Plastic fasteners are fundamentally the plastic parts that are used to join or fix two objects together. Plastic screws, nuts, bolts, threaded rods, washers, and balls are examples of plastic fasteners. These are manufactured utilizing two methods mainly plastic and machining molding. They present corrosion resistance and high durability. Increasing investments in residential and non-residential construction sectors coupled with surging electronic industries, and the automotive industry are key driving factors of market growth. The automotive industry is the primary consumer of plastic fasteners. Plastic fasteners are gaining in popularity in the auto industry in making rivets, plugs, bushes, clips, grommets, nuts, screws, and cable ties. since they are chemical and acid resilient, non-conductive, and have a much higher tolerance for revelation with water and humidity. Thus, growth in the automotive industry is increasing demand for plastic fasteners hence contributing towards market growth. For instance, as per European Automobile Manufacturers Association, in 2018, world motor vehicle production reached 98.1 million units that are as compared to 77.5 million in 2010. Further, High Demand for Electric Vehicles is expected to create lucrative growth opportunities in the market over the forecast period. However, the use of structural Adhesives as a substitute for Plastic Fasteners impedes the growth of the market over the forecast period of 2019-2026.
Global Plastic Fasteners Market is valued approximately at USD 4.7 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 5.30% over the forecast period 2019-2026 and is estimated to reach USD 7.7 billion by 2026.
The regional analysis of the global market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. Asia Pacific is the leading/significant region across the world in terms of market share owing to rapid urbanization and industrialization. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2019-2026. Factors such as increasing government investments in the construction and automotive sector would create lucrative growth prospects for the Plastic Fasteners market across the Asia-Pacific region.
Major market players included in this report are Illinois Tool Works, Araymond, Nifco, Stanley Black & Decker, Bossard Group, Arconic, Penn Engineering, Shamrock International Fasteners, and Volt Industrial Plastics
The detailed segments and sub-segment of the market are explained below:
By Product Type: Rivets & Push-In Clips, Cable Clips & Ties, Threaded Fasteners, Washers & Spacers, Grommets & Bushings, Wall Plugs, Others
By End User: Automotive, Electrical & Electronics, Building & Construction, Supermarkets, Others
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