June 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 projected to expand at robust CAGR through 2026.
Increasing production of automobiles is a major factor driving the growth of automotive fastener market. A fastener is a hardware that is used to hold components and materials together. It is employed widely across various applications such as machineries, infrastructure, automobile and construction.
Fasteners are efficient way of connecting objects since they can be detached easily. Automotive fasteners are used during vehicle assembly and are designed as per the mask or model of the vehicles.
As per the product spectrum, threaded fastener market segment is expected to register significant growth during the analysis timeframe. The product can be easily installed or removed since it comprises of internal as well as external screw threads. Prevalent threaded fasteners are screws which are cylindrical metal pieces with external threading. Moreover, nuts which are threaded internally are used in combination with bolt to connect two or more objects.
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Based on material type, plastic fasteners segment is predicted to record momentous growth during the study period, on account to their popularity across automotive industry. Plastic is not only non-conductive in nature, but also offers high resistance to acid, chemicals, water and humidity. These properties help in reducing the maintenance issues in vehicles.
Regionally, Latin America accounted for 5% volume share in worldwide automotive fastener market in 2019 and is poised to amass healthy returns in the forthcoming years. On the other hand, Middle East & Africa automotive fastener industry is anticipated to record a y-o-y growth rate of 3% through 2026.
Westfield Fasteners Ltd., Changshu City Standard Parts Factory, Sterling Tools Ltd., Meidoh Co. Ltd., KOVA Fasteners, Bulten AB, Illinois Tools Work Inc., SFS Group AG, Shanghai Prime Machinery Co. Ltd., Sundram Fasteners Ltd., Agrati, Fontana and Kamax Group are the key participants in global automotive fastener industry.