The Automotive Fasteners Market is anticipated to register a CAGR of 2% during 2023

Hyderabad, March 17, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Automotive Fasteners Market – (2023 – 2028)," the market is expected to witness a CAGR of 2%. The market is anticipated to grow on several factors, including growing vehicle production, shifting focus toward lightweight vehicles, and the increasing use of electronics in vehicles.

What are the driving factors of the Automotive Fasteners Market?

The threaded fastener segment was responsible for most of the market share in 2021 and is expected to dominate the market during the forecast period. Threaded fasteners are distinct pieces of hardware that contain external or internal linings, normally termed threads. They find extensive applications in assembling and disassembling multiple parts and components of any vehicle.

The most usual kind of fasteners is nuts, washers, and bolts.

Among these, nuts will be the fastest-growing threaded fasteners registering significant growth through 2026.

Nuts are used in vehicle conjunctions in combination with bolts and sometimes with washers to fasten several parts collectively.

These fasteners stay and adjoin together by a grouping of their inner linings.

Moreover, the growing demand for lightweight vehicles provides lucrative opportunities for market players during the forecast period. In addition, as manufacturers are shifting from standard fasteners to customized fasteners, this new development drives demand in the market.

How is the growth being addressed?

Rising demand for fuel-efficient vehicles across Asia-Pacific is likely to drive the automotive fasteners market in the region. An increase in aftermarket sales of vehicle fasteners boosts demand for the automotive fasteners market across the region.

The market growth in this region is also attributed to the surging production of vehicles and increasing aftermarket sales of vehicle fasteners. Japan, China, and India are booming in the market due to the presence of automobile giants like Toyota, Suzuki, Mahindra & Mahindra, Isuzu, Dongfeng, SAIC Motor, and TATA Motors.

Asia-Pacific has been driving the demand for automotive fasteners on the rocks of economies of agglomeration. With the presence of almost all top automotive manufacturers and service providers, the region is supplying immense growth potential for new entrants as well.

Who are the key players in the Automotive Fasteners Market?

The market for automotive fasteners is a highly competitive market with few players such as:

Bulten AB

The Phillips Screw Company

Westfield Fasteners Limited

KOVA Fasteners Private Limited

KAMAX Holding GmbH & Co. KG

LISI Group

Illinois Tool Works Inc.

The SFS Group AG

Nifco Inc.

Jiangsu Xing Chang Jiang International Co. Ltd

Recent developments in the Automotive Fasteners Market:

In January 2021: Illinois Tool Works Inc. and Amphenol Corporation, a leading global provider of high-technology interconnect, antenna, and sensor solutions, announced that they have entered into an agreement under which ITW would acquire MTS Systems Corporation's Test & Simulation business, following the closing of Amphenol's acquisition of MTS.

In a nutshell, the Mordor Intelligence Automotive Fasteners Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand the automotive fasteners industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/automotive-fasteners-market

About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. It predicts butterfly effects that have the potential to change or significantly impact market dynamics.

Market research reports from Mordor Intelligence are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.

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