The global plastic fasteners market value is expected to total USD 6.2 billion in 2023 and USD 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
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
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.
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).