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Automotive Fastener Market to Register Robust Revenue Growth in Coming the Next Ten Years

Kamax Group, Fontana, Agrati, Sundram Fastener Limited, Shanghai Prime Machinery Company Limited, SFS Group AG, Illinois Tool Works Inc., Bulten AB, KOVA Fastener, Meidoh Co., Ltd., Sterling Tools Limited, Changshu City Standard Parts Factory, and Westfield Fastener Limited.


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Abhishek Verma

12 days ago | 3 min read
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Backed by technological advancements, the global automotive fastener industry is witnessing healthy growth. The advent of electric and hybrid auto models has altered engineering methodologies, resulting in the production of fasteners that are more robust and permanent solutions.

Fontana, Shanghai Prime Machinery Company Limited, SFS Group AG, and Illinois Tool Works Inc. are listed amongst the leading global automotive fastener manufacturers. To stay afloat in an increasingly competitive market, companies are focusing on the development of universal designs, using product innovation as their unique selling prepositions. Listed below are the top factors strengthening automotive fastener market outlook.

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  1. Rising demand for lightweight parts in the automotive industry

Growing worries about the negative impact of carbon and GHG have prompted governments throughout the world to tighten laws regarding automotive emissions. To that end, automobile manufacturers have been working on the production of lightweight vehicles with higher fuel economy and fasteners that enable innovation in weight, strength, and performance.

According to some estimates, commercial vehicle registrations in the EU rose by 9.6% to reach 1,880,682 units in 2021. Driven by higher fuel-efficiency and regulatory requirements, the global automotive fastener industry share from lightweight materials adoption will see consistent expansion. For example, plastic and nylon washers are highly workable and flexible components, along with performing well in high-temperature environments. As such, using components like plastic washers in motors, fenders, brake systems and engine compartment applications has become common.

  1. North America auto sales recover post-pandemic

Recovering from the initial losses suffered as an after-effect of the COVID-19 pandemic, the demand for automotive vehicles in North America has been rising. Over 15 million automotive vehicles were sold in the U.S. in 2021, which was up 3.4% from 2020 levels.

To facilitate smooth operations and reach market demand-supply equilibrium, aftermarket companies have been investing in organic and inorganic growth strategies, including mergers and acquisitions. In May 2022, GHK Capital Partners LP, a prominent private equity company, completed the acquisition of Auveco.

The company is a prominent distributor of automotive fasteners to the body hardware aftermarket in North America. With the purchase of Auveco, GHK will be able to pursue future organic and inorganic growth efforts as it expands and evolves its product range, supplier base, and customer-focused sales approach.

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  1. Asia Pacific automotive fastener aftermarket records healthy growth

Asia Pacific is home to some of the world’s leading automotive markets, including India, the forth largest automotive market in the world. According to India Brand Equity Foundation (IBEF), the total production of passenger vehicles, two and three wheelers, and quadricycles reached a staggering 18,60,809 units in January 2022.

The regional government focus is shifting to the development of electric vehicles to reduce emissions. With the rising popularity of hybrid, electric and autonomous vehicles, the demand for plastic based auto-components, such as fasteners, is expected to rise significantly.

While automotive fasteners can be manufactured using various materials, stainless steel is highly valued as a material in the industry because of its strength and corrosion resistance. Plastic components are gaining momentum, while the adoption of EVs worldwide will define how the industry goes ahead. The advent of additive manufacturing for auto parts will certainly impact the automotive fasteners market trends to some extent.

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