Global automotive fastener market

Market Size and Trends

Global automotive fastener market is estimated to be valued at USD 33.9 billion in 2024 and is expected to reach USD 46.88 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.

Global automotive fastener market is expected to witness significant growth over the forecast period due to rising automobile production globally along with implementation of more stringent fuel efficiency and emission norms which is encouraging use of light weighting components and materials in vehicles. Growing demand for electric vehicles worldwide is another factor that boosts need for more fasteners in auto industry as EVs contain a greater number of fasteners compared to conventional vehicles. Furthermore, development of self-driving vehicles equipped with advanced electronics and sensors is expected to drive the market growth in the near future. However, emergence of 3D printing technology for manufacturing of fasteners acts as a potential threat to convention fastener manufacturers.

Growing Automobile Production

With rising disposable incomes and improving economic conditions across various markets, automobile sales have experienced significant growth over the past few years. This increase in automobile production acts as a key driver for the automotive fastener market. As more vehicles are manufactured by the automakers and their tier 1 suppliers on a continuous basis, it leads to higher consumption of various fasteners that are an integral component of automobiles. Different types of fasteners such as nuts, bolts, screws, pins, and others are heavily utilized in the manufacturing of engine, transmission, chassis, interior and exterior body parts of automobiles. With assembly operations becoming more complex involving tighter manufacturing tolerances, the usage of fasteners per vehicle has also risen over time. Therefore, the projected increase in worldwide automobile production volumes directly correlates to the rising need for original equipment based automotive fasteners, there by propelling market growth.

Global car sales increased to approximately 67.2 million vehicles in 2022, increase  from about 66.7 million units in 2021. The industry faced difficulties in the preceding years due to economic slowdowns, but in 2022, challenges like COVID-19 and the conflict in Ukraine led to semiconductor shortages and supply chain disruptions. However, despite these obstacles, sales are expected to grow in 2023.

During the fiscal year 2021-2022, a total of 3,069,499 passenger vehicles were sold in India, indicating an increase from the 2020-2021 sales of 2,711,457. Comparing the period from April 2021 to March 2022, sales of passenger cars decreased from 1,541,866 to 1,467,056 units, while utility vehicle sales increased from 1,060,750 to 1,489,178 units. Companies are receiving significant interest from major automotive manufacturers across India for the supply of parts and components, including fasteners.

For example, in January 2023, Sundram, an India-based fastener manufacturer, secured a substantial order worth USD 250 million from an electric vehicle (EV) original equipment manufacturer (OEM) under a six-year purchase agreement

Market Concentration and Competitive Landscape

Increasing Complexity of Automotive Designs

Rising complexity and technology enhancement of modern vehicle designs are expected to drive the market growth. Automakers are consistently striving to develop lighter, more durable and fuel-efficient vehicles with advanced features without compromising on performance. This has prompted OEMs as well as their supply chains to adopt novel engineering and manufacturing techniques. The widespread utilization of high strength steels and aluminum alloys in automobile manufacturing requires the application of specialized fasteners that can effectively join dissimilar materials. The integration of cutting-edge technologies including hybrid-electric powertrains, ADAS systems and connectivity solutions has added to the intricacy of automobile assembly processes. To cope up with such intricate designs, OEMs demand fasteners with exacting specifications interims of load bearing capacity, shear strength, temperature resistance and corrosion protection. This has boosted innovation and R&D investments by fastener manufacturers towards developing novel fastening solutions through new materials, surface treatments and assemblies. The rising complexity of automotive structures and systems acts as a key driver for the industry by stimulating higher demand for technologically advanced fasteners.

Market Challenges: Stringent quality regulations requiring high-precision manufacturing

The global automotive fastener market is encountering various hurdles. As vehicle designs become increasingly intricate with more components, automakers are seeking lower costs for these parts to sustain their profit margins. This creates pressure on suppliers to deliver affordability without compromising quality. Additionally, strict quality regulations mandate precise manufacturing processes, leading to increased expenses. Another challenge arises from the growing use of aluminium in vehicles, which demands specialized fasteners capable of effectively handling this material.

Market Opportunities: New Fastener Demands in a Changing Automotive Landscape

As electric vehicles and autonomous driving technologies advance, there's a growing need for new kinds of fasteners. With more people opting for car-sharing and ride-hailing services, there's an increasing demand for strong, mass-produced fasteners that can withstand heavy usage. In regions like Asia and Latin America, where car sales are booming, suppliers are seizing the opportunity to expand into these emerging markets. Moreover, thanks to advancements in materials and manufacturing techniques, there are now innovative solutions available for designing and installing fasteners more efficiently.

Insights, By Product- Superior Mechanical Properties Boosts Demand for Threaded Fastener

In terms of product, threaded segment is expected to contribute the highest share of 66.7% in 2024, owing to its superior mechanical strength and load bearing capabilities. Threaded fasteners form a threaded interference fit with the components being joined, distributing loads over a greater surface area for enhanced durability. Their self-tightening action also ensures components remain securely fastened, even under heavy vibrations or impacts encountered in automotive applications.

Threaded fasteners are well-suited for high-tension applications such as joining vehicle frames, engines, and drivetrain components. Advanced threaded designs have corrosion-resistant or hardened coatings to withstand demanding under-hood environments. Some feature integral washers or flanged heads that evenly distribute clamping forces without crushing softer materials. Their torque-limiting qualities are important for repeatable assembly of multi-part components.

Manufacturers continually improve threaded fastener engineering to reduce weight and complexity without compromising strength. Newer threaded designs have tighter tolerances and thread forms for stronger grips in smaller footprints. Some utilize selective coating technologies to control friction for easier assembly and removal over the life of the vehicle. Considerable research also goes into developing ultra-high strength threads capable of bolt-replacement in safety-critical applications.

Insights, By Vehicle type- Passenger Cars Stimulate Demand Across Diverse Fastener Types

In terms of vehicle type, passenger car segment is expected to contribute the highest share of 41.27% in 2024, due to large production volumes and unique fastening needs of individual vehicle architectures. Passenger vehicles utilize a wide range of specialized fasteners from bumper attachments to seat mounts to electronic control modules. Even commodity fasteners play a vital joining role.

Exterior panels, closures, and modules on passenger cars demand aggressive thread-forming and resistant coatings to endure repeated environmental exposures and assembly/disassembly cycles. Interior fasteners meanwhile face strict requirements for non-abrasive aesthetics, vibration damping, and ability to join dissimilar lightweight materials. Specialty captive and security fasteners are increasingly used in high theft areas like wheels and catalytic converters.

Configurability and customization are also drivers in passenger car fastener design. Models with modular body styles or that offer numerous trim/option packages present extra integration challenges. This stimulates innovation in adjustment/alignment screws, click-fit attachments, and other fasteners enabling flexible vehicle configurations.

Insights, By Application- Auto Manufacturing Drives Broad Fastener Application Adoption

In terms of application, automotive segment is expected to contribute the highest share of 46.12% in 2024 due to integral role fasteners play throughout the manufacturing process. Vehicle assembly would not be possible without diverse fastener types temporarily or permanently joining thousands of parts.

On production lines, fasteners provide adjustable positioning and clamping force for robotic and manual assembly processes. These securely but reversibly hold components in predetermined locations for seamless sequencing of consecutive operations. Specialized press nuts, clip nuts, and other fast self-installing designs accommodate lean workflows with minimal added weight or complexity.

High-strength bolts precisely tie unibody frames, while threaded and non-threaded sheet metal screws reliably anchor exterior body panels subjected to impact and corrosion risks. Intricate, small-format fasteners invisibly join interior trim and modules. The automotive sector also spurs ongoing advancements applicable to other industries. Examples include self-piercing technologies easing multiple-material joining, new coatings resisting automotive-grade corrosion, and fastener standards enabling remote vehicle servicing and repairs.

Regional Insights

North America has established itself as the dominant region in the global automotive fastener market and is expected contribute a major market share of 37.86% in 2024. With the large-scale presence of automotive OEMs and a robust automotive manufacturing industry, North America accounts for the highest demand for fasteners. Countries like the U.S. and Canada have strong supply chains and infrastructure to support the automotive industry's needs. American and Canadian fastener manufacturers such as Acument Global Technologies, PennEngineering, and ITW have strong footholds in their domestic markets due to long-standing relationships with automakers. Their comprehensive product portfolios that include a wide range of fasteners help them retain customers. North America also has competitive import tariffs, providing some insulatory benefit to local suppliers. However, companies face pressure to expand export presence to offset any future decline in regional automobile production.

The Asia Pacific region is expected to grow with highest CAGR of 7.12% in 2024. China has emerged as the world's largest automobile manufacturer within a short span of time due to heavy investments in production capacity expansions. Chinese automakers are now aggressively pushing into global export markets as well. This rapid growth of the domestic automotive industry and rising exports have created a huge demand for quality fasteners. While imports have increased, Chinese fastener companies are enhancing their capabilities through technological upgrades and new product development to gain market share. These manufacturers also leverage competitive pricing and a large manufacturing base to boost exports. The regional market's growth trajectory is expected to continue as automobile sales in China and other developing Asian countries like India will increase in the near future.

Market Report Scope

Key Developments

• In June 2022, Sundram Fasteners Limited is a manufacturer of high precision components for automotive market, invested US$ 48.43 million in developing fasteners and defense products over the next two years, aiming to boost its position in the automotive fasteners market
• In May 2022, Navitas Capital which is a venture capital firm, acquired MULTIFIX Group, a technical fastener supplier, to support its growth plans
• In April 2022, Bulten AB which is a manufacturer and distributor of fasteners to the automotive industry, secured a US$ 7.17 million contract to supply fasteners for a new European electric vehicle program
• In October 2021, Böllhoff Group which is a assembly and logistics solutions provider, acquired the HELICOIL trademark from Stanley Engineered Fastening to strengthen its presence in North America
• In October 2021, PennEngineering fastening solutions provider, expanded its operations by launching PEM in Tokyo, Japan, to improve its global reach
• In September 2021, Center Rock Capital Partners, LP's LINC Systems, LLC acquired Air-O Fasteners, boosting its footprint in the Western U.S.
• In September 2021, Stanley Black & Decker which is a manufacturer of industrial tools and household hardware, acquired Excel Industries for US$ 375 million in cash, enhancing its production capabilities

*Definition:

Automotive fastener market includes all types of fasteners that are used in automotive manufacturing and assembly. This includes nuts, bolts, screws, washers, rivets, cable ties, and clamps that hold together vehicle components both externally and internally. Fasteners are essential for securing automotive parts and assemblies during vehicle production as well as for vehicle maintenance and repairs. These provide the strength and durability required to hold vehicle parts in place over the lifetime of the vehicle.

Market Segmentation

• Product Insights (Revenue, USD Bn, 2019 - 2031)
  • Threaded
  • Non-threaded
• Vehicle Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Passenger Car
    • Hatchback
    • Sedan
    • Luxury
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle
• Application Insights (Revenue, USD Bn, 2019 - 2031)
  • Oil and Gas
  • Automotive
  • Aerospace
  • Construction
  • Industrial Machinery
  • Mining
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • Rest of Middle East & Africa        
• Key Players Insights
  • Atotech Deutschland GmbH
  • Birmingham Fastener, Inc.
  • Bulten AB
  • Jiangsu Xing Chang Jiang International Co., Ltd.
  • KAMAX
  • KOVA Fasteners Private Limited
  • Lisi Group
  • PennEngineering
  • Permanent Technologies, Inc.
  • Phillips screw company
  • SFS Group
  • Shamrock International Fasteners
  • Shanghai Prime Machinery Company
  • Shanghai Tianbao Fastener Manufacturing Co., Ltd.
  • Stanley Black & Decker
  • Sundram Fasteners Limited
  • Westfield Fasteners Limited