MarketResearch.biz has recently published its market research report titled, “Global Automotive Fasteners Market by Material Type, by Application, and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Forecast from 2020 to 2029”. The report offers a deep-dive analysis of the global automotive fasteners market. It is through systematic and exhaustive research efforts, both primary and secondary, as well as ideal segmentation that the research results have been gleaned over the study period. The report also presents the first five-year cumulative revenue (2020–2024), which is projected to be valued at more than US$ 24 Billion, and this is expected to increase quite significantly over the latter part of the five-year forecast period.
A fastener is a hardware device that is used to join objects together. Non-permanent joints are created by fasteners, which means it does not do any harm to components while removing or dismantling. Automotive fasteners are mechanical components, which are generally used in vehicles. Multiple parts of the vehicles are joined together using automotive fasteners. Screws, rivets, washers, retaining rings, nuts, bolts, concrete anchors, inserts, threaded rods are the various automotive fasteners used in the production of automotive. Brass, plastic, nickel, stainless steel, aluminum, and iron are the raw materials used to manufacture automotive fasteners. Available automotive fasteners have different sizes, shapes, and designs and also can be customized according to the needs of consumers.
Browse the full “Global Automotive Fasteners Market By Material Type, By Application, And By Region (North America, Europe, Asia Pacific, Latin America, And Middle East & Africa) – Global Forecast From 2020 To 2029” report at https://marketresearch.biz/report/automotive-fasteners-market/
Global Automotive Fasteners Market: Dynamics
Among the major factors driving the market growth, growing demand for automotive fasteners from the automotive industry around the world is expected to drive demand for automotive fasteners in the global automotive fasteners market during the forecast period. Research and development efforts from major players in the market to lower weight of automotive fasteners are expected to further drive demand for automotive fasteners in the global automotive fasteners market over the forecast period. Another factor driving growth of the market is growing demand for plastic fasteners than for meatal ones. In addition, growth in car manufacturing, especially in developed countries, is projected to drive growth of the market. High revenue growth in various regions is attributed to growing disposable income among consumers. This is also considered to be a major factor driving the market growth. Moreover, initiatives by governments to improve safety and related features in cars and other commercial vehicles through mandatory norms and regulations are expected to drive growth of the market.
Global Automotive Fasteners Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global automotive fasteners market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global automotive fasteners market is expected to register a CAGR of 3.6% over the forecast period.
Global Automotive Fasteners Market: Segmental Snapshot
The market report has been segmented on the basis of material type, application, and region. The material type segment includes iron, nickel, brass, stainless steel, aluminum, and plastic. The application segment includes passenger cars and commercial vehicles. The regions include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Material Type: The stainless steel segment is expected to account for highest revenue share as compared to other segments and is projected to register highest CAGR of more than 4.3% over the forecast period.
Application: The passenger car segment is expected to account for the highest share in terms of revenue in the global market. The passenger car segment is projected to register highest growth rate of more than 3.2%
Region: The market in the Asia Pacific is expected to account for largest revenue share in the global market, and is projected to register the highest CAGR of over 4% over the 10-year forecast period
Global Automotive Fasteners Market: Competitive Analysis
The global automotive fasteners market research report includes company profiles of major players/ companies such as Illinois Tool Works Inc, Stanley Black & Decker (Stanley Engineered Fastening), Sundram Fasteners Limited, Trifast plc, Rocknel Fastener, Inc, Shanghai Prime Machinery Co., Ltd, Penn Engineering & Manufacturing, Bulten AB, THE PHILLIPS SCREW COMPANY, and Berkshire Hathaway, Inc.
“Global Automotive Fasteners Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2020–2029” report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global automotive fasteners market for 2019–2029.
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