DALLAS—The future of the global automotive fastener market looks promising with opportunities in the passenger car and light commercial vehicle segment.

According to market research firm Lucintel, the global automotive fastener market is expected to reach an estimated $25.9 billion by 2022, and it is forecast to grow at a cumulative annual rate of 3.1 percent from 2017 to 2022. The major growth drivers for this market are increasing vehicle production and increasing migration of OEMs from standard fasteners to customized fasteners.

Emerging trends include the development of fasteners for lightweight materials and self-contained in-die fasteners. Lucintel forecasts that fasteners for aluminum and plastic are expected to show above average growth during the forecast period.