The new report by Expert Market Research titled, ‘Global Plastic Fasteners Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global plastic fasteners market assessing the market based on product-type, end-user and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2021-2027)
• Historical Market Size (2021): USD 5.33 Billion
• Forecast CAGR (2022-2027): 6.12%
• Forecast Market Size (2027): USD 7.65 Billion
Plastic fasteners are expected to drive the market in the coming years, with increasing substitution of metal fasteners in automotive interiors due to improved aesthetics and lightweight characteristics, as well as widespread popularity of these products in the automotive, space, oil & gas, and marine sectors.
Industry Definition and Major Segments
Plastic fasteners are pieces that are used to connect or secure two or more things. Plastic screws, nuts, threaded rods, balls, bolts, and washers are all examples of plastic fasteners. Plastic moulding and machining are the two procedures used to make them. Plastics such as nylon, acetal, PVC, ABS, polyethylene, polycarbonate, and polypropylene are used to make fasteners.
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The major product types in the industry are:
• Washers and Spacers
• Grommets and Bushings
• Threaded Fasteners
• Rivets and Push-in Clips
• Cable Clips and Ties
• Wall Plugs
• Others
The market can be broadly categorised, on the basis of end user, into:
• Automotive
• Electrical and Electronics
• Building and Construction
• Others
On the Basis of region, the market can be divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa
Market Trends
Plastic fasteners are anticipated to have the greatest end-user sector in the automobile industry. The automotive section of the plastic fasteners market is predicted to develop due to growing demand for electric cars. Environmental rules enacted by different government agencies have accelerated the development of lightweight, fuel-efficient cars, resulting in increased demand for plastic fasteners in the automotive sector.
Due to increased construction investment and large-scale manufacturing of passenger automobiles and commercial vehicles in countries such as India, Japan, China, and South Korea, Asia Pacific will dominate the market.
Key Market Players
The major players in the market are Illinois Tool Works Inc., Raygroup SASU, Nifco Inc., Stanley Black & Decker, Inc., Bossard Group, among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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