The plastic Fasteners Market is Segmented By Product (Rivets & Push-in Clips, Cable Clips & Ties, Threaded Fasteners, Washers & Spacers, Grommets & Bushings, Wall Plugs, Others), By Material (Nylon, PVC, Polypropylene, Teflon, Others), By Function (Detachable, Non-detachable), By Application (Domestic, Commercial), By End-User (Automotive, Electrical & Electronics, Building & Construction, Supermarkets, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Plastic Fasteners Market Overview
[209 Pages Report] The Global Plastic Fasteners Market is expected to reach at a CAGR of 6% during the forecast period 2023-2030. Fasteners are hardware pieces used to create non-permanent connections between two or more items. Plastic fasteners have the advantages of being long-lasting, cost-effective, efficient, and visually pleasing. The fasteners are offered in a variety of colors and sizes. Plastic fasteners also have the advantage of being resistant to corrosion, stress, and vibration. Plastic fasteners come in various plastic materials, fastener head types, colors, and panel ranges. Plastic fasteners are increasingly used in various industrial, commercial, and consumer product applications.
Plastic Fasteners Market Scope
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Metrics |
Details |
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Market CAGR |
6% |
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Segments Covered |
By Product, By Material, By Function, By Application, By End-User, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Plastic Fasteners Market Dynamics
The demand for plastic fasteners in commercial applications, particularly in the automotive sector. However, volatility in raw material prices and fierce competition from substitutes are likely to restrain the market.
The demand for plastic fasteners in commercial applications, particularly in the automotive sector
The rising demand for lighter automobiles while keeping stability is likely to increase customer preference for automotive fasteners over welding, creating potential prospects for the market. It directly boosts the need for and popularity of plastic fasteners, which will decide the sector's growth in the coming years.
The market is expected to expand due to various factors, including increased vehicle production, a shift toward lighter vehicles, and more usage of electronics in vehicles. Manufacturers are changing from standard fasteners to customized fasteners, which will drive this market. In addition, mechanical developments and improvements in the quality and sturdiness of fasteners are expected to drive market demand.
As a result of the increasing demand from the sector, businesses have invested in catering to the demand. For instance, in July 2019, Auveco, which manufactures and supplies body hardware and specialized fasteners to the automotive aftermarket, acquired W&E Sales Company, which distributes specialist hand tools and automobile body fasteners. The acquisition would broaden the company's global footprint.
Volatility in raw material prices along with the fierce competition from substitutes
Raw material price volatility and market competitiveness are projected to impact manufacturers' profit margins. Plastic prices are volatile not just because the oil price influences them but also because other market factors influence them, such as the supply chain. Manufacturers are encouraged to broaden their geographical reach to reach consumers in niche areas and reduce reliance on third-party suppliers.
Furthermore, metal fasteners have dominated the business due to their superior strength and excellent impact resistance compared to plastic fasteners. In addition, other fastening materials, such as adhesives, tapes, and sealants, will likely impact plastic fasteners' demand over the forecast period.
COVID-19 Impact on Plastic Fasteners Market
Automotive and building & construction are the two most significant industries that use plastic fasteners. The automotive industry has been struck harder than any other area of the plastics industry. Auto assembly lines, where employees work side by side, have been closed in China, U.S., and Europe. Celanese, which derives roughly 15% of its revenue from engineering polymers for automakers, took a significant impact. CEO Lori Ryerkerk told analysts that the company had seen global auto demand plummet by half.
Furthermore, construction has been slowing, reducing the demand for polyvinyl chloride. U.S. Census Bureau reported a 19% drop in homes starting in April compared to the previous year.
Plastic Fasteners Market Segmentation Analysis
Based on product, the global plastic fasteners market is segmented into rivets & push-in clips, cable clips & ties, threaded fasteners, washers & spacers, grommets & bushings, wall plugs, and others.
Threaded fasteners are unique pieces of hardware with exterior or internal linings that are commonly referred to as threads. The fasteners are widely used in assembling and removing many domestic and commercial applications such as automotive parts and components. Screws, washers, and bolts are the most common fasteners. Screws are expected to be the fastest-growing threaded fastener, with significant growth. Screws are used in automobile conjunctions, together with bolts and occasionally, washers, to fasten many pieces together.
In November 2019, LISI Automotive, based in France, launched the LISI insulating screw to fasten circuits and starter-alternator belt systems running at 12V and 48V, respectively. The screw is specifically developed to reduce energy losses in mild hybrid automobiles.
Plastic Fasteners Market Geographical Share
Based on geography, the global plastic fasteners market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa.
Asia-Pacific is likely to have a substantial market share due to the region's expanding industrialization and urbanization, particularly in India and China, which is expected to drive demand and popularity in end-user sectors such as electronics and automotive. In addition, the increasing construction sector is another rationale for the growth of the market in the region.
As a result, companies have implemented various methods to broaden their global presence and enhance their market share. For example, in November 2019, Bulten AB constructed a new factory in Tianjin, China, to enhance its supply chain. Bulten's in-house heat treatment, cold forming, and surface treatment procedures for high-quality fasteners.
Plastic Fasteners Companies and Competitive Landscape
The global plastic fasteners market is highly competitive and moderately consolidated with multinational businesses. Major players in the market include Nifco Inc., Tool Works, ARaymond, Stanley Black & Decker, Bossard Group, ATF Inc., MW Industries, Inc., Penn Engineering, Volt Industrial Plastic, and Emkay Industries, among others. The major players in the market are known to incorporate numerous market strategies to achieve growth in the global plastic fasteners market; these include mergers, acquisitions, product launches, contributions, and collaborations.
Nifco Inc.
Overview: Nifco Inc. is a Japan-based company specializing in manufacturing and supplying plastic fasteners. The company supplies its products and solutions to diverse industries, including the automotive and, building & construction sectors.
Product Portfolio: Nifco Inc. offers two-piece clips such as push-pull rivets and pulls rivets, one-piece clips such as box anchor clips and anchor clips, screw grommets, trip clips, and hole plugs.
Key Development:
- In April 2021, Nifco Inc. renewed its plastic fasteners product catalog. The product can be explored and selected by plate thickness, hole size, dimensions, and other properties in the new catalog.
Why Purchase the Report?
- To visualize the global plastic fasteners market segmentation by product, material, function, application, end-user, and region and understand key commercial assets and players.
- Identify commercial opportunities in the global plastic fasteners market by analyzing trends and co-development.
- Excel data sheet with numerous data points of plastic fasteners market-level with four segments.
- PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping available as excel consisting of key products of all the major market players
The global plastic fasteners market report would provide approximately 77 tables, 78 figures, and almost 209 pages.
