by Nikhil Kaitwade
Chief Analyst Automotive and Associate Vice President at Future Market Insights
The automotive fasteners market is anticipated to obtain growth at an average CAGR of 6% and is forecasted to reach a valuation of USD 48 Bn by 2032, while it holds a revenue of USD 26 Bn in 2022.
In recent times, companies around the world have invested capital in technology research and development units to help them enhance the productivity of multiple machines.
Automotive fasteners and industry-specific designs and shapes attract end users to adopt these fasteners. Industries rising along with its application in housing, door panels, and other vehicle parts are fueling the sales of automotive fasteners.
Dynamic consumer preferences for smart vehicles, rising disposable income, and increasing adoption of cutting-edge technology in automobiles are some of the factors driving the global automotive fasteners market.
The preference for using lightweight vehicles across the world is expected to enhance the demand for using lighter automotive components in vehicles. In order to increase the performance of vehicles as well as fuel efficiency, lightweight parts are important
• Europe holds the biggest market space for the automotive fasteners market and is anticipated to hold its ground during the forecast period, with 26% of the share attributed to the sales of commercial vehicles such as passenger cars and electric buses.
• North America has the second largest space in the global automotive fasteners market, while its growth is owing to advancements in electric vehicle and their higher adoption with a 16% global share.
• The automobile companies such as General Motors and Ford are making the USA a significant country in the region of North America.
Curious Case about the Future of Automotive Fasteners
In times when there is a lot of buzz around the integration of 'Smartness' into the automotive sector, what takes a backseat is the realization that intelligence has to be brought out at the grassroots level.
I am talking about automotive fasteners—or so to say, about the nuts, bolts, and screws.
While they have been an integral part of the evolution, they are, in turn, evolving to meet the needs of the futuristic automotive industry in Europe and Asia Pacific.
Europe Automotive Fasteners Market
Europe is the center of the automotive sector accounting for a market share of 2.10 billion in 2021. Currently, the region is holding 26% of the total market share in automotive fasteners. Additionally, Germany is the leading passenger car manufacturer in Europe with a market share of 25%.
Countries such as Germany, France, and the United Kingdom are the industrial hub for automobile manufacturing and sales, globally. Besides, BMW, Volkswagen, and Audi are among the influential firms that are ruling the world in the automotive industry.
Asia Pacific Automotive Fasteners Market
The shift in manufacturing patterns from standard parts to customized is the key factor driving the market in the Asia Pacific region. Surging demand for sales, maintenance, and parts replacement in vehicles is giving a boost to the automotive fasteners market in emerging countries.
China is the leading automotive industry, when it comes to sales and manufacturing of both passenger and commercial vehicles. Although the market slowed down during the pandemic, yet, the country sold more than 26 million vehicles in 2021.
The market in the region is also accelerated by joint ventures between government and international firms. Emerging small-scale automotive fastener manufacturers, the need for lightweight products, and the adoption of electric vehicles are key factors driving the market in the region.
What does the Evolution of Automotive Fasteners look like in Europe and Asia Pacific?
In order to do the heavy lifting in terms of features and functionalities, automotive manufacturers in these regions look for room for efficiency. Now, efficiency, despite being a subjective criterion, can be achieved on acceptable grounds with numerous factors at play:
Lightweight materials:
As automakers look to improve fuel efficiency and reduce emissions, they increasingly turn to lightweight materials such as aluminum, magnesium, and composites. Fasteners will need to be designed to work with these materials, which may require new materials, coatings, and manufacturing processes.
Electrification:
As electric vehicles become more common, fasteners will need to be designed to handle the unique stresses and vibrations of electric powertrains. This may require new materials and designs to ensure reliable and durable connections.
Advanced manufacturing techniques:
Advances in manufacturing techniques, such as 3D printing and additive manufacturing, may enable new designs and materials for fasteners, allowing for greater customization and improved performance.
Smart fasteners:
As vehicles become more connected and autonomous, there may be a need for smart fasteners that can communicate with other components and systems. This could enable real-time monitoring and diagnostics, improving safety and performance.
Coatings and surface treatments:
Coatings and surface treatments can be applied to fasteners to improve their corrosion resistance, reduce friction, and enhance their ability to withstand extreme temperatures and environments.
Composite fasteners:
Composite materials can be used to create lightweight and strong fasteners that are ideal for use in the automotive industry. These fasteners can be custom-designed to meet specific needs and are less likely to corrode than traditional metal fasteners.
3D printing:
3D printing can be used to create complex and custom-designed fasteners that would be difficult or impossible to produce using traditional manufacturing techniques.
Self-locking fasteners:
Self-locking fasteners can be designed to prevent loosening due to vibration or other factors. This can improve safety and reduce the need for maintenance and repairs.
How to Reduce the Production Cost of Automotive Fasteners in Europe?
The availability of low-cost labors gives an edge to players in the Asia Pacific over the players in Europe. In such case, it is crucial for European players to work on their production cost to expand into the Asia Pacific market.
Packing more features into the automotive, the affordability quotient often takes a backseat, which can be overlooked in high-end vehicles. However, the cost of automotive fasteners can be a game-changer, and I will go as far as to say that it can even be a product differentiator.
Materials selection:
Choosing the right materials for fasteners can significantly impact their cost. For example, using lower-cost materials such as carbon steel instead of higher-cost materials such as stainless steel can help reduce production costs.
Streamlining production processes:
Reducing the number of steps required in the production process and eliminating unnecessary steps can help reduce production costs. This can be achieved by optimizing production workflows and using lean manufacturing principles.
Automation:
Automating certain aspects of the production process, such as assembly or packaging, can help reduce labor costs and improve efficiency.
Supplier partnerships:
Partnering with suppliers to negotiate lower prices on materials or bulk purchases can help reduce production costs.
Process improvement:
Continuously improving production processes and identifying opportunities for optimization can help reduce waste and improve efficiency, ultimately reducing production costs.
Leverage Technology the Right Way to Develop Futuristic Automotive Fasteners
Materials science:
Technology can be used to develop new materials or coatings for fasteners that provide better performance, such as increased strength or corrosion resistance. For example, advanced coatings like ceramic or diamond-like carbon (DLC) can be applied to fasteners to improve wear resistance and durability.
3D printing:
3D printing can be used to create customized fasteners that are optimized for specific applications. This technology can allow for the creation of complex geometries and the use of lightweight materials that would be difficult or impossible to produce using traditional manufacturing methods.
Sensors:
Technology can be used to embed sensors in fasteners that can monitor factors like temperature, stress, or strain. This data can be transmitted wirelessly to other components in the vehicle, enabling real-time monitoring and diagnostics.
Artificial intelligence (AI):
AI can be used to optimize the design of fasteners for specific applications, taking into account factors like load requirements, vibration resistance, and weight. AI can also be used to predict the performance of fasteners under different conditions, enabling manufacturers to develop more reliable and durable products.
Nanotechnology:
Nanotechnology can be used to develop new coatings or surface treatments for fasteners that provide enhanced performance, such as improved corrosion resistance or reduced friction.
How to Add Aesthetics to These Necessary Components?
Aesthetics are an important consideration in the design of modern automobiles, and automotive fasteners can play a significant role in creating a visually appealing vehicle. While fasteners are primarily functional components, their visibility and appearance can impact the car's overall aesthetic.
There are several strategies that automotive manufacturers can use to improve the aesthetic of fasteners. One approach is to use hidden fasteners that are not visible outside the vehicle. This can create a cleaner, more streamlined appearance and help to eliminate distractions caused by visible fasteners.
Another approach is to use fasteners with an attractive finish, such as polished or anodized metals or colored coatings that match the surrounding components. This can help create a cohesive and visually appealing design while providing corrosion resistance and durability.
Some manufacturers also use decorative fasteners with unique shapes or designs that add visual interest to the vehicle. For example, a hexagon-shaped bolt head or a decorative rivet can create a distinctive look that distinguishes the vehicle from competitors. In addition to their appearance, the placement and arrangement of fasteners can also impact the vehicle's aesthetic. For example, evenly spaced fasteners can create a sense of balance and symmetry, while a random or haphazard placement can detract from the overall design.
While automotive fasteners are primarily functional components, their aesthetic impact should not be overlooked. By carefully considering the placement, finish, and design of fasteners, automotive manufacturers can create functional and visually appealing vehicles.
Paving Way for the Sustainable Automotive Fasteners for Tomorrow's Energy-efficient Automotive
In recent years, there has been a growing emphasis on sustainability and reducing the environmental impact of manufacturing processes, including in the automotive industry. One area where manufacturers can make a significant impact is by using eco-friendly automotive fasteners.
Here are some examples of eco-friendly automotive fasteners:
Recycled Materials:
Some manufacturers are using recycled materials to create fasteners. For example, recycled aluminum can be used to create fasteners that are just as strong and durable as those made from new materials. This helps to reduce waste and conserve resources.
Biodegradable Materials:
Biodegradable materials, such as natural fibers or bioplastics, can create fasteners that decompose over time. This can reduce the amount of waste in landfills and minimize the environmental impact of discarded fasteners.
Lightweight Fasteners:
By using lightweight materials, such as carbon fiber or composites, manufacturers can reduce the weight of fasteners and improve the overall fuel efficiency of the vehicle. This can also help to reduce emissions and improve environmental performance.
Corrosion-resistant Coatings:
Traditional coatings, such as chrome or nickel, can be harmful to the environment. Manufacturers can use eco-friendly coatings, such as zinc or phosphate, which are less harmful and more sustainable.
Minimal Packaging:
Another way to reduce the environmental impact of automotive fasteners is to minimize packaging. By using minimal packaging or reusable packaging, manufacturers can reduce waste and conserve resources.
Eco-friendly automotive fasteners can help to reduce the environmental impact of manufacturing processes and improve the sustainability of the automotive industry. By adopting these practices, manufacturers can demonstrate their commitment to sustainability and environmental responsibility.
As the automotive fasteners industry is evolving and finding opportunities at a CAGR of 6% through 2033, it becomes necessary to stay relevant in the industry. To say the least, if you want to realize your futuristic goals in the automotive fasteners market, you have to bring the future to your manufacturing processes.
