Selbyville, Delaware, United States, September 12 2020 (Wiredrelease) Global Market Insights, Inc –:The automotive fastener market is estimated to accrue noteworthy gains owing to rapid expansion activities in the automobile sector and growing adoption of clamping in vehicles. Over the years, the automotive industry has seen exponential growth with rampant technological advancement. Carmakers are placing passenger safety at their top priority as more customers focus on safety features while buying a vehicle.
Factors like improvement in toughness and quality of fasteners and mechanical enhancements could play a vital role in driving the adoption of these fasteners. Besides, the ability to easily replace these clasps from vehicles make it ideal for end-user.
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Growing inclination towards lightweight fasteners due to rising demand for fuel-efficient vehicles could enhance the business outlook. Increasing demand for lightweight fasteners over welding could significantly boost the automotive fastener industry size. On this note, Global Market Insights, Inc., estimates that the automotive fastener market could touch USD 20 billion by the year 2026.
However, diminishing growth of the global automotive sector since 2018 could hinder the growth of automotive fastener industry. In addition to this, rampant spread of coronavirus has compelled various automotive companies to enforce lockdown to protect their employees. This halt in the global automotive economy could negatively impact the product demand in the future.
North America is considered to be a lucrative market for automotive fastener. Estimates claim that the region might register over 15% of the global market within the predicted timeframe. This growth can be attributed to numerous ongoing and future automotive developmental activities being conducted within the region. This would ensure healthy growth prospects of automotive fastener manufacturers over the next few years.
In a bid to establish a dominant position over the automotive fastener market, several industry players like Agrati Group, Fontana, KOVA Fasteners, KAMAX, Sundram Fasteners Limited, Bulten AB, Westfield Fasteners, Shanghai Prime Machinery Company, SFS Group, and IWT Inc. are undertaking diverse organic growth strategies like inking merger or partnership deals, launching new products, and acquiring new assets.
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Some Point from Table of Contents:
Chapter 6. Automotive Fastener Market, By Characteristic
6.1. Automotive fastener market, by characteristic insights
6.2.1. Market estimates and forecasts, 2016 – 2026
6.2.2. Market estimates and forecasts by region, 2016 – 2026
6.3.1. Market estimates and forecasts, 2016 – 2026
6.3.2. Market estimates and forecasts by region, 2016 – 2026
Chapter 7. Automotive Fastener Market, By Distribution
7.1. Automotive fastener market, by distribution insights
7.2. Automotive OEM
7.2.1. Market estimates and forecasts, 2016 – 2026
7.2.2. Market estimates and forecasts by region, 2016 – 2026
7.3.1. Market estimates and forecasts, 2016 – 2026
7.3.2. Market estimates and forecasts by region, 2016 – 2026
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