Automotive Fastener Market Size By Product (Threaded [Nuts, Bolts, Washers], Non-threaded), By Materials (Steel, Plastics), By Characteristic (Permanent, Non-permanent), By Distribution (Automotive OEM, Aftermarket), By Application (Passenger Car, Light C

Automotive Fastener Market Size By Product (Threaded [Nuts, Bolts, Washers], Non-threaded), By Materials (Steel, Plastics), By Characteristic (Permanent, Non-permanent), By Distribution (Automotive OEM, Aftermarket), By Application (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028

The automotive fasteners market is estimated to expand at a sturdy pace by 2028 on account of the rapidly expanding automotive industry around the world. In addition, prevalent adoption of lightweight automotive materials to reduce vehicle weight is likely to foster market growth over the forecast period.

Modern automobiles require advanced materials to improve fuel economy while retaining safety and performance. Lightweight materials have a lot of potential for improving vehicle efficiency because it requires less energy to accelerate a lighter item than a heavy one. Favorable environmental regulations to reduce emissions have augmented industry expansion.

Furthermore, companies have been engaging in lucrative strategies to tap into emerging trends in the market, which has positively impacted the overall business landscape. For instance, in June 2021, SFS Group AG, a leading manufacturer of mechanical fastening systems, announced the acquisition of Jevith A/S, a prominent supplier of fastening solutions. The deal enabled SFS to expand its fastening portfolio across Denmark.

To cite another instance, in March 2021, KAMAX Holding GmbH & Co. KG, a key manufacturer of fasteners for the mobility industry, acquired a majority stake in Robert Schröder Group, a global producer of precision parts. With the agreement, KAMAX expanded its product portfolio in novel applications and areas, such as e-drives and e-bikes.

The automotive fasteners market has been segregated on the basis of application, product, distribution channel, materials, characteristics, and region. In terms of product, the market has further been divided into non-threaded and threaded. The non-threaded sub-segment is set to expand at a CAGR of more than 5% between 2022 and 2028.

From the materials perspective, the automotive fasteners market has been categorized into plastic, steel, and others. The plastic sub-segment is speculated to grow at around 5% CAGR through the forecast period to reach a considerable valuation by 2028.

With respect to characteristics, the market has been divided into non-permanent and permanent. The permanent sub-segment is projected to record a share of approximately 30% in the automotive fasteners market by the end of 2028.

From the application point of view, the automotive fasteners market has been bifurcated into HCV, PC, and LCV. The HCV sub-segment is anticipated to develop at a robust pace over the review timeline to reach around USD 1 billion valuation by the end of 2028.

On the regional front, the Middle East & Africa automotive fasteners market is poised to exceed USD 530 million in revenue by the end of 2028, growing at a solid CAGR through the forecast timeframe.