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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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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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