Transparency Market Research
Rapid and speedy sales and production of automotive vehicles are prominent factors that are projected to boost the automotive seals and fasteners market during the forecast period. Increase in world population coupled with enhanced and superior living standards has led to surge in vehicle sales, which in turn is projected to drive the automotive seals and fasteners market during the forecast period. Advancements in technology coupled with superior material quality in the automotive industry have boosted the lifespan of seals and fasteners, thereby offering the auto manufacturers superior quality seals and fasteners. This is likely to propel the automotive seals and fasteners market during the forecast period. Automotive seals and fasteners offer numerous advantages such as extremely silent, durability, and high reliability. However, introduction and increase in vehicle unibody framing, which sacks these joining components, are anticipated to hamper the automotive seals and fasteners market during the forecast period.
The automotive seals and fasteners market can be segmented based on product, vehicle type, characteristics, sales channel, and region. Based on product, the automotive seals and fasteners market can be segregated into metal and non-metals. The metal segment accounts for a dominant share of the market, as compared to the non-metal segment. Wide variety of metals are utilized to manufacture automotive seals and fasteners.
Based on vehicle type, the automotive seals and fasteners market can be divided into passenger vehicles and commercial vehicles. The passenger vehicles segment leads the automotive seals and fasteners market primarily due to the surge in demand and sales of passenger vehicles. Rise in sales for passenger cars and decline in car loan rates are likely to propel the passenger vehicle segment of the market during the forecast period.
In terms of characteristics, the automotive fasteners market can be split into three segments. Among characteristics, the semi-permanent segment holds a prominent share of the automotive seals and fasteners market. Wide usage of automotive seals and fasteners in numerous automotive components can be attributed to its leading share.
In terms of sales channel, the automotive seals and fasteners market can be bifurcated into original equipment manufacturers (OEMs) and aftermarket. The OEMs segment leads the global automotive seals and fasteners market due to increase in vehicle sales across the globe. Automotive seals and fasteners are frequently integrated in almost every vehicle part, which in turn is projected to drive the OEMs segment of the market during the forecast period.
Based on region, the automotive seals and fasteners market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominates the global automotive seals and fasteners market share owing to expansion of the automotive sector in countries such as China, India, South Korea, and Japan. This, in turn, has led to significant rise in production of vehicles containing automotive seals and fasteners. Inexpensive land and labor availability coupled with foreign investment from automakers in the region are anticipated to drive the automotive seals and fasteners market in the region during the forecast period.
Key players operating in the global automotive seals and fasteners market include SKF, Shamrock International, Dana Incorporated, The Phillips Screw Company, NOK CORPORATION, Atotech, Fastener Technology, ElringKlinger AG, Stanley Engineered Fastening, Nifco Inc., Westfield Bulten AB, and APL.
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