Plastic Fasteners Market for Automotive Industry Estimates Size, Share, Trends, and Future Growth Study Analysis, Forecast to 2027
According to a new report from Reports and Data, the global automotive plastic fasteners market is projected to reach $ 9.78 billion by 2027. The increasing substitution of metal fasteners in vehicle interiors is expected to drive growth due to improved aesthetics and lighter qualities. 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.
Competition in the industry is expected to be fierce as suppliers have low conversion costs from metal to plastic products. However, factors such as the weak tensile strength of the fasteners are likely to affect the demand for the product under high stress conditions.
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Key Points Covered In The Automotive Plastic Fasteners Market Report:
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.
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.
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)
- Passenger cars
- Light commercial vehicles
Application Outlook (Revenue, $ Billion; 2017-2027)
- Cable assembly
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The main questions the report answers:
What will the size and growth rate be in the forecast year?
What are the key factors for that?
What are the risks and challenges facing?
Who are the main providers in the?
Which trend factors influence the stock?
What are the key findings of Porter’s Five Forces Model?
What are the global opportunities for automotive plastic fasteners to expand the market?
Regional Outlook (Revenue, Billion USD; 2017-2027)
- North America
- Asia Pacific
- Latin America
To view a detailed automotive plastic fasteners market research report, click the link here: https://www.reportsanddata.com/report-detail/automotive-plastic-fasteners-market
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Tags: Automotive Plastic Closures Market Analysis, Automotive Plastic Closures Market Size, Automotive Plastic Closures Market Share, Automotive Plastic Closures Market, Automotive Plastic Closures Market Growth, Automotive Plastic Closures Market Insights
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