Plastic Fasteners Market

Plastic Fasteners Market Size (2023-2028):

The plastic fasteners market size is estimated to reach USD 7.31 billion by 2028 from USD 5.28 Billion in 2022 registering a CAGR of 7.28% during (2023-2028)

Increasing demand for the substitution of metal fasteners in automotive interiors because of lightweight characteristics and improved aesthetics are expected to boost the plastic fasteners market over the anticipated years. Also, its lightweight nature, wide range, and compatibility with the inner ambiance of the vehicle expect a boost to the market within the coming years. Additionally, the growing product demand for those products in oil & gas, automotive, marine sectors, and space are anticipated to fuel the plastic fasteners market during the forecasted period.

The usage of plastics in the automotive industry and particularly in electric vehicles is increasing because of weight reduction by metal substitutes which is in high trend. Thus, leading to tremendous growth. Increasing construction activity and rising demand for plastic concrete components is going to be supported by more intensive use of those products. Plastic components are going to be favored over other building materials due to their durability and longer lifespans.

Plastic Fasteners Market Drivers:

The market for lightweight materials within the automotive industry is driven by increasing demand and recognition for highly competent cars with better performances. The rising prevalence of plastic fasteners will propel the demand of the market to an extent. These factors are driving the growth rate of the plastic fastener market. 

Plastic Fasteners Market Restraints:

The low durability of the fasteners in high-stress applications is probably going to act as a market restraint. The slowdown within the US automotive sector could be a restraint for the plastic fasteners market. The demand for vehicles within the US is declining because of high loan rates and tight credit conditions. The US is holding second place in leading the dominant shares of the plastic fasteners market growth.

PLASTIC FASTENERS MARKET REPORT COVERAGE:

Market Segmentation

Plastic Fasteners Market - By Product Type:

• Rivets & Push-in Clips
• Cable Clips & Ties
• Threaded Fasteners
• Washers & Spacers
• Grommets & Bushings
• Wall Plugs
• Others

The Rivets & Push-In Clips segment is anticipated to carry the biggest market share. Rivets and push-in clips are increasingly utilized in automobiles and electrical & electronics. Push-in clips are used to connect light sheet metals, insulating materials, and plastic parts. They're also used as bumpers and hole plugs. Push-in clips are combined with nylon washers so that they can be used to fasten flimsy materials.

Plastic Fasteners Market - By End-user:

• Automotive

• Electrical & Electronics

• Building & Construction

• Supermarkets

• Others

The automotive segment is expected to have the highest share of the plastic fasteners market. The increasing demand for electric vehicles is anticipated to boost the expansion of the automotive segment of the plastic fasteners market. Environmental regulations formulated by various governments of different countries have propelled the development of fuel-efficient and lightweight automobiles, which, in turn, has contributed to the high demand for plastic fasteners in the automotive industry.

Plastic Fasteners Market - By Region:

• North America

• Europe 

• Asia Pacific 

• Latin America 

• Middle east and Africa 

The Asia Pacific dominated the Plastic Fasteners Market share with over 38.8%, followed by Europe and North America. Growing industrialization and urbanization in India and China is projected to increase demand and popularity in end-user industries, including automobiles and electronics. These sectors will develop the marketplace for plastic fasteners within the region. Increasing Asia Pacific’s customers who tend to buy affordable and lightweight vehicles has been a positive contribution to growth within the market. The expansion of the automotive industry in this region has led to aspects like the accessibility of economic labor, low cost of production, government initiatives, foreign direct investments and lenient emission, and safety standards.

Impact of the COVID-19 pandemic on the Plastic Fasteners Market:

The recent global pandemic outbreak caused due COVID-19 has affected the expansion of the plastic fasteners market. The plastic fasteners market has had a negative impact during the pandemic as there are lockdown restrictions all over. The global economy had vastly disrupted due to the spread of COVID-19. The supply chain and manufacturing units were completely closed in the first half of 2020 declining the growth rate of the market. On the demand side, the plastic fasteners market is hit hard by this pandemic with subsequent lockdown and declining business spending resulting in postponing of several projects. However, in 2021 with the unlock guidelines, the market shares started to grow at a higher rate.

Recent Developments:

• In October 2019, Celanese Corporation acquired the Forli, Italy-based SO.F.TER. Group, the world’s largest independent thermoplastic compounder. The company acquired SO.F.TER. Group’s comprehensive product portfolio of thermoplastic elastomers (TPEs), engineering thermoplastics (ETPs), as well as customer agreements and commercial facilities, and manufacturing technology. 

• In February 2019, Toray Industries, Inc. and Toyota Tsusho Corporation announced that they are launching a joint carbon fiber recycling initiative. This is used to develop highly efficiently recycled carbon fiber manufacturing technology. This technology uses an energy-efficient and innovative thermal decomposition method.

Plastic Fasteners Market Key Players:

1. ARaymond

2. Illinois Tool Works

3. Stanley Black & Decker

4. Nifco

5. Bossard Group.

6. MW Industries Inc

7. ATF Inc

8. E & T Fasteners

9. Avery Dennison Corporation

10. Volt Industrial Plastics