The industrial automotive fasteners market is expected to register an overwhelming growth in the years to come. Over the past few years, there has been a paradigm shift in focus toward lightweight vehicles, and industrial lock nuts manufacturers both in India and abroad have also realized this fact well. Furthermore, the ever-increasing use of electronics in the automotive industry such as telematics, in-car entertainment, and ignition system has also triggered the need for lightweight automotive fasteners.
What’s more, the ever-growing production of automobiles across all the major economies of the world is also going to benefit the auto sector in the times to come. The field of the automobile has also seen so many innovations over the past 2 decades which in turn have called for the cutting-edge automotive fasteners.
Automotive fastener market segments and the need for lightweight components
Based on the material type, there are 3 categories in the automotive fastener market including the following:
● Stainless steel
● Plastic, and
● Aluminium.
Among all these categories, the plastic fasteners market is going to witness a never-before growth in the years to come primarily because of the ever-growing demand for lightweight vehicles. The first and foremost purpose behind the production of lightweight vehicles is to make them fuel-efficient to the maximum limits of the possibility. Manufacturers are striving hard to reduce the overall weight of the vehicles by bringing down the use of conventional materials such as iron and stainless steel.
This scenario will unfailingly upsurge the use of plastic as one of the lightest materials to be used in vehicle manufacturing. As a result, industrial lock nuts manufacturers both in India and abroad will also be trying hard to produce lightweight fasteners. When it comes to segmentation based on the types, the details are furnished below:
● Fastener type (Threaded and Non-Threaded)
● Vehicle Type (Passenger Cars and Commercial Vehicles)
● Function type (Detachable and Non-Detachable)
● Material type (Iron, Steel, Aluminium, Brass, Plastic)
● Geography type (North America, Europe, Asia-Pacific, and the Rest of the world).
The category of passenger cars
As far as the segmentation based on the vehicle type is concerned, it includes heavy, medium, and light commercial vehicles, and passenger cars. The category of passenger cars has always dominated the automotive fastener market because of a huge volume of production in the country like China and India. The passenger cars segment accounts for around 80% of the total annual vehicle production, and this is the reason it is expected to lead the industry in the coming years. In India also, a top industrial nuts manufacturer like Super Screws has already taken an innovative route to meet the demands of the contemporary market.
Market based on application
When it comes to the segmentation based on application, the automotive fasteners market has been categorized into the following:
● Interior
● Exterior
● Powertrain
● Electronics
● Chassis
● Wire harnessing, and
● Others (miscellaneous).
Needless to say, the wire harnessing category is also going to grab the largest market share in the coming years because of the ever-increasing applications of fastening wire bundles.
Geography type (North America, Europe, Asia-Pacific, and Rest of the world)
When it comes to segmentation based on geography type, Asia-Pacific used to be the largest consumer of the automotive fasteners with a huge volume of automobile manufacturing. Europe commanded the second position. Now, China is the world’s largest consumer of automotive fasteners because of the ever-growing production of automobiles in the country. India, particularly in the past 15 years has also emerged as one of the strongest contenders in the market.
With each passing year, the automobile manufacturing facilities are increasing with both national and multinational investors foraying into this market. Furthermore, the governments in both these giant countries are setting newer norms, guidelines, and regulations laying stress on the lightweight vehicles. As a result, a new wave of developments in technologies has triggered the need for lightweight vehicles that are expected to offer quality, durability, and reliability.
Highlights from the current market
● The market of automotive fasteners is going to reach the USD 22.8 billion mark by the end of the year 2022
● It is expected to cross the USD 27 billion mark by the end of the year 2027
● During 2022-2027, it is expected to register a CAGR of around 2%
● Soon after Q1 of 2021, the market recovered from all the setbacks caused by the pandemic.
The market is anticipated to grow at a rapid pace on the backs of the following factors:
● Growing vehicle production
● Shifting focus toward the lightweight vehicle, and
● Increasing use of electronics in vehicles.
Accordingly, the manufacturers across the world will also be shifting from standard automotive fasteners to customized fasteners to keep pace with the market requirements.
Key Market Trends
As far as the key trends in the automotive market are concerned, the threaded fasteners market segment ruled the arena in the year 2021, and these fasteners are also anticipated to continue their demand. Threaded fasteners are unique pieces of the hardware family containing internal or external linings which are generally termed as threads. These types of fasteners find applications in a wide range of automotive components, particularly in assembly and disassembly.
The most usual fasteners used in the automotive industry include nuts, bolts, and washers. Among these, nuts as threaded fasteners will be in substantial demand in the coming years. All vehicles are made possible through nuts when used along with bolts for the effective and efficient fastening of a large number of components. The grouping of inner linings keeps these fasteners stayed and adjoined. However, the ever-growing demand for lightweight vehicles is constantly pressurizing automotive nuts and bolts manufacturers and suppliers to ideate, innovate and create newer options to meet the new-age demands.
Concluding Remarks
Founded in the year 1976, Super Screws is one of the leading industrial bolts, washers, and lock nuts manufacturers in India. The company manufactures and supplies high-quality fasteners for industries worldwide. The company has earned a formidable reputation as one of the largest suppliers of fastening solutions producing the widest range of precision cold-forged low and high tensile industrial fasteners.