Emphasis on Type (Bolt & Nut, Screw, and Stud), Material (Steel, Aluminum Alloy, Nickel Cobalt Alloy, Titanium Alloy, and Others), Thread Type (Rolled Thread Fasteners and Cut Thread Fasteners), Vehicle Type (Passenger Vehicle and Commercial Vehicle), and Region/Country.
The engine fastener market is expected to grow at a steady CAGR of around 5.5% during the forecast period.
Fasteners are a tool that is used to mechanically hold objects together, typically fasteners form a nonpermanent joint where the component can be separated without damage. The power and reliability of an engine greatly depend on the quality of the fasteners and in automotive manufacturing, it’s very important to ensure that the engine bolt assembly is capable enough of working in high pressure and stress environments.
The growth rate of the fastener industry is directly attributed to the growth of the automobile sector where around 23% of the total fastener produced worldwide is consumed by the automobile industry which represents the highest market share in the industry and is working in favor of the fastener industry due to the positive outlook of automotive sector owing to a huge spike in the demands across segment be it passenger vehicle or commercial vehicle. The growth is mainly driven by the fact that a huge amount of pent-up demand is coming across the board after COVID-19, where consumers are keen on owning a personal vehicle rather than using public transport. Furthermore, demand for electric vehicles is also increasing fast due to increased awareness, subsidies from governments, and the cost benefits of owning an electric vehicle. Additionally, emerging economies are generating huge demand for automobiles owing to rising income, increased mobility, rapid urbanization, and increased economic activities due to huge investments in infrastructure by governments. For instance, on March 2022, Japan in a bilateral meeting with its Indian counterpart announced that it will invest USD 42 billion over the course of 5 years for supporting India’s urban infrastructure development and a high-speed railway based on its bullet train technology.
Some of the major players operating in the market include MacLean-Fogg; Chicago Nut & Bolt; Tachart Ltd; THE PHILLIPS SCREW COMPANY; Garton Ltd; A&A Manufacturing; Wagner Tuning Ltd; Anglian Fasteners Ltd; OptiTorque Technologies LLC; and Fastco Industries, Inc
Insights Presented in the Report
Based on the material, the market is segmented into steel, aluminum alloy, nickel cobalt alloy, titanium alloy, and others. Among these steel and steel alloys as material for fastener holds a significant market share owing to the fact that steel is the most commonly used material for fastener production due to its high degree of formability, tensile strength, and durability. Additionally, steel fasteners are relatively economical and inexpensive to produce, they also have a high degree of corrosion resistance which does not decrease from deformation and long-term use.
“Asia Pacific dominated the engine fastener market in 2021.”
The engine fastener market in the Asia Pacific region held the largest market share and is expected to maintain its growth throughout the forecast period. Major countries in the Asia Pacific like India, China, Vietnam, Thailand, etc are going to be the biggest market for engine fasteners owing to the increasing economic growth rate in these countries which are some of the fastest-growing economies in the world, driving the consumption with increasing income, and automobile sectors have been proven to be the biggest beneficiaries of these trends as it has happened in past in the developed world. Moreover, China is still the world’s biggest automobile market followed by India and other Asia Pacific countries owing to its huge population and increased mobility with the working population on the rise thus generating a huge demand for engine fasteners. Furthermore, increased government spending on developing new infrastructure has increased the rate of urbanization which is also becoming a major driver for the demand in the automobile sector. For instance, on February 2023, the Indian government presented a budget where they announced a whopping 37.4% increase in capital expenditure on infrastructure to USD 125 billion for the year 2023-24.
Engine Fastener Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Engine Fastener Market Covid-19 Impact
6. Global Engine Fastener Market Revenue, 2020-2030f
7. Market Insights By Type
8. Market Insights By Material
9. Market Insights By Thread Type
10. Market Insights By Vehicle Type
11. Market Insights By Region
12. Engine Fastener Market Dynamics
13. Engine Fastener Market Opportunities
14. Engine Fastener Market Trends
15. Demand And Supply-side Analysis
16. Value Chain Analysis
17. Case Study
18. Strategic Insights
19. Competitive Scenario
20. Company Profiled
21. Disclaimer
Research Methodology for the Engine Fastener Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global engine fastener market were the three major steps undertaken to create and analyze the adoption of engine fasteners in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global engine fastener market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the engine fastener market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the engine fastener market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, material, thread type, and vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the engine fastener market. Further, we conducted factor analysis using dependent and independent variables such as type, material, thread type, and vehicle type of the engine fastener market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the engine fastener market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global engine fastener market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global engine fastener market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, material, thread type, and vehicle type in the global engine fastener market.
The main objective of the Global Engine Fastener Market Study
The current & future market trends of the global engine fastener market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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