Automotive Fastener Market Size - By Capacity {Threaded (Nuts, Bolts, Washers and Others) Non-threaded}, By Material (Steel, Plastic and Others), By Characteristics, By Application, By Distribution Channel & Forecast, 2024 – 2032

Automotive Fastener Market Size

Automotive Fastener Market size was valued at USD 17.3 billion in 2023 and is anticipated to register a CAGR of 5.5% between 2024 and 2032. As vehicle designs become more complex and manufacturers strive for lighter, more fuel-efficient vehicles, the demand for specialized and high-performance fasteners has increased. Therefore, these components play a crucial role in ensuring the structural integrity, safety, and overall performance of vehicles, making them important in modern automotive manufacturing.

Additionally, the rise of electric vehicles (EVs) and autonomous driving technologies has further fueled the demand for innovative fastening solutions. EVs require unique fastening systems for battery packs and electrical components, while advanced driver assistance systems (ADAS) necessitate precise and reliable fasteners for sensor mounting and other critical applications.

Furthermore, the growing emphasis on sustainability in the automotive sector has led to the development of eco-friendly fasteners made from recyclable materials, contributing to market expansion. As global vehicle production continues to rise, particularly in emerging markets, the automotive fasteners market is poised for continued growth in the coming years.
 

One of the challenges in the market is the pressure to reduce costs while maintaining or improving quality. Automotive manufacturers are constantly seeking ways to minimize expenses, and fasteners, despite their critical role, are often viewed as commodities. This cost pressure forces fastener manufacturers to innovate continuously and optimize their production processes, which can be challenging.
 

Automotive Fastener Market Trends

One prominent trend is the inclination towards usage of lightweight and high-strength materials. As automakers strive to improve fuel efficiency and reduce emissions, there's a growing demand for fasteners made from advanced materials such as titanium alloys, aluminum, and high-strength steels. These materials offer superior strength-to-weight ratios, allowing for weight reduction.
 

Additionally, the integration of smart technologies into fastening systems. Industry 4.0 concepts are being applied to fastener manufacturing and usage, leading to the development of intelligent fasteners with embedded sensors. These smart fasteners can monitor their own tension, temperature, and overall performance, providing real-time data for predictive maintenance and enhancing overall vehicle safety, thereby propelling the market.
 

Automotive Fastener Market Analysis

Based on capacity, the market is segmented into threaded and non-threaded. The threaded segment further includes nuts, bolts, washers and others. The threaded fasteners dominated the market in 2023, generating a revenue exceeding USD 12.8 billion, and are expected to reach USD 20.7 billion by 2032. Threaded fasteners, which include bolts, screws, and studs, are essential components in vehicle assembly, offering a combination of strength, reliability, and ease of installation and removal.
 

As automotive designs become more complex and modular, the demand for these versatile fasteners has increased. Threaded fasteners allow for precise adjustments, easy maintenance, and the ability to disassemble and reassemble components without damage, which is crucial in modern automotive manufacturing and repair processes.
 

Based on materials, the automotive fastener market is classified into steel, plastic and others. Steel fasteners dominated the market in 2023, with revenue exceeding USD 16 billion, and is expected to reach USD 25.6 billion by 2032. Steel is a preferred material for automotive fasteners due to its excellent combination of strength, durability, and cost-effectiveness. Steel fasteners offer superior tensile strength and fatigue resistance, making them suitable for use in engine mounts, chassis components, and suspension systems.
 

Asia Pacific automotive fastener market emerged as the dominant region, generating a substantial revenue of USD 8.7 billion, and is expected to reach USD 14.2 billion by 2032. This can be attributed to the fact that the region has become a global hub for automotive manufacturing, with countries like China, Japan, India, and South Korea leading in vehicle production. This surge in automotive manufacturing directly translates to an increased demand for fasteners across the supply chain. The rapid expansion of domestic automotive markets in emerging economies such as India and Southeast Asian countries further fuels this growth, as rising disposable incomes and urbanization drive vehicle ownership.  
 

North America: The U.S. dominated the North America automotive fastener market with revenue of around USD 2.3 billion in 2023 and with a CAGR of 4.9% for the forecast period of 2024 to 2032. U.S. market is at the forefront of adopting advanced automotive technologies, including electric vehicles, autonomous driving systems, and lightweight materials. These innovations require specialized fastening solutions, driving growth in the high-performance fastener segment. The strong emphasis on vehicle safety and stringent regulatory standards in the U.S. also contributes to the demand for high-quality, reliable fasteners.
 

Europe: Germany led the Europe automotive fastener market with revenue of around USD 837 million in 2023 and is growing at a CAGR of 6% for the forecast period of 2024 to 2032. Germany, renowned for its engineering excellence and automotive industry, hosts some of the world's foremost car manufacturers and a comprehensive network of suppliers. This concentration of automotive expertise fosters a significant demand for high-quality, precision-engineered fasteners that are suitable to the stringent standards of German automakers.
 

Asia Pacific: China spearheaded the Asia Pacific automotive fastener market with revenue of around USD 2.7 billion in 2023 and is growing at a CAGR of 6.1% for the forecast period of 2024 to 2032. China, as the world's largest automotive market and manufacturer, has an insatiable demand for automotive components, including fasteners. The country's massive production scale, coupled with its expanding domestic market, creates a substantial need for a wide range of fastening solutions. This demand is further amplified by the Chinese government's initiatives to upgrade the automotive industry, focusing on quality improvements and technological advancements.
 

Automotive Fastener Market Share

The global automotive fastener industry is fragmented, with prominent players, such as Illinois Tool Works Inc., Stanley Black & Decker, Inc., Wurth Group, ARaymond Network and Norma Group SE holding a market share of 20-25%. These companies dominate the market due to their extensive research and development capabilities, strong global distribution networks, and strategic partnerships within the industry.
 

Automotive Fastener Market Companies

Major players operating in the automotive fastener industry include:

• Acument Global Technologies, Inc.
• ARaymond Network
• Bollhoff Group
• Bossard Group
• Bulten AB
• Fontana Gruppo S.p.A.
• Illinois Tool Works Inc. (ITW)
• KAMAX Holding GmbH & Co. KG
• LISI Automotive
• Nifco Inc.
• Norma Group SE
• Stanley Black & Decker, Inc.
• Sundram Fasteners Limited
• TR Fastenings Limited
• Wurth Group
   

Automotive Fastener Industry News

• In November 2023, Bulten AB announced a new range of lightweight fasteners specifically designed for electric vehicles, aiming to reduce overall vehicle weight and improve energy efficiency.
   
• In September 2023, NORMA Group acquired a small specialist manufacturer of high-performance plastic fasteners for automotive applications, expanding their product portfolio.
   
• In December 2023, Bossard launched an innovative coating technology for automotive fasteners designed to enhance corrosion resistance and reduce friction.
   

The automotive fastener market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Million Units) from 2021 to 2032, for the following segments:

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Market, By Capacity

• Threaded
  • Nuts
  • Bolts
  • Washers
  • Others
• Non-threaded

Market, By Material

• Steel
• Plastic
• Others

Market, By Characteristics

• Permanent
• Non-permanent

Market, By Application

• Passenger Car (PC)
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)

Market, By Distribution Channel

• Automotive OEM
• Aftermarket

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA