LONDON–(BUSINESS WIRE)–The automotive fasteners market is expected to grow by USD 1.58 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Plastic fasteners are increasingly becoming popular in the automotive industry owing to multiple cost benefits. They are replacing metal fasteners in various automotive applications. For instance, plastic clips are replacing metal brackets in fluid flowing assembles as mounting supports for HVAC and brake lines. Since they eliminate the need for rubber inserts/grommets, material and labor costs involved in the installation of these grommets are reduced. Also, they prevent contact between metal surfaces, thereby reducing the risk of galvanic erosion. Moreover, the lightweight nature of plastic fasteners significantly reduces packaging and shipping costs. Many such cost benefits are increasing the use of plastic fasteners in the automobile industry, which is fueling the growth of the market.
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As per Technavio, stringent regulations to control emissions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Fasteners Market: Stringent Regulations to Control Emissions
The growing concerns over GHG emissions have led governments across the world to increase the stringency of regulations pertaining to vehicular emissions. To comply with the changing regulatory norms, automobile manufacturers are focusing on the development of lightweight vehicles with improved fuel efficiency. This is compelling vendors in the market to develop automotive fasteners made of lightweight materials such as aluminum, carbon fiber, and titanium in some cases. This trend is expected to have a positive impact on the growth of the global automotive fasteners market during the forecast period.
“The growing popularity of lightweight fastener solutions and the strong demand for small, low-cost passenger cars will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive Fasteners Market: Segmentation Analysis
This market research report segments the automotive fasteners market by Application (Passenger cars and Commercial vehicles) and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive fasteners market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increased production of automobiles in countries such as China, Japan, and India.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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