Automotive Fasteners Market:
Automotive fasteners are components used in assembling a vehicle in the production line. The choice of the right fasteners and emphasis on safety are likely to trigger its demand among automotive manufacturers. The global automotive fasteners market report by Market Research Future (MRFR) contains valuable insights gleaned through painstaking efforts by analysts and identification of trends, drivers, and challenges for the period of 2018 to 2023 (forecast period). The sudden outbreak of the COVID-19 virus and its impact on the industry are analyzed in granular detail.
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The global automotive fasteners market is expected to rise at a CAGR of 4.5% over the forecast period. The surge in vehicle production, focus to lightweight vehicles, and use of infotainment systems, telematics, and ignition can induce the need for fasteners. The rise of injection molding and use of plastic components to lower vehicle weight can bolster the market demand exponentially. Resistance to corrosion, salt, and climatic conditions are likely features enticing its use in commercial and passenger vehicles.
The use of plastic fasteners due to the need for reducing vehicle weight and eschew the usage of stainless steel and nickel can fuel the market growth. Removable fasteners are likely to be in huge demand due to the corrosive nature of bolts, studs, and nuts and the frequent need to replace it.