Automotive Fastener Market Report

Market Insights

“The global automotive fasteners market size was US$ 25.8 billion in 2023 and is likely to grow at a decent CAGR of 2.2% in the long run to reach US$ 28.7 billion in 2030.”

Introduction

Automotive fasteners are essential components used for joining parts and accessories in vehicles. They are available in various designs and materials (key materials include titanium, stainless steel, aluminum, high-strength alloys, plastic, etc.). They must possess exceptional mechanical properties, including high-stress resistance, corrosion resistance, and vibration resistance, to maintain the structural integrity of the vehicles. Key applications of fasteners include engine & powertrain, suspension & steering systems, body, interior, exterior, braking, electric modules, fuel systems, exhaust systems, etc.

Coatings play a key role in automotive fasteners, enhancing durability, providing resistance to environmental factors, and ensuring reliability in critical applications. The key coating types include zinc plating, black oxide, phosphate coating, cadmium plating, and organic or epoxy coatings.

The development of innovative fasteners with enhanced performance characteristics is increasing owing to advancements in electric vehicles, lightweight, and sustainability in the automotive industry.

Market Drivers

The key drivers of the automotive fasteners market are the rising production of passenger and commercial vehicles globally, an increase in motorization rate, the development of advanced lightweight materials and unique fasteners for fuel efficiency and safety, customization and modular vehicle designs create a need for more fasteners, expansion in EV, and stringent safety regulations which includes advanced and high-strength fasteners for securing components.

Key Trends Shaping the Market

• Increased utilization of lightweight materials for manufacturing fasteners, such as advanced plastics and composite materials, to reduce vehicle weight and increase fuel efficiency.  
• Development of high-strength fasteners that can withstand high stress and offer enhanced durability. High-strength fasteners are essential for critical applications, ensuring vehicle safety and reliability.
• Development of universal and versatile fasteners that can be used across various applications within a vehicle.

Segments' Analysis

Vehicle Trends

“Light vehicles (LV) are anticipated to drive the highest demand for automotive fasteners during the forecast period.”

• The automotive fasteners market is segmented into LV and M&HCV. Despite using fewer fasteners than their medium and heavy counterparts, light vehicles are projected to drive the highest demand in the forecasted period.
• LV (light vehicle) includes passenger cars and LCVs (light commercial vehicles). Increasing motorization rate and higher production of passenger cars and LCVs are the key factors behind its dominance.

Material Trends

“Metal is expected to remain the dominant material type of the market during the forecast period.”

• In terms of material type, the market is segmented into metal fasteners and plastic fasteners.
• Metal is the most preferred material type in the market owing to its advantages, such as high tensile strength, resistance to rust and heat, shockproof, recyclable, versatility, compatibility with coatings, cost-effectiveness, high machinability, and resistance to wear and tear.
• Plastic is expected to remain the fastest-growing material type during the forecast period owing to its properties, such as lightweight, cost-efficient production, corrosion resistance, excellent electrical insulation, design flexibility, and eco-friendly innovations.

Threading Trends

“Threaded fasteners are projected to maintain their dominance and experience faster growth in the market throughout the forecast period.”

• In terms of threading type, the market is segmented into threaded and non-threaded fasteners.
• Threaded fasteners provide reliable and easily removable joints, and hence, they are applicable in many automobile parts, ensuring their continued demand and growth.
• Threaded fastener’s ability to be easily assembled, disassembled, and reused for repairs or maintenance contributes to their widespread use and market expansion.

Application Trends

“Body-in-white is the widely used application in the automotive fasteners market and is expected to retain its dominant position in the forecasted period.”

• In terms of application type, the market is segmented into body in white, engine & powertrain, chassis, interiors, exteriors, and others.
• Body-in-white is the base of a car and needs many fasteners to provide strength and stiffness to the structure. Thus, the demand for this segment remains high.
• Vehicle bodies are subjected to stringent safety regulations, which include fasteners for securing components. Trends towards lightweight car body construction also require specialized fasteners. The fasteners used for the body in the white application must be adapted to these new designs and performance specifications.

Fastener Trends

“Rivets represent the largest fastener type, whereas nuts hold the second leading position in the market.”

• In terms of fastener type, the market is segmented into clips, nuts, bolts, screws, rivets, and others.
• Rivets hold the dominant position in the market. Technological advancements within assembly methods, including self-piercing rivets and automated riveting systems, drive the demand for rivets in modern automotive assembly processes.
• Nuts hold the second dominant position in the market. Nuts play a crucial role in automotive fasteners owing to their versatility, cost-effectiveness, strength, and adaptability to various materials and applications. Key applications of nuts include engines, suspension, chassis, interior components, and body assemblies. They are compatible with bolts, screws, and threaded studs, making them versatile fasteners.

Regional Insights

“The Asia-Pacific is expected to remain the largest market for automotive fasteners during the forecast period.”

• The market is segmented by region into North America, Europe, Asia-Pacific, and the Rest of the World.
• Asia-Pacific is the manufacturing hub of the automotive industry. It significantly contributes to the global production of both light and heavy vehicles, which drives the demand for automotive fasteners. The region is home to key automotive manufacturers such as Toyota, Honda, Hyundai, Kia, Tata Motors, and Nissan.
• China is the largest country in the global and Asia-Pacific fasteners market, owing to its status as the largest automotive manufacturer. It offers cost-effective production, technological advancements, a rising vehicle fleet, and a strong push toward electric vehicles.
• Europe and North America are also projected to generate sizeable demand for automotive fasteners during the forecast period. The USA, Germany, France, and the UK are key markets for automotive fasteners due to their innovation, manufacturing excellence, and strong automotive industry.

Key Players

The market is highly fragmented, with the presence of over 150 players. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. Leading players manufacture fasteners for the automotive industry and serve a wide range of other industries, such as aerospace, electronics, medical, construction, etc. The following are the key players in the automotive fasteners market:

Here is the list of the Top Players (Based on Dominance):

• ITW
• Aoyama Seisakusho Co., Ltd.
• Nifco Inc.
• Shanghai Prime Machinery Co., Ltd.
• Stanley Black & Decker, Inc.
• Kamax Group
• Lisi Automotive

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Please write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

The automotive fasteners market is segmented into the following categories:

By Vehicle Type

• Light Vehicles
• Commercial Vehicles

By Powertrain Type

• ICE Vehicles
• HEV
• BEV

By Material Type

• Metal Fasteners
• Plastic Fasteners

By Threading Type

• Threaded Fasteners
• Non-Threaded Fasteners

By Application Type

• Body-in-White
• Engine & Powertrain
• Chassis
• Interior
• Exterior
• Other Application Types

By Fastener Type

• Clips
• Nuts
• Bolts
• Screws
• Rivets
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s automotive fasteners market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruits available in the market and formulating growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

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