GLOBAL AUTOMOTIVE FASTENER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Regional Analysis

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North America has established itself as the dominant region in the global automotive fastener market and is expected contribute a major market share of 37.86% in 2024. With the large-scale presence of automotive OEMs and a robust automotive manufacturing industry, North America accounts for the highest demand for fasteners. Countries like the U.S. and Canada have strong supply chains and infrastructure to support the automotive industry's needs. American and Canadian fastener manufacturers such as Acument Global Technologies, PennEngineering, and ITW have strong footholds in their domestic markets due to long-standing relationships with automakers. Their comprehensive product portfolios that include a wide range of fasteners help them retain customers. North America also has competitive import tariffs, providing some insulatory benefit to local suppliers. However, companies face pressure to expand export presence to offset any future decline in regional automobile production.

The Asia Pacific region is expected to grow with highest CAGR of 7.12% in 2024. China has emerged as the world's largest automobile manufacturer within a short span of time due to heavy investments in production capacity expansions. Chinese automakers are now aggressively pushing into global export markets as well. This rapid growth of the domestic automotive industry and rising exports have created a huge demand for quality fasteners. While imports have increased, Chinese fastener companies are enhancing their capabilities through technological upgrades and new product development to gain market share. These manufacturers also leverage competitive pricing and a large manufacturing base to boost exports. The regional market's growth trajectory is expected to continue as automobile sales in China and other developing Asian countries like India will increase in the near future.