New Analysis from Global Industry Analysts Reveals Steady Growth for Automotive Fasteners, with the Market to Reach $20.1 Billion Worldwide by 2026
SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Automotive Fasteners - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 15; Released: January 2022
Executive Pool: 1199
Companies: 117 - Players covered include Acument® Global Technologies; ARaymond; Bulten AB; ContMid Group; Illinois Tool Works Inc.; LISI Automotive; NIFCO Inc.; Penn Engineering; Permanent Technologies Inc.; Rocknel Fastener Inc.; STANLEY Engineered Fastening; TR Fastenings; Westfield Fasteners Limited and Others.
Coverage: All major geographies and key segments
Segments: Type (Removable, Permanent, Semi-Permanent); Product (Threaded Fastener, Non-Threaded Fastener); Material Type (Steel, Plastic, Other Material Types); and Application (Passenger Cars, Commercial Vehicles)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Automotive Fasteners Market to Reach US$20.1 Billion by the Year 2026
As indispensable components in vehicle assembly, automotive fasteners are designed to hold vehicle components together and prevent the structure from disassembling. Over the years, fasteners have transformed into multi-purpose highly engineered components. Growth in the global market is supported by rising production and sales of vehicles, technological advancements, and use of superior-quality materials. With rapid urbanization and increasing disposable income influencing the lifestyle of consumers, the demand for passenger vehicles has been escalating, implying greater demand for automotive fasteners. The combination of cutting-edge technology and advanced material composition is enabling the development of innovative automotive fasteners. There is higher demand for fasteners from the makers of commercial vehicles. The interest is particularly high in fasteners owing to mechanical advancements, greater sturdiness and availability of higher quality fasteners. The efforts of global automakers to lower overall vehicle weight and the feasibility of fasteners in replacing welding is expected to provide growth opportunities to the makers of automotive fasteners. The outbreak of the COVID-19 pandemic bored a hole in the growth of the automotive sector, causing severe supply chain disruptions and paralyzed manufacturing activity due to nationwide lockdowns and travelling restrictions. The overall long-term growth prospects remain bright with automobile production slowly picking pace.
Amid the COVID-19 crisis, the global market for Automotive Fasteners estimated at US$15.5 Billion in the year 2020, is projected to reach a revised size of US$20.1 Billion by 2026, growing at a CAGR of 4.4% over the analysis period. Removable, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR to reach US$12.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Permanent segment is readjusted to a revised 3.9% CAGR for the next 7-year period. This segment currently accounts for a 25.5% share of the global Automotive Fasteners market. Removable fasteners are most widely used for their ability to be easily removed using power tools without causing any harm to the body of a vehicle. The increasing popularity and production of electric vehicles is leading to changes in type of fasteners used in these vehicles. The permanent fastener trend can be attributed to different service requirements for electric vehicles.
The U.S. Market is Estimated at $2.7 Billion in 2021, While China is Forecast to Reach $4.8 Billion by 2026
The Automotive Fasteners market in the U.S. is estimated at US$2.7 Billion in the year 2021. The country currently accounts for a 17.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$4.8 Billion in the year 2026 trailing a CAGR of 6.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 3.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3% CAGR while Rest of European market (as defined in the study) will reach US$835.1 Million by the end of the analysis period. Production of automobiles has shifted rapidly from developed markets such as the United States and Europe to developing countries in Asia-Pacific. Strong demand/consumption patterns and growing importance of China and India as favorable destinations for outsourced automotive manufacturing activities have additionally helped beef up the region's manufacturing prowess.
Semi-Permanent Segment to Reach $3.2 Billion by 2026
In the global Semi-Permanent segment, USA, Canada, Japan, China and Europe will drive the 2.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.9 Billion in the year 2020 will reach a projected size of US$2.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$576 Million by the year 2026, while Latin America will expand at a 3.4% CAGR through the analysis period. More
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