners type. This is due to usage and function of joining things together by being rotated so that it pierce material and is held tightly in place.
Based on vehicle type, the automotive fasteners market can be classified into passenger vehicles and commercial vehicles. The passenger vehicles segment accounts for a major share of the market, as compared to the commercial vehicle segment. This is due to the increase in production and sales of passenger vehicles. Rise in sales for personal cars and decline in car loan rates are anticipated to boost the passenger vehicle segment.
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In terms of characteristics, the automotive fasteners market can be classified into three segments. The semi-permanent segment accounts for a major share of the global automotive fasteners market owing to its wide usage in various components and accounts for a major share of aftermarket sales.
Based on sales channel, the automotive fasteners market can be divided into two segments. The original equipment manufacturers (OEMs) segment holds a major share of the global automotive fasteners market owing to increased vehicle sales. Automotive fasteners are employed in almost every part of the vehicle, this in turn is anticipated to boost the OEMs segment during the forecast period.
In terms of geography, the automotive fasteners market can be segmented into five regions. Asia Pacific accounts for a major share of the global automotive fasteners market due to the expansion of the automotive sector, leading to an increased production of vehicles with automotive fasteners, especially in China, India, Japan, and South Korea. Rising sales of vehicles, owing to availability of inexpensive land and labor in the region is likely to drive the automotive fasteners market during the forecast period.
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Key players operating in the global automotive fasteners market include Permanent Technologies, Inc., The Phillips Screw Company. Fastener Technology, Shamrock International, Atotech, Shanghai Tianbao Fastener Manufacturing Co., Ltd., Stanley Engineered Fastening, Jiangsu Xing Chang Jiang International Co., Ltd., Acument Global Technologies, Nifco Inc., KOVA Fasteners Pvt Ltd., Westfield Fasteners Limited, Bulten AB, APL, Birmingham Fastener and Supply Inc., and Bufab India Fasteners Pvt. Ltd.