Plastic Fasteners Market - Forecast(2024 - 2030)

Plastic Fasteners Market Overview

Plastic Fasteners Market is forecast to reach $7.58 billion by 2030, after growing at a CAGR of 6.1% during 2024-2030. 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 report covers Plastic Fasteners Market size by type and applications, Plastic Fasteners Market share by top 5 companies and also the market share by start-ups during the forecast period.

With growing concerns over plastic pollution, the demand for biodegradable fasteners has surged. These fasteners are typically made from renewable resources such as cornstarch, sugarcane, or even bioplastics derived from algae. They offer similar functionality to traditional plastic fasteners but degrade naturally over time, reducing their environmental impact. Biodegradable fasteners appeal to eco-conscious consumers and businesses aiming to minimize their carbon footprint. Manufacturers are investing in research and development to enhance the durability and performance of these alternatives while ensuring they meet sustainability standards.

Fasteners made from recycled plastic are crafted using reclaimed plastics, effectively diverting waste from landfills and lessening reliance on new plastic manufacturing. Innovations in recycling methods have enabled the production of top-tier fasteners from recycled materials, maintaining performance standards. There's a growing adoption of recycled content in products by businesses, reflecting their dedication to sustainability. This shift resonates with the principles of a circular economy, promoting the reuse, recycling, and repurposing of materials to curtail resource usage and waste. Moreover, heightened consumer awareness and regulatory demands are spurring the demand for recycled plastic fasteners, urging companies to prioritize environmental stewardship within their supply chains.

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COVID-19 Impact

The automobile production sector took a significant hit during the COVID-19 pandemic, as major manufacturers either completely or partially halted their operations due to quarantine measures. For example, data from the International Organization of Motor Vehicle Manufacturers reveals a 15.7% decrease in vehicle production in 2020 compared to the previous year. Although the automotive industry began to rebound between 2020 and 2021, challenges like semiconductor shortages and supply chain disruptions continued to impede production efforts. This downturn in manufacturing activities subsequently led to a decreased demand for various automotive components, including fasteners. Furthermore, the post-pandemic surge in raw material prices has had a substantial impact on the fasteners market, given that raw materials constitute a significant portion (60-70%) of the total production cost. As of 2023, however, market has largely stabilised. Especially in the field of electric vehicles, the demand for fasteners have increased significantly.

Report Coverage

The report: “Plastic Fasteners Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Plastic Fasteners Market.?

By Product Type: Rivets and Push-In Clips, Cable Clips and Ties, Threaded Fasteners, Washers and Spacers, Grommets and Bushings, Wall Plugs, Others.

By Material Type: Polyamide (PA), Polyoxymethylene (POM), Polycarbonate (PC), Polyvinyl Chloride (PVC), Others.

By End User: Automotive, Electrical and Electronics, Building and Construction, Supermarkets, Others.

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa).

Key Takeaways

? The usage of plastics for the 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 2023. 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 2023. Polyamide is plastics with high strength and high abrasion resistance. Various major automobile manufacturers have incorporated the use of polyamides in their vehicles such as Opel (engine mounting), Porsche (stabilizer ink), and BMW (transmission crossbeam). All these applications used various sophisticated but heavy metal parts that are now replaced within the last two years by equally effective lighter weight components produced from special polyamide.

End-User - Segment Analysis

The automotive sector has been the primary market for Plastic Fasteners by growing at a CAGR of 5.5% during 2024-2030. 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 labor force, low cost of production, government initiatives, foreign direct investments and lenient emission, and safety standards.

Plastic Fasteners Market Drivers?

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 of 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

Plastic Fasteners Market ChallengesLess players in the market

These plastics Fasteners resins require a regulatory license for being manufactured. These licenses are obtained with difficulty and they reduce the players in the market.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Plastic Fasteners market. Major players in the Plastic Fasteners Market are?

1. Ananka Group

2. Celanese Corporation

3. ARaymond

4. Toray Industries, Inc.

5. Nifco

6. Stanley Black & Decker

7. Bossard Group?

8. APLIX

9. YKK Fastening

10. Ford Fasteners

Acquisitions/Technology Launches

? In September 2023, Ascend Performance Materials has announced the launch of pre-colored, metal-detectable Vydyne PA66 compounds for cable ties and fasteners for industries where foreign object contamination causes health concerns and reputational damage, such as in pharmaceutical and food processing facilities.

Relevant Reports

Industrial Fasteners Market - Forecast (2024 - 2030)

Report Code: AIR 0394

Plastics & Polymers Market – Forecast (2024 - 2030)

Report Code: CMR 0490

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