The global Plastic fasteners market size was USD 7 Billion in 2022 and is expected to reach USD 12.87 Billion in 2032, and register a rapid revenue CAGR of 7% during the forecast period. Rising demand for strong and lightweight plastic fasteners in construction, automotive, and aerospace industries and substitution of conventional metal fasteners with plastic ones because these are corrosion-resistant, non-conductive, and non-magnetic are major factors driving market revenue growth.
The demand for plastic fasteners is also increasing because of their ability to prevent conductivity in certain areas of electronic or electrical equipment, as well as their versatility and lightweight materials. They are also resistant to high and low temperatures, impact and abrasion, organic solvents and gasoline, and have excellent dimensional stability and rigidity at high temperatures. These properties can reduce the time required to assemble electronic modules and components, making plastic fasteners a cost-effective alternative for hardware components in electronic devices.
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The construction industry is also using plastic fasteners for various applications due to their flexibility, light weight, and affordability. Plastic fasteners are compatible with other plastic items, such as doors, tables, chairs, and other furniture, which has contributed to their increased use. Leading manufacturers invest heavily in developing plastic fasteners that are corrosion-resistant and have outstanding strength properties. Furthermore, plastic parts are seeing increased demand from various industries due to their easy recycling and low energy requirements.
The global plastic fasteners market is segmented into several categories based on product type, material type, end-use, and region. The rivets and snaps segment is expected to account for the largest share of revenue during the forecast period due to their simple and cost-effective fastening solutions, especially in applications with difficult or restricted access.
The Asia-Pacific region is expected to see significant growth in the plastic fasteners market due to rising disposable income, government support for industrial development, and the availability of cheap raw materials. Manufacturers are investing heavily in developing new plastic fasteners with higher strength and corrosion resistance to meet the growing demand in the region. Furthermore, growing consumer interest in the aesthetics of residential and commercial buildings is expected to boost demand for plastic fasteners in countries such as China, India, and Japan.
Several companies are profiled in the market report, including 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. In addition, the recent acquisition of Jeveka B.V. by the Bossard Group is expected to expand the group's presence in the Benelux countries and offer a broader range of products and services for its customers.
Plastic Fasteners Market: Drive Factors
The plastic fasteners market is expected to experience growth due to several driving factors. Firstly, the demand for plastic fasteners is increasing in the electronics industry as they are used to prevent conductivity in certain areas of electronic or electrical equipment. Plastic fasteners are also preferred by engineers and builders due to their safety properties, no reaction to temperature changes, no corrosion, and no deterioration.
Secondly, the construction industry is increasingly using plastic fasteners due to their flexibility, lightweight, and affordability. The increasing presence of plastic items such as doors, tables, chairs, and other furniture has also increased the use of plastic fasteners due to their high compatibility with these items in terms of protection, weight, and price. Thirdly, the availability of cheap raw materials, rising disposable income, and government policies to promote industrial development have increased the demand for plastic fasteners, particularly in the Asia-Pacific region. China, which is the world's largest plastic producer, accounts for a large share of total global plastic material production.
Lastly, companies are investing heavily in developing new plastic fasteners with higher strength and corrosion resistance, and acquiring other companies to expand their range of products and services. All these factors are expected to drive market revenue growth over the forecast period.
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