Market insights and regional analyzes for automotive plastic closures in research reports
Reports and data
The global automotive automotive fasteners market is forecast to grow 15.3% from $ 3.32 billion in 2019 to $ 9.78 billion in 2027
NEW YORK, NY, UNITED STATES, Oct 16, 2021 /EINPresswire.com/ – The global automotive plastic fasteners market is projected to reach $ 9.78 billion by 2027, according to a new report from Reports and Data. The increasing substitution of metal fasteners in vehicle interiors is expected to drive growth due to improved aesthetics and lighter grades. The manufacture of plastic fasteners is greatly influenced by the high production volumes of vehicles in countries around the world. The increasing demand for highly efficient vehicles with improved performance has led to a market expansion in the automotive industry for lightweight materials. The product is characterized by high durability and excellent corrosion resistance. They are available in various shapes and colors that help automakers maintain the vehicle’s visual appeal.
Due to lower raw material prices and the comparatively lower competition in the industry, plastics manufacturers achieve better margins than fasteners made of metal. In addition, plastic fasteners are manufactured using injection molding processes that minimize the loss of raw material, thus reducing overall production costs. It is expected that the market demand for plastic fasteners will develop significantly in difficult circumstances due to their superior properties over common metals. Due to the increasing focus on lightweight vehicles and increased fuel efficiency, the products in the automobile are particularly valuable.
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Key participants include Illinois Tool Works, Nippon Industrial Fasteners Company (Nifco), ATF, Stanley Black & Decker, Araymond, Avery Dennison Corporation, Bossard Group, Shanghai Fasteners Company, MW Industries and SNF Group Penn Engineering.
For the purposes of this report, reports and data have been segmented on the basis of feature, vehicle type, application, and region in the Automotive Plastic Fasteners Market:
Feature Outlook (Revenue, $ Billion; 2017-2027)
Vehicle Type Outlook (Revenue, Billion USD; 2017-2027)
Light commercial vehicles
Application Outlook (Revenue, $ Billion; 2017-2027)
Regional Outlook (Revenue, Billion USD; 2017-2027)
Other key findings from the report suggest that
North America accounted for 19.08% of sales in 2019 and is expected to grow to 1.86 billion US dollars in 2027. This may be due to the increasing focus on reducing weight and increasing fuel efficiency, as well as the presence of major manufacturers in the region.
APAC is expected to escalate with an expected CAGR of 5%, the market in developing countries like China and India is growing due to the changing industrial sector. Government initiatives such as Make in India, which resulted in rapid expansion of the country’s manufacturing sector, will have a positive impact on regional growth.
Due to their light weight, wide range and match with the appearance of the vehicle interior, product demand in automotive application is expected to increase by 16.1% CAGR from 2019 to 2027. Growing product demand is also expected to increase growth due to their ability to withstand water and dust in the interior of automobiles.
The average cost and weight of the plastic fastener is significantly lower than a metal fastener, which lowers the vehicle price and increases system efficiency. The market for the product in passenger cars is estimated at 7.32 billion US dollars in sales by 2027.
The effects of COVID-19:
The spread of Covid-19 has affected manufacturing activities around the world. Logistical constraints and revisions to raw material specifications are becoming a problem for producers around the world. Lockdown measures to minimize the spread of the COVID-19 pandemic in many countries had a major impact on the automotive industry; including closed automobile plants. Over the weeks, the market has seen a downturn that may continue into the coming months. The Asia-Pacific region has been hardest hit by this pandemic, with China at the center of the outbreak. Most of the initiatives in several countries have been temporarily suspended. Production and delivery ceased, causing losses for manufacturers, dealers and consumers.
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Table of contents:
Chapter 1. Market overview
1.1. Market definition
1.2. Research scope and premise
1.4. Market estimation technique
Chapter 2. Summary
2.1. Summary snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Plastic Automotive Fasteners Market Segmentation and Impact Analysis
4.1. Analysis of the Plastic Fasteners for Motor Vehicles Market Function Segmentation
4.2. Industrial outlook
4.2.1. Analysis of the market indicators
4.2.2. Analysis of the market drivers
18.104.22.168. Growing demand for lightweight vehicles
22.214.171.124. Technological innovations
126.96.36.199. Government investment in power generation
4.2.3. Analysis of the market restrictions
188.8.131.52. Low tensile strength
4.3. Technological insights
4.4. Legal framework……
To identify the key trends in the industry, click on the following link: https://www.reportsanddata.com/report-detail/automotive-plastic-fasteners-market
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October 16, 2021 at 3:13 p.m. GMT
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