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The plastic fasteners market share is expected to increase by USD 1.83 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.84%.
This plastic fasteners market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the plastic fasteners market segmentation by end-user (automotive, electrical and electronics, building and construction, supermarkets, and others) and geography (APAC, Europe, North America, South America, and the Middle East and Africa). The plastic fasteners market report also offers information on several market vendors, including Anil Plastics and Enterprises, Avery Dennison Corp., Bossard Holding AG, Bulte Plastics (UK) Ltd., Canco Fasteners, Craftech Industries Inc., E & 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 among others.
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Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The cost advantages of using plastic fasteners are notably driving the plastic fasteners market growth, although factors such as stringent regulations against the use of plastic may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the plastic fasteners industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
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.
Technavio categorizes the global plastic fasteners market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the plastic fasteners market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the plastic fasteners market encompasses successful business strategies deployed by the key vendors. The plastic fasteners market is fragmented, and the vendors are adopting organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report plastic fasteners market contains comprehensive market knowledge and an in-depth vendor landscape added on to an analysis of the key vendors.
Our report provides extensive information on the value chain analysis for the plastic fasteners market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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43% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for plastic fasteners market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Plastic fasteners are used in the automotive industry primarily for their superior properties, such as high tensile strength and stiffness, high creep resistance, and excellent wear resistance. In 2020, the plastic fasteners market in APAC accounted for a significant market share of the global market, which was attributed to the region's rising automotive production and the growing construction industry. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 adversely affected the global plastic fasteners market in the region. The plastic fasteners manufacturing industry in countries such as India, China, and Japan was facing a shortage of skilled workers due to COVID-19-induced restrictions, which, in turn, led to complex supply chain disruptions. With the resumption of operations in the construction and automotive industries from H1 2021, the market has been recovering. Moreover, government initiatives to promote plastic fasteners in the automotive and other end-use industries will escalate the market's growth during the forecast period.
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The plastic fasteners market share growth in the automotive segment will be significant 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. 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.
Besides the above-mentioned factors, the post-COVID-19 impact has brought forth a slowdown in or fast-tracked the demand for services or products. This report provides an accurate prediction of the contribution of all the segments to the growth of the plastic fasteners market size and actionable market insights on the post-COVID-19 impact on each segment.
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Plastic Fasteners Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.84% |
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Market growth 2022-2026 |
$1.83 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
5.5 |
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Regional analysis |
APAC, Europe, North America, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 43% |
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Key consumer countries |
US, China, Japan, India, Germany, and France |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Anil Plastics and Enterprises, Avery Dennison Corp., Bossard Holding AG, Bulte Plastics (UK) Ltd., Canco Fasteners, Craftech Industries Inc., E & 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 |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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