The global Building and Construction Plastic Fasteners market is forecast to reach USD 557.6 Million by 2027, according to a new report by Reports and Data, a market research and consulting firm.
Plastic fasteners have been a top choice in many industries because of their strength, weight, and anti-corrosion properties.
Fasteners are the hardware that is used to join two or more objects. Unlike welding, these are used to make non-permanent bonds. Plastic Fasteners are used due to the properties they exhibit, such as lightweight, electrical insulators, lower priced than metal fasteners, and their optical properties. Due to these properties, there is an increased demand for the product.
Plastic fasteners are preferred over metals because of the benefits they offer, including strength, chemical and corrosion-resistance, toughness, and being modified as per requirements. Growth of the construction industry in many countries, especially in the Asia-Pacific region, due to the increasing population, is leading to an increased demand for Plastic Fasteners. These are extensively used in electrical applications as they can resist high electric volts.
The product also finds applications in the automotive industry. Plastic Fasteners are used to assemble small parts of the automobile’s exterior and interior. High stiffness and improved durability lead to extensive use of the product in the industry. An increase in focus of the consumers towards the aesthetics of buildings is also leading to an increased demand for the product in cable management and interiors.
Product outlook
Cable Tie Fasteners occupied the largest market share of 47.2% in 2019. This is primarily due to the high demand of the product in cable management applications. These provide benefits, such as being lightweight, compact, and having a high tensile strength. Due to these factors, there is an increasing demand for the product, and it is forecasted to grow at a high CAGR in the forecast period.
Clips occupied 18.2% of the market share in 2019. These are made from polypropylene and nylon and find applications in residential, commercial, and industrial buildings in providing support to electric drop wires and rods. These are also used to support shelf structures and secure pipe fittings in buildings. Increasing demand for the product in channeled constructions is forecasted to drive market growth.
Market outlook
Major manufacturers have been making strong investments in advancing plastic fasteners with guaranteed corrosion-resistance and superior strength properties. There’s also been a notable increase in demand from many end-use industries for plastic components. These factors are fostering market growth and technology development.
A high growth rate of the construction industry, especially in developing countries where there’s an increase in industrialization and urbanization due to disposable incomes, is leading to an increased demand for building and construction plastic fasteners. Several players present in the industry offer a broad product portfolio, with options to customize application-based products. This is expected to drive the demand for the market in the forecast period.
Fluctuations in raw material prices can hamper the market demand, as many small and medium players may hesitate to venture into a market with price volatility. There is high competition among existing players in the market. This can affect their profit margins. Also, there is a rising prevalence for substitutes of the product, such as adhesives and tapes. These factors can lead to reduced demand for the product.
North America occupied 17.1% of the market share in 2019. This is from the recovery of the construction industry, after suffering a recession in 2009 and 2010, which is leading to increased investments in the commercial as well as non-commercial construction activities.
The COVID-19 impact
The COVID-19 Pandemic has led to lockdowns among many countries, which has meant temporarily halting several industries. The building and construction plastic fasteners market is also affected by this and has experienced a reduced demand in the last few months.
Major industries where the product is used — such as automotive and construction — are also not currently operating at full capacity, leading to a decline in the demand of the product.
It is expected that once the situation returns to the “new” normal and the industries begin opening and operating, the demand for these fasteners will increase and so will the market size.
Also, as many manufacturers are currently not operating, they’re now involved with creating new innovations to capture a larger market share. These innovations will also lead to an increase in the overall market size.
Key findings
- Rivets are forecasted to grow at a CAGR of 4.9% in the forecast period. Rivets find applications in areas where there is a difficulty encountered in accessing the real side of structures, such as ceilings and walls. These are also used in hanger straps, wind guards, and window blinds. These offer benefits, such as low cost and easy installation, driving the demand for them.
- Attaching/Bonding Function occupied 35.7% of the market share in 2019. This is due to the increasing use of plastic fasteners in bonding and attaching applications of wooden products. Plastic Grommets are the primary product used in this segment.
- The industrial segment occupied the lowest market share of 23.3% in 2019, in terms of End-Use. This is primarily because of the low strength offered by the product. Also, the product is not resistant to heat, due to which it can melt in areas of high temperatures, such as chemical industries.
- The Middle East and Africa occupied 4.5% of the market share in 2019. Increasing growth in the region’s tourism sector leads to an increase in construction activities in the region. The Saudi Arabian government recently introduced the White Land Tax initiative to address the housing shortage problem. These factors are driving market growth in the region.
- China is one of the largest consumers of Building and Construction Plastic Fasteners. This is due to the high number of construction activities in the country. China is forecasted to grow at a high CAGR in the forecast period.
- Key participants include Shanghai Fasteners Company, Araymond, Avery Dennison Corporation, Bossard, Penn Engineering, MW Industries, Stanley Black & Decker, ATF, Nippon Industrial Fasteners Company (Nifco), and Illinois Tool Works Incorporated (ITW), among others.
For the purpose of this report, Reports and Data have segmented into the global Building and Construction Plastic Fasteners market on the basis of product, function, end-use, and region. Learn more here.
Filed Under: Fastening + joining