The global automotive plastic fasteners market is expected to grow at a rate of 15.3% from USD 3.32 billion in 2019 to USD 9.78 billion in 2027
NEW YORK, NY, USA, Oct. 16, 2021 /EINPresswire.com/ – The global automotive plastic fasteners market is expected to reach $ 9.78 billion by 2027, according to a new report from Reports and Data. The increasing substitution of metal fasteners in automotive interiors is expected to drive growth due to improved aesthetic appeal and lightweight qualities. The manufacture of plastic fasteners is deeply affected by the high production volumes of vehicles in countries around the world. The increasing demand for high efficiency vehicles with improved performance has led to the expansion of the market in the automotive industry for lightweight materials. The product has high durability and excellent corrosion resistance. They are available in different shapes and colors which help automakers maintain the visual appeal of the vehicle.
Due to lower raw material prices and comparatively lower competition in the industry, plastics manufacturers earn better margins than metal fasteners. In addition, plastic fasteners are manufactured using injection molding methods that minimize raw material loss, thereby reducing overall production costs. The market needs for plastic fasteners under severe circumstances are expected to experience substantial development due to their properties superior to those of ordinary metals. The products are particularly valuable in automobiles due to the increasing attention paid to light vehicles and increasing fuel efficiency.
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Major 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, among others.
For the purpose of this report, reports and data have been segmented on Automotive Plastic Fasteners market on the basis of function, vehicle type, application, and region:
Outlook Function (Revenue, Billions USD; 2017-2027)
Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)
Light commercial vehicles
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional outlook (revenue, billion USD; 2017-2027)
Other key findings from the report suggest
North America accounted for 19.08% of the revenue share in 2019 and is expected to reach $ 1.86 billion in 2027. This may be due to the growing focus on reducing weight and increasing weight. energy efficiency as well as the presence of key manufacturers in the region.
APAC is expected to increase with an expected CAGR of 5%, the market of developing countries like China and India is growing due to the evolution of the industrial sector. Government initiatives such as Make in India, which has led to a rapid expansion of the country’s manufacturing sector, will positively affect regional growth.
Due to their light weight, wide range and consistency with the interior appearance of the vehicle, the demand for products in automotive internal application is expected to increase at a CAGR of 16.1% from 2019 to 2027. Growing demand of products are also expected to increase growth due to their ability to resist water and dust in car interiors.
The average cost and weight of the plastic tie is considerably lower than that of a metal tie, reducing the cost of the vehicle and improving the efficiency of the system. The passenger car product market is expected to reach $ 7.32 billion in sales by 2027.
The impact of COVID-19:
The distribution of Covid-19 has influenced manufacturing activities around the world. Logistical constraints and questioning of raw material specifications are becoming a problem for producers all over the world. Containment measures aimed at minimizing the spread of the COVID-19 pandemic in many countries have had a major effect on the auto industry; including closed automotive manufacturing units. Over the weeks, the market has experienced a decline which may continue in the coming months. The Asia-Pacific region has been hit the hardest by this pandemic, with China at the center of the epidemic. Most initiatives in several countries have changed to a temporary halt. Production and supply have been suspended, causing losses for manufacturers, dealers and consumers.
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Chapter 1. Market synopsis
1.1. Market definition
1.2. Scope and premise of the research
1.4. Market estimation technique
Chapter 2. Executive summary
2.1. Summary overview, 2019-2027
Chapter 3. Indicative measures
Chapter 4. Automotive Plastic Fasteners Market Segmentation and Impact Analysis
4.1. Automotive Plastic Fasteners Market Function Segmentation Analysis
4.2. Industrial outlook
4.2.1. Analysis of market indicators
4.2.2. Market driver analysis
126.96.36.199. Growing demand for light vehicles
188.8.131.52. Technological innovations
184.108.40.206. Government investments in power generation
4.2.3. Analysis of market constraints
220.127.116.11. Low tensile strength
4.3. Technological insights
4.4. Regulatory framework……
To identify key industry trends, click on the link below: https://www.reportsanddata.com/report-detail/automotive-plastic-fasteners-market
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