The global plastic fasteners market is projected to grow from an estimated USD 4.45 Billion in 2017 to USD 6.04 Billion by 2022, at a CAGR of 6.3% from 2017 to 2022. The growth of the automotive industry is a major driver for the plastic fasteners market. The automotive sector in China, India, Iran, and other countries is growing at a very fast pace, thereby increasing the demand for plastic fasteners. The growth of the Asia and North America construction markets is another reason for the growth of the plastic fasteners market.
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The rivets & push-in clips segment is estimated to account for the share of the plastic fasteners market in 2017.
Based on product type, the rivets & push-in clips segment is estimated to account for the largest share of the plastic fasteners market in 2017. Rivets are permanent fasteners primarily used in applications that require ease of installation or removability. Push-in clips are used to connect plastic parts, light sheet metals, and insulating materials.
The automotive segment is estimated to be the largest end-user segment of the plastic fasteners market in 2017.
Based on end user, the automotive segment is estimated to be the largest end-user segment of the plastic fasteners market in 2017. There are numerous varieties of plastic fasteners, such as interior trim plastic fasteners, U-shaped clip fasteners, rivets and plastic clips, rear facing clips, and expanding nuts. Interior trim plastic fasteners are used in interior parts of automobiles, such as door panels, boot panels, boot liners, armrests, and speaker mounts. U-shaped clip fasteners are used for easy assembly and disassembly operations in automobiles. Rivets and plastic clips can be used in lightweight assemblies, such as trim panels and insulation panels.
Asia Pacific is expected to witness the highest growth in the plastic fasteners market during the forecast period. China is the largest consumer of plastic fasteners in the Asia Pacific region. Favorable investment policies, coupled with low labor cost, have made China an ideal market for automotive OEMs and lightweight material manufacturers and suppliers. The increase in demand for automobiles in China is one of the most significant factors influencing the growth of the plastic fasteners market in this country.
Key players in the plastic fasteners market include Illinois Tool Works (US), ARaymond (France), Nifco (Japan), Stanley Black & Decker (US), and Bossard Group (Switzerland), among others.
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