The global automotive plastic fasteners market is expected to reach USD 3.67 billion by 2021, according to a new report by Grand View Research, Inc. Increasing substitution of metal fasteners in automotive interiors owing to improved aesthetics and lightweight characteristics is expected to propel demand.
The plastic fasteners production is highly influenced by high production volumes of automotive vehicles across major economies of the world. The market is highly fragmented and competitive owing to various small-scale manufacturers concentrated in countries including Thailand, China, and Germany.
The industry rivalry is expected to be high owing to manufacturers of low switching cost of manufacturers from metal to plastic products. However, factors including low tensile strength of the fasteners in high stress applications is expected to impact the product demand.
Illinois Tool Works Incorporated (ITW), ARaymond and Alcoa, Inc. are the major manufacturers dominating the market. Profit margins of companies vary in the range of 15 to 20% owing to reduced manufacturing costs. The uncertainty in automotive production statistics coupled with raw materials price volatility are expected to be major barriers for new entrants in the market.
Further key findings from the report suggest:
- The product demand in automotive interior application is expected to grow at a CAGR of 11.8% from 2017 to 2021, owing to their light weight, wide variety, and compatibility with the internal ambience of the vehicle. In addition, increasing product demand on account of their ability to resist water and dust ingress in car interiors, is expected to propel growth
- The average price and weight of a plastic fastener is significantly lower than a metal fastener, which lowers the vehicle cost and improves the overall automobile efficiency. As a result, the product demand in passenger cars is expected to reach the revenue of USD 1.96 billion by 2021
- The demand for plastic fasteners in Europe was valued at USD 461.5 billion in 2016 and is expected to grow at a CAGR of 7.7% from 2017 to 2021. The presence of a large number of automotive companies, including General Motors Company, Ford, Fiat, Toyota Motor Corporation, and AM General in the region is expected propel growth
- Japan & South Korea have been a major market for the product accounting about 25% of the overall fasteners demand in Asia Pacific. However, both these regions witnessed a decline over the next two consecutive years in terms of production, which impacted the industry growth
- The key fastener manufacturers across the globe include Illinois Tool Works Incorporated (ITW), ARaymond, Sundram Fasteners Limited, Precision Castparts Corporation and Alcoa, Inc.
Access Research Report of Automotive Plastic Fastener Market@ https://www.grandviewresearch.com/industry-analysis/automotive-plastic-fasteners-market
Grand View Research has segmented the global automotive plastic fasteners market on the basis of application, function, vehicle type and region:
Automotive Plastic Fastener Application Outlook (Volume, Billion Units; Revenue, USD Million, 2011 - 2021)
- Wire harnessing
Automotive Plastic Fastener Function Outlook (Volume, Billion Units; Revenue, USD Million, 2011 - 2021)
Automotive Plastic Fastener Vehicle Type Outlook (Volume, Billion Units; Revenue, USD Million, 2011 - 2021)
- Passenger cars
- Light commercial vehicles
Automotive Plastic Fastener Regional Outlook (Volume, Billion Units; Revenue, USD Million, 2011 - 2021)
- North America
- Asia Pacific
- Japan & Korea
- Rest of the World
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.