Plastic Fasteners Market is forecast to reach $5.64 billion by 2025, after growing at a CAGR of 6.1% during 2020-2025. Rise manufacturing unit with product penetration of plastic fasteners in the automotive industry. Further, enhances the overall market demand for Plastic Fasteners during the forecast period.
- The usage of plastics for automotive industry and especially in electric vehicles is increasing owing to weight reduction by metal substitutes which is in high trend. Thus, resulting in tremendous growth.
- The Asia-pacific region, especially china, has been the pioneer in the innovation, manufacturing and export of a wide variety of Plastic.
- Increasing construction activity, demand for plastics concrete components will be supported by more intensive use of these products. Plastics components will be favored over other building materials because of their durability and longer lifespans.
Product Type – Segment Analysis
Rivets & Push-In Clips held the largest share in the Plastic Fasteners Market
in 2018. Increasing usage of Rivets & Push-In Clips is mainly in automobiles and electrical & electronics. Push-in clips are attached to plastic components, light sheet metal and insulating materials. These also act as hole plugs and bumpers. A subtype of push-in clips is resistant to vibration, abrasion and corrosion, known as belly buttons.
Material Type – Segment Analysis
Polyamide (PA) held the largest share in the Plastic Fasteners Market in 2018. Polyamide are plastics with high strength and high abrasion resistance. Various major automobile manufactures have incorporated the use of polyamides in its vehicles such as Opel (engine mounting), Porsche (stabilizer ink), and BMW (transmission cross beam). All these applications used various sophisticated but heavy metal parts which are now replaced within the last two years by equally effective lighter weight components produced from special polyamide.
End User – Segment Analysis
Automotive sector has been the primary market for Plastic Fasteners by growing at a CAGR of XX%. The growing demand for electric vehicles is projected to drive the growth of the plastic fasteners market in the automotive sector. The development of lightweight and fuel-efficient vehicles, which has led to the high demand for automotive plastic fasteners, has propelled by environmental regulations developed by various government bodies.
Geography – Segment Analysis
APAC dominated the Plastic Fasteners Market share with more than 37.8%, followed by North America and Europe. Growing industrialization and urbanization in India and China is projected to propel demand and popularity in end-user industries, including electronics and automobiles. These sectors will develop the market for plastic fasteners in the region. Increasing Asia Pacific customers who tend to purchase affordable and lightweight vehicles has been a positive contribution to growth in the market. The growth of the automotive industry in this region has led to aspects such as accessibility of economic labour force, low cost of production, government initiatives, foreign direct investments and lenient emission, and safety standards.
Drivers – Plastic Fasteners Market
- Rapid development in the automotive sector, which uses plastics as a solution for weight reduction.
The market for lightweight materials in the automotive industry is driven by increasing demand and popularity for highly competent cars with better performances. It is directly increasing the demand and popularity on the plastic fasteners market which will determine the sector’s growth in the next few years. Automotive OEM is seen as the key market in the coming years and is expected to grow significantly
Challenges – Plastic Fasteners Market
- Less players in the market
This plastics Fasteners resins require a regulatory licenses for being manufactured. These license are obtained with difficulty and they reduce the players in the market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Plastic Fasteners market. In 2018, the market of Plastic Fasteners has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the Plastic Fasteners Market are Tool Works, Celanese Corporation, ARaymond, Toray Industries, Inc., Nifco, Stanley Black & Decker, and Bossard Group and among others.
- In October 2016, Celanese Corporation acquired the Forli, Italy based SO.F.TER. Group, one of the world’s largest independent thermoplastic compounders. The company acquired SO.F.TER. Group’s comprehensive product portfolio of engineering thermoplastics (ETPs), thermoplastic elastomers (TPEs), as well as all customer agreements and all manufacturing, technology and commercial facilities.
- In February, 2016, Toray Industries, Inc. and Toyota Tsusho Corporation announced they will launch a joint carbon fiber recycling initiative to develop highly efficient recycled carbon fiber manufacturing technology using an innovative and energy-efficient thermal decomposition method.
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