The automotive fasteners market, which reached US$21.62 billion last year, is expected to reach US$26.27 billion in 2028 with a CAGR of 2.82% over the forecast period. Demand for further technical developments and design improvements in automotive fasteners will drive the global growth of this mechanical fastener industry, according to a new report from Brandessence Market Research.

Automotive fasteners are components used in vehicle assembly that include bolts, screws, nuts, washers, rivets, concrete anchors, threaded rods, and retaining rings, and their main function is to hold vehicle parts together and ensure that there is no separation or leakage from the attachment points. The automotive industry is filled with a variety of fasteners, especially for components, due to the variety of shapes, sizes, designs and qualities.

For this report, the fasteners discussed are mechanical fasteners used to join or join two or more fasteners and parts in vehicles. It is made of aluminum, nickel, stainless steel, plastic and other materials and is available in a variety of shapes, colors and finishes to meet structural and aesthetic designs. 

In the last decade, several companies have become more involved in the technological R&D of automotive fasteners to meet their quality, reliability and lightness requirements. The lighter the vehicle, the less petrol or power (in the case of electric vehicles) is required; which makes the vehicle more attractive to buyers.

Currently, Europe dominates the market due to its large, global auto hub and high demand for SUVs and premium vehicles in countries such as Germany, France and Italy. According to the ICCT, around 4.3 million new cars in the EU in 2017 were SUVs, more than six times as much as 15 years ago. In addition, the demand for premium vehicles will further increase the demand for automotive fasteners in this region.