NEWARK, Del, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The global plastic fasteners market value is expected to total US$ 6.2 billion in 2023 and US$ 15.8 billion by 2033. Overall sales of plastic fasteners are forecast to rise at 9.8% CAGR throughout the assessment period.
Rivets & push-in clips are anticipated to remain the most sought-after product types through 2033. This is due to their rising usage in the automotive and electronics industries. The target segment is poised to exhibit a CAGR of 9.6% during the assessment period.
Several factors are expected to stimulate growth in the plastic fasteners market. These include increasing usage of plastic fasteners in automotive, aerospace, and electronics industries and advancements in plastic fastener materials.
Plastic fasteners are solutions for joining or securing two or more objects together. They are gaining wider popularity due to their lightweight nature, cost-effectiveness, and corrosion resistance.
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Growing demand for plastic fasteners across industries, such as automotive, electronics, and building & construction, is expected to boost the global market. Thanks to their attractive benefits, plastic fasteners are becoming ideal alternatives to traditional metal fasteners in several industries.
Industries, such as electronics and building & construction, require flexible and corrosion-resistant fastening solutions. As a result, they are showing a keen inclination towards using plastic fasteners, thereby contributing to market expansion.
Rapid expansion of automotive sector and rising need for reducing weight and fuel efficiency of vehicles will likely uplift plastic fastener demand through 2033. This is because these lightweight fasteners can significantly reduce the overall weight of vehicles.
Similarly, escalating popularity of electric & hybrid vehicles and innovation in materials are expected to influence the target market positively. Futuristic plastic fasteners market projection predicted the target market to expand more than 2.5X through 2033.
Key Takeaways from the Plastic Fasteners Market Report:
- The global plastic fasteners industry is expected to reach US$ 15.8 billion by 2033.
- By product type, rivets & push-in clips segment is poised to exhibit 9.6% CAGR through 2033.
- By end use, automotive segment is estimated to expand at 9.4% CAGR over the forecast period.
- The United States is projected to attain a valuation of US$ 2.7 billion by 2033.
- Demand in Japan is predicted to increase at 9.7% CAGR through 2033.
- China market value is anticipated to reach US$ 2.9 billion by 2033.
- Sales revenue in the United Kingdom is expected to reach US$ 506.8 million by 2033.
- South Korea industry is expected to thrive at 9.4% CAGR through 2033.
“Amid increasing focus of industries on reducing cost and weight of products, demand for plastic fasteners is set to rise rapidly during the forecast period. To gain maximum profits, key players are concentrating on developing new products made from recycled and eco-friendly materials.” - says a lead Future Market Insights analyst
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Top 20 Key Players in Plastic Fasteners and Their Marketing Strategy
The key market players involved are:
- Anil Plastics & Enterprises
- Araymond
- Arconic
- Bossard Group
- Bulte Plastics
- Canco Fasteners
- Craftech Industries
- E & T Fasteners
- Fontana Gruppo
- Illinois Tool Works
- Joxco Seals
- KGS Kitagawa Industries Co.
- Micro Plastics
- MW Industries
- Nifco
- Nyltite Corporation
- Penn Engineering
- Shamrock International Fasteners
- Shanghai Yuanmao Fastener Co.
- Stanley Black & Decker
Key players are employing several organic and inorganic strategies to increase their sales and expand their footprint. These strategies include new product launches, facility expansions, mergers, partnerships, collaborations, and acquisitions. For instance,
- In November 2022, Kuraray Fastening Co., Ltd. introduced new products in the MAGIC TAPE lineup of polyester hook-and-loop fasteners.
- In April 2023, TR Fasteners introduced several new products, including screw rivets, barbed push-in rivets, kwik nuts, push screws, and shockproof snap rivets.
Segmentation in Plastic Fasteners Market Report
By Product Type:
- Rivets & Push-in Clips
- Cable Clips & Ties
- Threaded Fasteners
- Washers & Spacers
- Grommets & Bushings
- Wall Plugs
- Other Product Types
By End Use:
- Automotive
- Electrical & Electronics
- Building & Construction
- Supermarkets
- Other End-Uses
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the global plastic fasteners market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on product type (rivets & push-in clips, cable clips & ties, threaded fasteners, washers & spacers, grommets & bushings, wall plugs, and others), end use (automotive, electrical & electronics, building & construction, supermarkets, and others), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).
About FMI – Chemicals and Materials
The Chemicals and Materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Authors:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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