Plastic Fasteners Professional Survey Report 2022, forecast to 2027

Source: Yi He Report 2022-12-20 Browse: 211

  Plastic fasteners are expected to continue to grow in the coming years. According to WK Research's Global Plastic Fastener Professional Survey Report 2022, Forecast to 2027, the plastic fastener industry is expected to achieve strong growth in the forecast year due to increased construction activity. This is expected to be further driven by the government's growing investment in infrastructure development activities. In addition, increased R&D activities are expected to provide significant growth opportunities for the market. According to WK Research's regression analysis model, the compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 6.47%.

Analyst's take: "The market is expected to expand due to various factors, including increased vehicle production, the shift to lightweight vehicles and greater use of electronics in vehicles. Manufacturers are moving away from standard fasteners to custom fasteners, which will drive this market. In addition, mechanical developments and improvements in the quality and robustness of fasteners are expected to drive market demand. Sam, senior analyst at WK Research's machinery and equipment market Research center. Raw material price volatility and market competitiveness are expected to affect manufacturers' profit margins. Plastic prices fluctuate not only because of the impact of oil prices, but also because of other market factors such as supply chains. Manufacturers are encouraged to expand geographic coverage to reach consumers in niche areas and reduce reliance on third-party suppliers."

Market driven: Surging demand in the electronics industry

The growing demand for plastic fasteners that prevent electrical conductivity in some areas of electronic or electrical equipment has led to a growing demand for plastic fasteners. Plastic fasteners are versatile and made of lightweight materials. They are strong at both low and high temperatures, resistant to impact and wear, organic solvents and gasoline, and maintain shape and stiffness at high temperatures. They also reduce the time required to assemble a large number of electronic modules and components. In order to provide excellent wear resistance, plastic fasteners are increasingly used in hardware components of electronic equipment. In the electronics industry, plastic fasteners are a cost-effective alternative that can be placed as-is or modified to suit specific application requirements. These factors are expected to drive market revenue growth.

Market constraint: Poor durability of nylon fasteners

Nylon fasteners are hygroscopic because they absorb moisture from the air. Nylon deteriorates and expands rapidly when wet. Nylon fasteners should not be exposed to elements, including sunlight. Nylon lacks UV protection and can turn yellow, brittle and degrade rapidly. Nylon fasteners are not reliable or durable compared to other plastics or steel. Therefore, the strength and resilience required by construction, mining, transportation and other industries cannot be met by nylon fasteners. In addition, they are not suitable for engineering applications and programs.

Competitive Landscape: This WK Research Market report is designed to help customers improve their market position. In line with this, this report provides detailed analysis of several leading plastic fastener companies, including Illinois Tool Factory Company, Bossard Group, Almond, Stanley Blackdecker, E & T Fastener Company, Volt Industrial Plastics Inc., Nifco Inc., Elgin Fastener Group, Decker Industries Inc., Dokka Fastener as and other participants.

  Plastic fastener Market Segmentation: Based on material type, the global plastic fastener market is divided into nylon, polyacrylamide, thermoplastic polyurethane, PEEK and PPA, etc. During the forecast period, the nylon segment is expected to record a rapid revenue growth rate due to the increasing demand for properties such as being very durable and able to resist chemicals and high temperatures with minimal damage. Because of these properties, it is a good choice for many industries with high heat Settings and heavy wear, where chemicals may be exposed. Because of the low cost, it is a huge cost advantage for manufacturers. For manufacturers, low costs represent significant cost advantages. Nylon hardware is more popular among manufacturers because it does not burn. Instead, they melt, making them perfect for fire-resistant items. Nylon also has many advantages over metals and other materials in the automotive industry, telecommunications, computers and even medical equipment.

Based on product type, the global plastic fasteners market is divided into rivets and insert clips, ties and clips, threaded fasteners, washers, gaskets, bushings, etc. Rivet and push-in clip segments are expected to account for the largest share of revenue during the forecast period due to the increasing demand for simple, cost-effective fastener solutions, particularly for applications requiring difficult or restricted access. The main function of a plug-in rivet is to join two objects together. It provides a tight and secure fastening and is a lightweight fastener. In addition, due to their adaptability, these rivets provide excellent connection capability for light and heavy duty applications. As a result, they have many uses in electronic components, telecommunications systems and a variety of commodities, including sheet metal components, submarines and aircraft. They are also good for supporting tensile and shear pressures on furniture and other appliances.

Based on end use, the global plastic fasteners market is segmented into automotive, construction, electrical and electronics, retail, etc. The automotive segment is expected to achieve steady revenue growth during the forecast period due to the growing need to reduce costs and improve efficiency while reducing total weight without compromising vehicle safety or performance. Plastic fasteners are becoming increasingly popular in the automotive industry because they are resistant to chemicals and acids, do not conduct electricity, and have better tolerance to water and humidity. They are replacing metal fasteners in a variety of automotive applications.

  Plastic fasteners Market: Regional analysis

In terms of geography, the global plastic fasteners market is segmented into: North America, Asia-Pacific, Europe, South America, Middle East and Africa. The Asia-Pacific market is expected to account for the largest revenue share of the global market during the forecast period. The rapid growth of the market is attributed to the rapid expansion of the construction industry in the region. Rising disposable incomes, supportive government policies to promote industrial development, and the availability of low-cost raw materials have increased the demand for plastic fasteners in the region, which are other factors contributing to the growth of the Asia-Pacific market. Statistics show that China was the world's largest plastic producer in 2022, accounting for a large share of the world's total plastic material output. To meet the growing demand for end users in the region, manufacturers are investing heavily in the development of new plastic fasteners with higher strength and corrosion resistance. In addition, increasing consumer interest in the aesthetics of residential and commercial structures is expected to increase the demand for plastic fasteners in countries such as China, India and Japan.

Rapid urbanization and expansion of various electrical and electronic businesses in countries such as the United States and Canada have also contributed to the growth of the global market. Plastic fasteners have become more popular in the region because of rising spending on decorative building materials.