Engine Fastener Market: Current Analysis and Forecast (2022-2030)

A fastener is a hardware used for mechanically joining two or more objects together, they are used to create non-permanent joints which can be removed or dismantled without damaging the joining components. The power and reliability of an automobile engine rely greatly on the quality and strength of its fastener as the piston moves at speeds high enough to damage many adjoining components and the series of fasteners are the only thing that keeps the engine together, stating the importance of high-quality fasteners for engines.

The Engine fastener market is expected to grow at a steady CAGR of around 5.5% during the forecast period owing to the growth happening in the automobile sector with rising demand across segments. Furthermore, the market of automobile fasteners is mainly driven because of the significantly huge volume in which fasteners are used in a vehicle anywhere between 6,000 to 10,000 per vehicle depending on the vehicle construction, and just the engine consumes close to about 1,000 fasteners for its assembly. Moreover, with the rising electrification of vehicles, high-strength fasteners are in huge demand which can provide higher clamping force, create smaller fastener dimensions, and reduce the total weight along with improving heat radiation and friction issues of new energy vehicles, which is prompting manufacturers to increase their capital expenditure in order to keep up with this demand. For instance, on March 2022, Sundaram Fasteners announced an investment of around USD 45 million for the manufacturing of advanced automotive technology components like power train subassembly for electric vehicles and engine combustion engine vehicles out of its five-year capex plan.

Based on type, the market is segmented into bolt & nut, screw, and stud. Out of all, bolt & nut holds the significant market share owing to the fact that rod bolts are one of the most crucial types of fasteners used in engines, as are capable of absorbing higher reciprocating stress, force generated by moving pistons, and handling flexibility of connecting rods. Moreover, the head bolts that are used on the engine head gasket are responsible for applying necessary clamping force and are capable of enduring extremely high amounts of mechanical stress.

Based on material, the market is segmented into steel, aluminum alloy, nickel cobalt alloy, titanium alloy, and others. Out of all this, steel is the most widely used material for engine fasteners constituting nearly 90% of all fasteners produced annually owing to their properties like the high degree of formability, high tensile strength, and durability coupled with corrosion resistance, and high strain resistance.

Based on thread type, the market is bifurcated into rolled thread fasteners and cut thread fasteners. Among the two the rolled thread fasteners hold the significant market share for being used in engines, owing to the fact that rolled thread fasteners are high strength ideal for engine fasteners as they have to withstand high force and pressure. Additionally, rolled thread fasteners are smoother in installation and more resistant to damage as they are hardened and compressed.

Based on vehicle type, the market is bifurcated into passenger vehicle and commercial vehicle. The passenger vehicle segment is going to grow at a significant CAGR owing to the rising demand for SUVs, small, and mid sized vehicles with increasing mobility as more number younger population and women are joining the workforce. Furthermore, after COVID-19 people are giving more preference towards owning personal vehicles instead of using the public mode of transportation which is also supported by the rising discretionary income of the people with a growing economy. Additionally, increasing the adoption of EVs among consumers is further contributing to the growth of this segment. For instance, as per EV volumes, Global EV sales continued to strengthen. A total of 10.5 million new BEVs and PHEVs were delivered during 2022, an increase of +55 % compared to 2021.

For a better understanding of the market adoption of the Industrial Air Blowers, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. 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. Owing to the rising per capita GDP of the countries in the Asia Pacific, improving the standard of living, and increasing money in the hands of people which is driving the consumption of these countries and the automobile sector is one of the biggest beneficiaries in this as with growing economies the rate of urbanization and governments investments in infrastructure increases which increases the demand for mobility. For instance, on April 2023, Global Times reported, China boosted its infrastructure investment in the first quarter of 2023 by almost 10% yoy to USD 1.03 trillion in order to boost its economic growth, it has launched more than 10,000 projects throughout the country infrastructure.

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.