Plastic fasteners are plastic parts used to join or fix two or more objects together. Plastic screws, bolts, nuts, washers, threaded rods, and balls are a few examples of plastic fasteners. Plastic fasteners are manufactured employing two processes: plastic molding and machining. These fasteners are manufactured from different plastics such as nylon, polyethylene, acetal, polycarbonate, PVC, polypropylene, and ABS. Each type of plastic offers certain advantages over the other. For instance, polypropylene is a cost effective material that combines the required thermal, chemical, electrical, and mechanical properties in one material, which is not found in other material. ABS provides ease of machining to close tolerances and can be easily molded. Plastic fasteners provide numerous advantages over their metal counterparts. These fasteners are a preferred choice in application areas requiring a combination of environmental, thermal, optical, chemical, and electrical properties. Moreover, they provide lightweight and inexpensive substitute to their metal counterparts. Fasteners made from nylon are cost effective and are half the weight of aluminum fasteners. These advantages have increased the adoption of plastic fasteners in applications such as automotive, marine, space, and oil & gas. However, different types of plastics have their shortcomings. For example, nylon is the most used material for plastic fasteners; however, its lack of reliability and durability inhibits its use in applications such as mining, railroads, and building & construction, which require high strength and resilience. Thus, there exists a need for substitutes in order to overcome the limitations offered by different plastic materials used for plastic fastener manufacturing. This in turn is offers high chances of internal substitution in the plastic fasteners market.
Based on product type, the plastic fasteners market can be bifurcated into threaded and non-threaded plastic fasteners. Bolts, screws, rods, studs, and nuts are examples of threaded plastic fasteners while rivets, washers, pin fasteners, quick-operating fasteners, retaining rings, inserts, and spacers are examples of non-threaded plastic fasteners. Currently, the market is dominated by threaded plastic fasteners, and the segment is anticipated to expand at a considerable pace during the forecast period.
In terms of material used, the plastic fasteners market can be segmented into, nylon, polyethylene, acetal, polycarbonate, PVC, polypropylene, ABS, and others. Others segment includes materials such as isoplast, polycarbonate, PVDF etc. Presently, nylon dominates the plastic fasteners market. Nylon, as a material for plastic fasteners, provides good insulating properties and high resistance against corrosion as compared to other plastic material substitutes. Additionally, it weighs half as much as aluminum, making it a preferred choice for several end-users industries. Therefore, the market for nylon is anticipated to expand at a significant pace in the forecast period.
In terms of geography, the global plastic fasteners market is dominated by Asia Pacific due to rapid expansion of the plastic industry and its end-user industries. Countries such as China and India are among the major contributors in terms of consumption to the plastic fasteners market in Asia Pacific. Rapid urbanization and industrialization in China and India are anticipated to fuel the demand for plastic fasteners in end-user industries such as automotive and electronics. These industries are anticipated to expand at a rapidly during the forecast period. This in turn is propelling the demand for plastic fasteners in the region.
Key players operating in the plastic fasteners market include E & T Fasteners, micro plastics, inc., Stanley Engineered Fastening, Craftech Industries, Melfast, Inc., and Product Components Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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