Automatic Self-Piercing Rivets Market
The demand for such fasteners is expected to grow from 8.1 billion units in 2015 to 45.0 billion units by 2022, with the automatic self-piercing rivets market growing at a CAGR of 26.2% during 2016–2022. This projected increase would be the result of the growing popularity of lightweight premium vehicles. Luxury marques, such as Porsche, Daimler AG, and Audi AG, are developing aluminum-intensive vehicles by making use of automatic SPRs. Other automobile giants, such as BMW, Ford, Land Rover, and Renault, are also focused on lightweight hatchbacks and sedans. All these manufacturers are using automatic SPRs in the trunk lids, hoods, boot lids, doors, and window regulators.
Self-piercing rivets (SPR) offer better fastening solutions in instances where spot welding is not practical. It is the process of forming a mechanical interlock between multiple pieces of similar or different materials. The interlocking is done by forcing a rivet through the top sheet through the piercing and then fortifying the top one with the one on the bottom, without piercing it. The process of applying automatic SPRs incorporates four steps — clamping, piercing, flaring, and compression. It is used to interlock pre-painted metals (white goods), zinc-coated steel (heating, ventilation, and air conditioning [HVAC] industry, construction sector, and automobile sector), and aluminum (signs).
Automatic Self-Piercing Rivets Market Size
The emission and fuel efficiency norms laid down by governments, especially those in North America and Europe, are the major reasons behind the increasing production of lightweight vehicles. The reduced weight of automobiles leads to the consumption of lesser fuel and lower carbon dioxide emissions. As per the Aluminum Transportation Group (ATG), 5–7% of fuel can be conserved by curtailing the weight of vehicles by 10%. This can be done by replacing heavy metals with aluminum, and by increasing the usage of automatic SPRs.
Therefore, the maximum demand for automatic SPRs comes from the manufacturers of conventional vehicles. In the near future as well, the larger demand will be generated by the conventional vehicle sector. However, manufacturers of new-energy vehicles are also incorporating these rivets, especially in hatchbacks, crossovers, and luxury cars. This rising demand for these fasteners is propelled by the manufacturers’ aim of creating lightweight vehicles, so the laid-down emission limits can be complied with and air pollution reduced.
According to P&S Intelligence, the European automatic self-piercing rivets market generated the maximum demand for these fasteners in the recent past. Among the European countries, Germany demanded the maximum number of such rivets. As it is the home of major luxury carmakers. As for the Asia-Pacific region, China consumed the maximum number of automatic rivets. In North America, the U.S. showcased the higher demand for automatic SPRs. Other countries that are witnessing an increase in the requirement for these fasteners are Brazil, Iran, and South Africa.
Automatic Self-Piercing Rivets Market Share
Thus, the increasing demand for lightweight vehicles will lead to the rising usage of automatic self-piercing rivets. A shift toward the adoption of environment-friendly and energy-conserving vehicles will pave the way for the increasing usage of automatic SPRs around the globe in the foreseeable future.
Growth drivers such as the escalating production of luxury vehicles, and increasing focus on fuel efficiency. And rising government support to curtail carbon dioxide (CO2) emissions are projected to drive the automatic self-piercing rivets market at a CAGR of 26.2% between 2016 and 2022 (forecast period). At this rate, the market size will grow from 8.1 billion units in 2015 to 45.0 billion units by 2022. Additionally, the rise in the application of aluminum in the production of vehicles and the increase in lightweight vehicle demand will accelerate the market growth.
Luxury brands, such as Porsche, Audi AG, and Daimler AG, are using a large number of automatic self-piercing rivets during the manufacturing of their aluminum-intensive models. Audi A8, Jaguar XF, XJ, XK, and BMW 5 and 6 Series are aluminum-rich models that contain automatic self-piercing rivets as the prime fastening material. Thus, the increasing integration of these rivets is expected to boost market growth in the years to come.
Automatic Self-Piercing Rivets Market Trends
Additionally, the automatic self-piercing rivets market growth is supported by government initiatives to cut down CO2 emissions and enhance fuel efficiency. Due to this, the application of lightweight materials, such as aluminum, has increased significantly, thereby propelling the usage of automatic self-piercing rivets. The usage of these rivets reduces the heat problems related to the spot welding of aluminum alloys and pure aluminum, both of which melt below 800-degree Celsius. Besides, the compatibility of these rivets with coated and stimulated aluminum surfaces reduces the damage and demand for recoating or re-plating.
Due to the presence of a handful of players, the automatic self-piercing rivets market is consolidated in nature. This market is dominated by players such as Henrob Ltd., Wilhelm Bollhoff GmbH und Co. KG, Richard Bergner Holding GmbH & Co. KG, STANLEY Engineered Fastening, TOX PRESSOTECHNIK GmbH & Co.KG, and ECKOLD AG. They are focusing on product launches and acquisitions to increase their market presence. For instance, Wilhelm Bollhoff GmbH und Co. KG and STANLEY Engineered Fastening recently launched new automatic self-piercing riveting solutions.
These automatic self-piercing rivets market players can increase their profits by leveraging the opportunities being created in emerging economies. The soaring demand for luxury vehicles in developing countries, such as India, Vietnam, and China, on account of the growing purchasing power of people gives an opportunity to market players to invest here. Additionally, the market growth is fueled by the rising government initiatives to promote fuel efficiency. Minimize CO2 emissions, and develop lightweight automobiles, on account of increasing concerns regarding environmental pollution.
Automatic Self-Piercing Rivets Market Revenue Insights
Geographically, the European region accounts for the largest share in the automatic self-piercing rivets market, where Germany has emerged as the largest contributor. As for the North American market, the U.S. registered the highest demand in 2015. Whereas China generated the highest revenue in the Asia-Pacific (APAC) region. The growth of the APAC market is driven by the rising application of automatic self-piercing rivets in India and China and soaring investments by automakers in the region. Furthermore, in the Rest of the World, Brazil has the largest market.
Thus, the surging environmental concerns and spurring demand for lightweight luxury vehicles will drive market growth in the coming years.
