September 03, 2020
According to the research report titled ‘Automotive fastener Market Size By Product, By Materials, By Characteristic, By Distribution, By Application Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report LLC, global automotive fastener market is expected to experience exponential growth during 2020-2026.
Growing vehicle production and inclination towards adopting lightweight components to reduce vehicle are major factors expected to drive the growth of global automotive fastener market in forecast period. For the record, fasteners are used to hold materials together and find applications in construction, automobiles, machineries, household appliances, and other items that need assembly.
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Fasteners are preferable way to connect objects as they can be detached easily when needed. Automotive fasteners are designed specific to models of vehicles.
With regards to product type, automotive fastener market is classified into non-threaded and threaded. Threaded fasteners can easily be installed or removed and have either internal or external screw threads. Screw is the prevalently used threaded fastener. Another type of threaded fastener is nut, which is used along with bolt in order to link two or more objects.
With respect to materials, the market is categorized into steel, plastic, and others. Among these, plastic fasteners segment is gaining modest attention from the automotive industry, as plastic has high tolerance towards water and humidity, is non-conductive, and is chemical & acid resistant.
Based on regional overview, LATAM automotive fasteners market contributed 5% share to overall revenue in 2019 and is likely to continue the same trend during the forecast period. Similarly, MEA automotive fastener market is estimated to witness 3% CAGR during 2020-2026.
Key players operating in global automotive fastener market are Gruppo Fontana S.r.l., Changshu City Standard Parts Factory, Shanghai Prime Machinery Company Limited, Meidoh Co. Ltd., Sterling Tools Limited, Kamax Group, Bulten AB, Sundram Fasteners Limited, Westfield Fasteners Limited, Illinois Tool Works Inc., SFS Group AG, and Agrati Group.