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The plastic fasteners market size is forecast to increase by USD 1.36 billion, at a CAGR of 4.5% between 2023 and 2028. Plastic fasteners offer significant cost advantages, driven by their beneficial chemical, thermal, and electrical properties, which are increasingly favored across various industries. The rising demand for plastic fasteners spans multiple end-user sectors seeking lightweight, durable, and corrosion-resistant solutions. These fasteners leverage plastic's versatility in applications requiring robust performance under diverse environmental conditions. Their advantageous properties include resistance to chemicals and electricity, alongside thermal stability, making them ideal for modern manufacturing needs. Industries such as automotive, electronics, and construction benefit from the cost-effectiveness and reliability of plastic fasteners, which contribute to streamlined assembly processes and enhanced product durability. As manufacturers prioritize efficiency and sustainability, plastic fasteners continue to evolve as integral components in advancing technological and industrial applications worldwide.
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In the automotive industries, the use of plastic materials such as nylon, polypropylene, and polyethylene extends beyond plastic parts to include rivets and push-in clips. These components not only reduce weight compared to metal fasteners but also address environmental concerns through the incorporation of recycled materials. They are crucial in assembling automobiles where they secure light sheet metals and provide insulation in electrical and electronics systems. Plastic fasteners like nylon washers and hole plugs offer durability despite their lightweight nature, replacing metal equivalents in applications ranging from bumpers to packaging technology. As the automotive sector embraces sustainability, manufacturers utilize these insulating materials to improve efficiency in both residential and non-residential manufacturing processes, emphasizing the shift towards environmentally friendly plastic packaging and reducing reliance on flimsy materials like belly buttons.
Key Plastic Fasteners Market Driver
One of the key factors driving the plastic fasteners market growth is the cost advantages of using plastic fasteners. Plastic fasteners are highly affordable when compared to other types of fasteners, such as metal. Plastic fasteners are significantly used in several end-user industries, such as construction and automotive, and in supermarkets. They are highly efficient and offer numerous advantages, such as they do not conduct heat or electricity, are rustproof, and do not absorb harmful ultraviolet (UV) rays from the sun. Thus, plastic fasteners offer numerous advantages and are simply low-cost materials that enhance the demand for the global plastic fasteners market during the forecast period. Moreover, in industries such as automotive, where vehicle production is carried out on a massive scale, plastic fasteners are highly preferred as they are significantly cost-effective when compared to other types of fasteners available in the market.
Key Plastic Fasteners Market Trend
Another key factor driving plastic fasteners market growth is the growing popularity of lightweight fastener solutions. Plastic fasteners are from a variety of materials such as nylon, PVC, and even polypropylene. As plastic fasteners are from these materials, they are lightweight, which makes them effective for use in several applications in the construction industry. Moreover, due to their low weight, plastic fasteners are also majorly used in forming circuit boards, which are used for spacing, securing, guiding, and supporting electronics. Plastics are highly versatile and are used in applications where weight and thermal, environmental, chemical, and electrical properties are a significant consideration for end use. They meet a wide variety of design requirements depending on what is needed from the project besides offering simplicity. For instance, a single plastic fastener can replace several metal components. Moreover, industries such as automotive, where enhanced and advanced automation techniques are used extensively, require lightweight components that are highly reliable and efficient. Such factors are expected to drive the demand for plastic fasteners during the forecast period.
Key Plastic Fasteners Market Challenge
Stringent regulations against the use of plastic are one of the key challenges hindering the plastic fasteners market growth. The constant push from regulatory agencies such as the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) and the US Environmental Protection Agency (EPA) on the use of plastics is expected to impede the growth of the global plastic fasteners market during the forecast period. For instance, in Europe, the European Food Safety Agency (EFSA) approves the use of plastics in food contact applications. On March 27, 2008, the European Commission (EC) EC 282/2008 regulation on plastic materials and articles that are intended to come in contact with food was published. As per this regulation, only food contact materials and articles that contain plastic obtained from an authorized recycling process may be marketed in Europe. Such stringent regulations can negatively impact the use of plastics in supermarkets and other industries, which will hinder the growth of the global plastic fasteners market during the forecast period.
This plastic fasteners market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Avery Dennison Corp. - The company offers a wide range of plastic fasteners such as Elastic Staple and Plastic Staple System.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The automotive segment is estimated to witness significant growth during the forecast period. Plastic fasteners are used as substitutes for metal components in the automotive industry. Plastic fasteners are used to produce lightweight, fuel-efficient, and environment-friendly automotive components because of the stringent environmental regulations on vehicular emissions.
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The automotive segment accounted for USD 1.60 billion in 2018 and showed a gradual increase during the forecast period. Companies such as Jaguar Land Rover Ltd., BMW AG, Ford Motor Co., and Renault SA are among the top manufacturers of vehicles across the world. These companies have large manufacturing hubs for automotive production in various countries. Such factors will contribute to the growth of the automotive segment, which, in turn, will drive the growth of the market during the forecast period.
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Europe is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2023, the plastic fasteners market in APAC accounted for a significant global market share, which was attributed to the region's rising automotive production and the growing construction industry. Plastic fasteners are primarily used in the automotive industry for their superior properties, such as high tensile strength and stiffness, high creep resistance, and excellent wear resistance. Plastic fasteners help reduce a vehicle's weight and increase its fuel efficiency. Therefore, the rising automotive production across APAC will increase the demand for plastic fasteners in the region during the forecast period. In APAC, China is the highest producer of automobiles. As of 2020, China accounted for more than 30% of global automotive production. Also, this region's consumption of plastic fasteners for automotive components is high. Hence, the growing construction industry in APAC will propel the growth of the plastic fasteners market during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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ABS (Acrylonitrile Butadiene Styrene) is widely utilized in various sectors including consumer electronic devices, electric vehicles, and green building due to its lightweight and durable properties. It contributes to the development of fuel-efficient vehicles and lightweight vehicles, supporting efforts to reduce environmental impact. Grommets & bushings, threaded fasteners, cable clips & ties, washers & spacers, and wall plugs are essential components made from plastics like ABS, offering solutions for vibration, abrasion, and corrosion resistance in residential and non-residential construction projects. The plastic compounding market and bio-based elastomers market continue to innovate with materials suitable for consumer electronics, auto parts, and household appliances manufacturing. These advancements align with government bodies' goals for sustainable construction expenditure and favorable loan rates, driving the adoption of plastic binders over their metal equivalents in residential construction projects and electronic and power tools manufacturing.
Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2024-2028 |
USD 1.36 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.23 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
Europe at 30% |
Key countries |
China, US, Japan, Germany, France, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anil Plastics and Enterprises, Avery Dennison Corp., Bossard Holding AG, Bulte Plastics (UK) Ltd., Canco Fasteners, Craftech Industries Inc., E and T Fasteners, Essentra Plc, Fontana Finanziaria Spa, Illinois Tool Works Inc., KITAGAWA INDUSTRIES America Inc., LISI Group, MW Industries Inc., Nifco Inc., Nyltite Corp., Penn Engineering, Raygroup SASU, Slidematic Precision Components Inc., Stanley Black and Decker Inc., and Volt Industrial Plastics |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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