“Global Automotive Fasteners Market Types of Materials, Applications, Revenues, Growth Rates and Global Forecast: 2020 to 2029” is a recently tracked and published report by Market.us. The global automotive fasteners market is expected to be valued at over US$ 20 Billion in 2019. The global market is projected to reach a value of US$ approximately 29 Billion in 2029, and register a moderate CAGR of 3.6%.
Well-established automotive industry at a global scale, and increasing number of R&D activities initiated by major private players for development of novel and innovative lightweight materials with higher strength that can aid in reducing overall weight of fasteners is expected to drive market growth to a significant extent. Additionally, increasing product optimization to be used in different applications in the automotive industry is projected to support growth of the global market.
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Shifting preference from metal fasteners to plastic fasteners owing to various benefits offered by plastic ones including improved design, light-in-weight, and resistance to corrosion is making plastic fasteners ideal for applications in automotive interior. This is projected to fuel growth of the global market.
Governments of various countries are focusing on improving safety and related features in cars and other commercial vehicles through mandatory regulations and norms. This is projected to support market growth to a significant extent.
Fluctuating raw material prices aligned with environmental regulation accompanied by the production of plastic and steel products such as automotive fasteners is another factor which may also restrain the new entrants from entering
- Steel production has several impacts on the environment, including air emissions (CO, SOx, NOx, PM2), hazardous wastes and solid wastes, and wastewater contaminants. The major environmental impacts from integrated steel mills are from coking and iron-making.
Though the available number of projects are limited, governments in major countries are focusing on investing, primarily for public transportation purposes. This is expected to create lucrative opportunities for automotive manufacturers and automotive fasteners manufacturers subsequently in the near future.
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Various manufacturers are focusing on new product launches and acquisitions with other players in the target market to enhance their market presence and also to broaden their product portfolios and offerings
- In June 2018, Kia Motor Corporation stated plans to set up a manufacturing plant at Andhra Pradesh, India, for the production of electric and hybrid vehicles to enhance its presence in the country and the Asia Pacific
The global market is segmented on the basis of by material type, application, and region. Based on material type, the stainless steel segment is expected to account for major revenue share in the global market, whereas the plastic segment is anticipated to register the highest growth rate. Based on application, the passenger segment is expected to account for a higher revenue share as compared to the commercial segment and is anticipated to register a moderate growth rate. On the basis of region, the Asia Pacific market is projected to dominate in the global automotive fasteners market. In the Asia Pacific, the markets in China and India are expected to account for higher revenue shares as compared to other countries in the region.
Key Players profiled in the report are Stanley Black & Decker, Illinois Tool Works Inc., Sundram Fasteners Limited, Rocknel Fastener, Inc., Trifast PLC, Shanghai Prime Machinery Co., Ltd, Bulten AB, Penn Engineering & Manufacturing, Berkshire Hathaway, Inc., and The Phillips Screw Company.
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