EuroWire September 2022

Corporate News

Automotive fastener market revenue to reach $21.5bn by 2028

assembly fastening tool market are focusing on the development of cost efficient products in order to expand their customer bases. Several firms are concentrating on the expansion of their businesses in newer regions by using strategic moves such as mergers and acquisitions. Companies are also increasing research and development, in order to launch products with features including user friendliness, low noise, low vibration and light weight. Some companies are strengthening their production abilities in order to cater to increasing product demand from around the world. They are also taking help from experts for key tasks such as design and development of high quality assembly fastening products. Transparency Market Research www.transparencymarketresearch.com favoured the passenger car segment’s growth. Companies are rearranging their operations, recovering from the pan- demic’s impact and producing more cars, incrementing the usage of automotive fasteners. The Asia Pacific market will capture signifi cant market share by 2028. The regional growth is mainly attributed to rapid mod- ernisation and the shifting preference of manufacturers from standard parts to customised parts. Rising demand for vehicles with enhanced safety and fuel efficiency will also favour the market expansion. Major findings of the automotive fastener market report include: technical devel opments coupled with improvements in the quality and durability of automotive fasteners will support product demand in the industry; and the non-permanent segment will grow steadily through to 2028. Global Market Insights Inc www.gminsights.com

Fasteners need low-cost maintenance in comparisonwith other joining techniques. In addition, the raw materials needed for the manufacturing of the products are easily available, which results in lower production cost. Increasing production of fasteners is leading to high demand for assembly fastening tools from various industries, and the global assembly fastening tool market is expected to be valued at US$4.8bn by 2031. Rising adoption of smart factories around the world is driving sales opportunities in the global assembly fastening tool market. An increased inclination among com- panies to carry out different factory operations rapidly, safely and precisely is resulting in a surge in the demand for assembly fastening tools. production in different regions around the world, and restrictions on industrial production and shipping are affecting the supply chain. Such disruption has led to delays in the arrival of raw materials and disrupted financial outflows. However, the market is gaining momentum as lockdown and transportation restrictions are lifted, and the situation is slowly returning to normality. The aftermarket segment is expected to cross $11.5bn by 2028. This segment mainly includes manufacturers that supply fasteners for automobiles after they have been manufactured by the OEMs. The end-users procure fasteners as replacements or accessories for their vehicles. The passenger car (PC) segment will hold over 70 per cent of the automotive fastener market revenue share by 2028. Passenger cars are the most common means of transportation used world- wide. A rise in per capita income has

The global assembly fastening tool market is estimated to register growth at a CAGR of 4.4 per cent during the forecast period from 2021 to 2031, according to a study by Transparency Market Research (TMR). The market in Asia Pacific is expected to gain prominent growth opportunities, owing to a surge in the use of fasteners from regional end-users, including con struction, aerospace and defence, semi conductor and electronics, automotive and heavy equipment industries. The Asia Pacific assembly fastening tool market is also forecast to gain prospects from a rise in infrastructure development projects, technological advancements and increased industrialisation in the region. Fasteners are gaining popularity due to advantages such as the capability to offer temporary and permanent joining, high load-bearing capacity and easy disassembly and assembly. A research study by Global Market Insights Inc reports that the automotive fastener market is set to reach US$21.5bn by 2028. The development of modern and versatile concepts in terms of fastener production will boost the industry statistics. Manufacturers are focusing on universal fasteners that are designed for versatility and usability. The new and enhanced types of plastics or metal alloys used in fasteners are stronger and lighter than before, and the use of recyclable and reusable automotive fasteners causes less harm to the environment. The introduction of electric and hybrid models has changed engineered ap proaches and led to the development of different types of fastener that are more durable and permanent. The Covid-19 pandemic affected the automotive fastener market growth in the short term. The virus stalled automotive

Assembly fastening tool market opportunities with rising automotive demand

Companies operating in the global

EF 5/55

www.read-eurofasteners.com

September 2022