The Latin America, Middle East and Africa Automotive Fasteners Market would 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.
Free Valuable Insights: The Worldwide Automotive Fasteners Market is Projected to reach USD 33 Billion by 2030, at a CAGR of 5.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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) and Sundram Fasteners Limited (TVS Group).
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