The global automotive fasteners market size is projected to grow from $22.99 billion in 2023 to $33.82 billion by 2030, at a CAGR of 5.67% during the 2023-2030 forecast period. The growing demand for passenger and commercial vehicles is expected to fuel the market growth.

Automotive fasteners clamp various vehicle parts together to avoid wobbling, leak prevention of joints, and transmit loads. It includes bolts, nuts, screws, retainers, spring clips, and washers. Each fastener is designed in such a way that it supports specific automotive requirements. Depending on their usage, it can be made from metal or plastic. They can also be divided based on their type and characteristic such as threaded or non-threaded and permanent or temporary.

With increasing spending in automotive production facilities, the rapidly growing automotive industry is expected to surge the demand for fasteners over the forecast period. The growing demand for electric vehicles and supportive government initiatives for producing electric cars support global automotive fasteners industry growth.

Fasteners are not only playing a key role in EV batteries but also in charging units, EV battery casing, and general infrastructure equipment. Thus, manufacturers are closely working with battery module manufacturers to ensure functional coatings for fasteners to protect them from corrosion.

Source: Fortune Business Insights