Global Plastic Fasteners Market: Overview
Rising application in global automotive industry as well as increasing demand from construction and building industries are expected to draw high demand from global plastic fasteners market in coming years. Other market drivers include rapid growth of consumer electronics and electrical industries, rising investments in residential and commercial construction industries, and rising usage of technologically advanced manufacturing processes in a number of industry verticals. Increasing consumer preference and proportionally high demand for efficient electric vehicles is propelling the need for reduction of the weight of the vehicles in the automotive industries. Products in the global plastic fasteners market are considered a great option as an alternative for the metal components that can increase the weight of the vehicle. This trend is also expected to drive demand in the global plastic fasteners market in years to come.
Rising demand for plastic concrete compounds from global construction industry is also fueling the growth in the global plastic fasteners market. Long lifespan and enhanced durability are two of the key qualities offered by the plastic fasteners that are drawing consumer attention in the global plastic fasteners market. Products in the global plastic fasteners market are available in a wide variety and display various qualities and beneficial characteristics such as water resistance, higher compatibility with various materials, dust resistance, and light weight. These qualities make the products in the global plastic fasteners market unique and widely versatile. This is also expected to thrust growth in the market in the near future.
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.
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