Automotive Fastener Market

The global automotive fasteners market is projected to grow from an estimated USD 21.45 billion in 2018 to USD 25.30 billion by 2025, at a CAGR of 2.39%. Asia Pacific is estimated to be the largest market for automotive fasteners during the forecast period. The Asia Pacific automotive fastener market is estimated to be USD 10.43 billion in 2018 and is projected to reach USD 12.42 billion by 2025. The increasing production of vehicles in China, Japan, and India and the growing demand for electric vehicles, especially in China and Japan, are expected to drive the automotive fastener market in the region. North America is expected to be the second largest market for automotive fasteners with an estimated market size of USD 5.57 billion in 2018.

Mergers & acquisitions is the most adopted strategy by the key players to gain a stronger foothold in the global automotive fastener market. In April 2017, Meidoh Co., Ltd, a Japan-based leading manufacturer of large high-tension bolts, entered into a strategic collaboration agreement with one of India’s leading fasteners manufacturer to upgrade the existing systems and processes. The Japanese manufacturer believes that India is a large and growing market with strategic importance due to low manufacturing cost and cheap labor availability. In September 2017, to increase its global footprint, LISI Group entered into a binding agreement to acquire 51% of the share capital of Termax LLC, a leading manufacturing company specializing in metal and plastic fastening systems for automotive interiors.

The second most widely followed strategy by market players is expansions. In November 2017, SFS Group invested in the expansion of its sites in Switzerland. BULTEN AB has made an investment in a strategic geographical location of Poland to manufacture components at competitive prices and meet the future market demands in the European region.

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ITW (US) is one of the key players in the automotive fastener market. The company is primarily engaged in the manufacturing of compensation nuts, Clear drive, and W- base retainer for the automotive segment. ITW focuses on the strategy of mergers & acquisitions to enhance its ability to cater to the market demand. In January 2016, the company acquired the fastener business of ZF TRW, which is an addition to the existing product range of the company. This will drive the long-term organic growth potential of the company.

Another important player in the automotive fastener market is Sundram Fasteners (India). It offers high tensile fasteners, cold extruded parts, hot forged parts, power train components, pumps and assemblies, radiator caps, and powder metallurgy parts. The company serves automotive, infrastructure, windmill, and aviation sectors. The company serves the major OEMs and aftermarket customers in highly competitive markets like India, China, Germany, USA, UK, Italy, France, and Brazil. The company also has expanded its base by collaborating with foreign companies in China, UK, and the US.

In addition to ITW (US) and Sundram Fasteners (India), Lisi Group (France), Shanghai Prime Machinery Company (China), Bulten AB (Sweden), Stanley Black & Decker (US), SFS Group AG (Switzerland), Kamax (Germany), Meidoh Co. (Japan), Nipman Fasteners (India),  Piolax (US), and Westfield Fasteners (UK) are the prominent players in the automotive fastener market.

Related Reports:

Automotive Fastener Market by Characteristics (Removable, Permanent, Semi-Permanent), Products (Threaded, Non-Threaded), Material Type (Stainless Steel, Plastic, Aluminum), Application, Electric Vehicle Type, and Region - Global Forecast to 2025

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