The GCC countries’ automotive fasteners market is anticipated to grow at a CAGR of 4.2 % during the forecast period (2022-2028). The growing demand for electric vehicles is a factor supporting the growth of the automotive fasteners market during the forecast period. Fasteners are needed not only for electric vehicles but also for charging units, battery boxes, and standard infrastructure equipment. Increasing demand for air-to-air travel and government support for carbon emissions, long-distance vehicles using tax rebates, and grants have pushed athletes to provide electric vehicles across the globe.
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In addition, the rising consumer preferences for lighter motor vehicles is expected to increase the demand for the market during the forecast period. To increase vehicle performance as well as fuel economy, lightweight parts are essential. In addition, tax relief for passengers and commercial vehicles during the coronavirus violence has also created significant revenue opportunities for producers. Consumer electronics in cars are increasing due to consumer preferences to be combined with advanced technologies in cars and other vehicles. These electrical combinations may include sensor use, high-frequency signals, advanced adjustment, and other features. Therefore, the integration of the components into vehicles requires different types of binding to fit, which is estimated to advance the automotive fasteners market during the forecast period.
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Some major players in the market include Atotech Deutschland GmbH, Birmingham Fastener Inc., PennEngineering, Phillips Screw Co., and Permanent Tecnologies Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in January 2021,Illinois Tool Works Inc. and Amphenol Corp., a leading global provider of high-tech connectivity, antenna, and sensor solutions, announced that they have entered into an agreement under which ITW will benefit MTS Systems Corporation’s Test & Simulation business, respectively. blocking Amphenol acquisition of MTS.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Material Used
- By Application
- By Types
- By Coating
- By Distribution Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Atotech Deutschland GmbH, Birmingham Fastener Inc., PennEngineering, Phillips Screw Co., and Permanent Tecnologies Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
GCC Automotive Fasteners Market Report by Segment
By Material
- Iron
- Aluminum
- Brass
- Nickel
- Stainless Steel
- Plastic
By Application
- Removable
- Semi-Permanent
- Permanent
By Type
- Threaded
- Nuts
- Screws
- Rivets
- Studs
- Non-Threaded
- Snap Rings
- Clips
By Coating
- Passivated Coating
- Cadmium Coating
- Dry Film Lube Coating
By Distribution Channel
- OEM
- Aftermarket
GCC Automotive Fasteners Market Report by Country
- Bahrain
- Kuwait
- Oman
- Qatar
- Saudi Arabia
- UAE
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