Global Plastic Fasteners Market to Grow at a CAGR of 6.12% During 2024-2032, Driven by the Increasing Construction Activities

The rapidly expanding construction industry owing to the heightened infrastructure development activities worldwide, is expected to drive market growth. One of the major factors responsible for this growth is the increased preference for plastic fasteners over metal fasteners, as they do not rust. Plastic fasteners are UV resistant, chemical-resistant, corrosion-resistant, durable, heat-resistant, non-conductive, and lightweight. The rising research and development activities are positively impacting the market growth. For instance, new innovations allow for plastic fasteners to be customised in any shape or colour according to the requirements. The automotive industry is expected to propel market growth in the coming years.

The growing collaborations and mergers among the key market players of the plastic fastener industry are expected to attract further investments, which is predicted to provide lucrative growth opportunities for the market in the forecast period. In April 2021, Stanley Black & Decker (NYSE: SWK), a leading manufacturer of industrial tools and household hardware, announced the acquisition of Nelson® Fastener System’s industrial business, which specialises in welding and fastening solutions. Such developments are projected to positively impact the industry growth in the forecast period.

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Market Analysis by Product Type, End-User, and Region:

• The market, on the basis of product type, can be divided into washers and spacers, grommets and bushings, threaded fasteners, rivets and push-in clips, cable clips and ties, and wall plugs, among others.
• Based on end-user, the industry can be divided into automotive, electrical and electronics, building and construction, among others.
• The regional markets for plastic fasteners include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

• The growing construction activities worldwide are providing growth potential for the market.
• Increased investments in research and development activities are driving the market of plastic fasteners.
• The rising demand for affordable and lightweight vehicles is leading to the increased application of plastic fasteners, which is expected to bolster the market growth.
• The multifaceted application potential of plastic fasteners and corrosion-resistant composition is projected to augment its demand across industry verticals, aiding the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for plastic fasteners for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the product types, end-users, and regions of plastic fasteners.
• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.
• The market report also analyses the trade data by covering the major importing and exporting countries.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global plastic fasteners market are Illinois Tool Works Inc., Raygroup SASU, Nifco Inc., Stanley Black & Decker, Inc., and Bossard Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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