The global plastic fasteners market size was USD 5.69 Billion in 2021 and is expected to register a revenue CAGR of 6.4% over the forecast period, according to the latest report by Reports and Data.
Abrasion resistant plastic fasteners are increasingly being used as hardware components in electronic devices. In the electronics industry, plastic fasteners are a cost-effective alternative that can be placed as is or modified to meet specific application needs.
The demand for plastic fasteners is increasing due to the increasing need for plastic fasteners to prevent conductivity in certain areas of electronic or electrical equipment. Plastic fasteners are versatile and made from lightweight materials. In addition, it is resistant to both low and high temperatures, impact and abrasion, organic solvents and gasoline, and has excellent dimensional stability and rigidity at high temperatures. It also reduces the time it takes to assemble a large number of electronic modules and components. Plastic fasteners are increasingly used as hardware components in electronic devices to provide excellent wear resistance. In the electronics industry, plastic fasteners are a cost-effective alternative that can be placed as is or modified to meet specific application needs. These factors are expected to drive the revenue growth of the market.
Top Companies Operating in the Global Plastic Fasteners Market:
Illinois Tool Works, Inc., Bossard Group, ARaymond, Stanley Black Decker, Inc., E T Fasteners, Volt Industrial Plastics, Nifco, Inc., Elgin Fastener Group, Decker Industries Corporation, and Dokka Fasteners A S.
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Some Key Highlights from the Report
- Based on product type, the global plastic fastener market is segmented into rivets snaps, cable ties clips, thread fasteners, washers, spacers, bushings, and others. Rivets and clips segment is expected to account for the largest share of revenue during the forecast period due to the growing need for simple and cost-effective fastening solutions, especially in applications with difficult or restricted access. increase.
- A rivet's main function is to join two objects together. Provides a strong, secure attachment and is a lightweight fastener. Additionally, due to their adaptability, these rivets offer excellent fastening options for both light and heavy applications. As a result, it finds many applications in electronic components, telecommunications systems, and various commodities such as sheet metal assemblies, submarines, and aircraft. It also helps support tensile and shear stresses in furniture and other equipment.
- Based on regional analysis, the Asia-Pacific market is anticipated to account for the largest revenue share in the global market during the forecast period. The rapid growth rate of the market is attributed to the rapid expansion of the construction industry in the region. Rising disposable income, government supportive policies to promote industrial development, and availability of cheap raw materials have increased the demand for plastic fasteners in the region.
- These are other factors contributing to the market growth in the Asia-Pacific region. According to data, China will be the world's largest plastic producer in her 2020, accounting for a large share of the total global plastic material production. To meet the growing end-user demand in the region, manufacturers are investing heavily in developing new plastic fasteners with higher strength and corrosion resistance. Moreover, growing consumer interest in aesthetics of residential and commercial buildings is expected to boost the demand for plastic fasteners in countries such as China, India, and Japan.
- On October 25, 2021, the Bossard Group acquired Jeveka B.V., expanding its presence in the Benelux countries. The Bossard Group is a renowned international supplier of goods and services in the field of industrial fasteners and assembly technology. Additionally, Jeveka is a leading provider of product solutions, as well as engineering and logistics services in industrial fastening and assembly technology. This acquisition further strengthens the Bossard Group's presence and expands its range of products and services for its customers.
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Plastic Fasteners Market Segmentation
End-User Outlook (Revenue, USD Billion; 2019-2030)
- Building Construction
- Electrical Electronics
Material Type Outlook (Revenue, USD Billion; 2019-2030)
- Thermoplastic Polyurethane
- PEEK and PPA
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Rivets and Push-in-Clips
- Cable Ties and Clips
- Thread Fastener
- Washer, Spacers, and Bushes
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