The global automotive plastic fasteners market is projected to accrue high revenue by 2022, according to a report on Radiant Insights, Inc. It is expected to expand at a significant growth rate from 2012 to 2022 (forecast period). Preference for plastic fasteners over metal fasteners in cars due to their advantages is expected to bolster market demand in the forthcoming years. Global demand for automobiles is another factor influencing market volumes.
Automotive plastic fasteners are hardware devices used in adjoining two or more objects. Types of fasteners include nuts, screws, bolts, bushes, clips, grommets, rivets, plugs, and cable ties. Government mandates outlining the use of plastic fasteners to reduce overall automobile weight is projected to drive market demand. For instance, TR Fastenings, a U.K. company has decided to create automotive components from lightweight materials to comply with the local government’s target of reducing nitrogen oxide (NOx). It has already started producing fasteners for prominent electric vehicle manufacturers like Nissan.
In addition, easy availability of fasteners makes it convenient for consumers to purchase it on an as-needed basis. This factor is expected to bolster market demand. Demand for automobiles with high performance is expected to work in favor of the demand for plastic fasteners. In addition, plastic products are derived using injection molding to reduce manufacturing cost. 3D printing is being considered by various manufacturers as a viable option for mass production of these products. Composite materials are also being considered to form designs customized according to car designs. Alternatives such as welding and clinching can be a threat to future market growth.
The worldwide automotive plastic fasteners market is segmented on the basis of type, material, application, and region. By type, the market is divided into light commercial vehicles (LCV) and passenger cars. On the basis of material, the market is fragmented into polyoxymethylene (POM), polyvinyl chloride (PVC), nylon, and others. Wire harnessing, powertrain, electronics, interior, exterior, chassis, and others are major applications in the market.
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Region-wise, the global market is divided into India, Japan, China, Europe, Southeast Asia, and North America. The China market is slated to grow at a steady rate during the forecast period as it is one of the biggest manufacturers as well as consumers of automobiles. The Japanese market may also expand at a similar rate. The India market is also projected to exhibit high growth till 2022 due to supportive government fiats encouraging the growth of the manufacturing sector. The North America market may witness dull growth due to slow automobile production rate in the U.S. However, the production of electric vehicles may provide opportunities for future growth.
Notable market players include Illinois Tool Works Inc. (ITW); Avery Dennison Corporation; Stanley Black & Decker, Inc.; A. Raymond SARL; and MW Industries, Inc. (MWI). The market is highly competitive in nature due to presence of various manufacturers competing for the top spot. Raw material, product design, and quality are three parameters that could be the deciding factor for players to sustain their market hold.
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