The Latin America, Middle East and Africa Automotive Fasteners Market should witness market growth of 7.5% CAGR during the forecast period (2023-2030).
The need for lightweight automotive fasteners in the luxury or premium vehicle industry is rising as demand for vehicles' performance and fuel economy rises. In addition, instead of employing aluminum and steel, manufacturers of automobile fasteners are focusing on using magnesium, one of the lightest materials, as a fastener material.
Additionally, manufacturers now use rotating hammer riveting (RHR), a friction-based riveting technique, to build vehicles, saving time and money because it avoids the need to pre-heat the metals. Therefore, the market is driven by the adoption of lightweight materials and cutting-edge technologies.
The market is primarily driven by the expanding automotive sector and the fasteners' critical importance in various automobiles. Mechanical developments, fastener durability, and quality improvement are also driving market factors. The simplicity with which fasteners may be removed from automobiles makes it possible for end users to purchase fasteners for their vehicles. Also, the demand for lightweight automobiles is steadily increasing, which will move preference away from welding and toward automotive fasteners.
According to the International Trade Administration, the Middle East and North Africa (MENA) region is expanding at 36%, with Saudi Arabia serving as the principal regional industry. In the Gulf Cooperation Council (GCC) and the MENA region, Saudi Arabia sold over 52% and 35% of the automobiles sold in 2020. Saudi Arabia sold 556,000 and 436,000 vehicles in 2019 and 2020, respectively. By 2025, sales are expected to total 543,000 units, with just 32,000 vehicles being electric cars (EVs). With the growing automotive industry, the market is predicted to witness significant growth.
The Brazil market dominated the LAMEA Automotive Fasteners Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $549.9 Million by 2030. The Argentina market is showcasing a CAGR of 8.1% during (2023-2030). Additionally, The UAE market would register a CAGR of 7.2% during (2023-2030).
Based on Type, the market is segmented into Threaded, and Non-Threaded. Based on Material Type, the market is segmented into Metal, and Plastic. Based on Characteristic, the market is segmented into Removable, and Fixed. Based on Vehicle Type, the market is segmented into Passenger Car, and Commercial Vehicles. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bulten AB, KAMAXHolding GmbH & Co. KG, Stanley Black & Decker, Inc., Berkshire Hathaway, Inc., Illinois Tool Works Inc., SFS Group AG, LISI GROUP, Westfield Fasteners Ltd, Shanghai Prime Machinery Co., Ltd. (Shanghai Electric Group Company Limited) and Sundram Fasteners Limited (TVS Group).
The need for lightweight automotive fasteners in the luxury or premium vehicle industry is rising as demand for vehicles' performance and fuel economy rises. In addition, instead of employing aluminum and steel, manufacturers of automobile fasteners are focusing on using magnesium, one of the lightest materials, as a fastener material.
Additionally, manufacturers now use rotating hammer riveting (RHR), a friction-based riveting technique, to build vehicles, saving time and money because it avoids the need to pre-heat the metals. Therefore, the market is driven by the adoption of lightweight materials and cutting-edge technologies.
The market is primarily driven by the expanding automotive sector and the fasteners' critical importance in various automobiles. Mechanical developments, fastener durability, and quality improvement are also driving market factors. The simplicity with which fasteners may be removed from automobiles makes it possible for end users to purchase fasteners for their vehicles. Also, the demand for lightweight automobiles is steadily increasing, which will move preference away from welding and toward automotive fasteners.
According to the International Trade Administration, the Middle East and North Africa (MENA) region is expanding at 36%, with Saudi Arabia serving as the principal regional industry. In the Gulf Cooperation Council (GCC) and the MENA region, Saudi Arabia sold over 52% and 35% of the automobiles sold in 2020. Saudi Arabia sold 556,000 and 436,000 vehicles in 2019 and 2020, respectively. By 2025, sales are expected to total 543,000 units, with just 32,000 vehicles being electric cars (EVs). With the growing automotive industry, the market is predicted to witness significant growth.
The Brazil market dominated the LAMEA Automotive Fasteners Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $549.9 Million by 2030. The Argentina market is showcasing a CAGR of 8.1% during (2023-2030). Additionally, The UAE market would register a CAGR of 7.2% during (2023-2030).
Based on Type, the market is segmented into Threaded, and Non-Threaded. Based on Material Type, the market is segmented into Metal, and Plastic. Based on Characteristic, the market is segmented into Removable, and Fixed. Based on Vehicle Type, the market is segmented into Passenger Car, and Commercial Vehicles. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bulten AB, KAMAXHolding GmbH & Co. KG, Stanley Black & Decker, Inc., Berkshire Hathaway, Inc., Illinois Tool Works Inc., SFS Group AG, LISI GROUP, Westfield Fasteners Ltd, Shanghai Prime Machinery Co., Ltd. (Shanghai Electric Group Company Limited) and Sundram Fasteners Limited (TVS Group).
Scope of the Study
By Type
- Threaded
- Non-Threaded
By Material Type
- Metal
- Plastic
By Characteristic
- Removable
- Fixed
By Vehicle Type
- Passenger Car
- Commercial Vehicles
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Bulten AB
- KAMAXHolding GmbH & Co. KG
- Stanley Black & Decker, Inc.
- Berkshire Hathaway, Inc.
- Illinois Tool Works Inc.
- SFS Group AG
- LISI GROUP
- Westfield Fasteners Ltd
- Shanghai Prime Machinery Co., Ltd. (Shanghai Electric Group Company Limited)
- Sundram Fasteners Limited (TVS Group)
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. LAMEA Automotive Fasteners Market by Type
Chapter 6. LAMEA Automotive Fasteners Market by Material Type
Chapter 7. LAMEA Automotive Fasteners Market by Characteristic
Chapter 8. LAMEA Automotive Fasteners Market by Vehicle Type
Chapter 9. LAMEA Automotive Fasteners Market by Country
Chapter 10. Company Profiles
Companies Mentioned
- Bulten AB
- KAMAX Holding GmbH & Co. KG
- Stanley Black & Decker, Inc.
- Berkshire Hathaway, Inc.
- Illinois Tool Works Inc.
- SFS Group AG
- LISI GROUP
- Westfield Fasteners Ltd
- Shanghai Prime Machinery Co., Ltd. (Shanghai Electric Group Company Limited)
- Sundram Fasteners Limited (TVS Group)
Methodology
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