Automotive fasteners (bolts, nuts, clamps, etc.) are the “industrial rice” of automobiles, with a usage of approximately 5000 pieces per vehicle. The industry as a whole presents the characteristics of “large market, low concentration”, and is undergoing value reshaping with the trend of electrification and lightweighting.
Global and Chinese market size: The global market size is expected to be around 26-27 billion US dollars (approximately 180 billion RMB) by 2024, and is projected to reach 35 billion US dollars by 2031, with a compound annual growth rate of approximately 4.5%. As the world’s largest producer and seller of automobiles, China’s demand for approximately 134.7 billion pieces (about 1.67 million tons) in 2023 accounts for over 30% of the global market share.
Competitive landscape: The industry is highly fragmented and belongs to a perfectly competitive market. High end areas such as engines and high-strength chassis components are dominated by foreign investment (such as W ü rth, ITW, LISI, etc.); There are numerous domestic enterprises in the mid to low end market, with fierce price competition, and they are breaking through to the mid to high end through technological upgrades.
Electrification (EV): Battery packs, motors, and electronic control systems bring new fastening requirements, with higher demands for anti loosening and corrosion resistance performance.
Lightweight: Promote the transformation of materials from ordinary steel to high-strength steel, aluminum alloys, titanium alloys, and non-metallic materials, and enhance the value of individual pieces.
Domestic substitution: Under the pressure of supply chain security and cost, local enterprises are gradually entering the supply chain of joint ventures and new energy brands.
Main risk: Upstream steel price fluctuations directly affect gross profit; Low end overcapacity leads to price wars; The increase in technological barriers (such as high-strength fasteners of grade 12.9 and above) is squeezing the living space of small and medium-sized enterprises.
Future trends: “Replacing steel with plastic” (lightweight), intelligent fasteners (with sensors), and integrated die-casting (reducing fastening points) will be the direction of technological evolution in the future.