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According to a recent report by Reports and Data, the global Threaded Fasteners for Plastics market was valued at USD 54.11 billion in 2021 and is expected to experience a revenue compound annual growth rate (CAGR) of 4.6% during the forecast period. Plastic fasteners are becoming increasingly popular due to their properties, including safety, resistance to temperature changes, corrosion, and deterioration.
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The demand for Threaded Fasteners for Plastics is also increasing because of their ability to prevent conductivity in certain areas of electronic or electrical equipment, as well as their versatility and lightweight materials. They are also resistant to high and low temperatures, impact and abrasion, organic solvents and gasoline, and have excellent dimensional stability and rigidity at high temperatures. These properties can reduce the time required to assemble electronic modules and components, making plastic fasteners a cost-effective alternative for hardware components in electronic devices.
The construction industry is also using plastic fasteners for various applications due to their flexibility, light weight, and affordability. Plastic fasteners are compatible with other plastic items, such as doors, tables, chairs, and other furniture, which has contributed to their increased use. Leading manufacturers invest heavily in developing plastic fasteners that are corrosion-resistant and have outstanding strength properties. Furthermore, plastic parts are seeing increased demand from various industries due to their easy recycling and low energy requirements.
The global plastic fasteners market is segmented into several categories based on product type, material type, end-use, and region. The rivets and snaps segment is expected to account for the largest share of revenue during the forecast period due to their simple and cost-effective fastening solutions, especially in applications with difficult or restricted access.
The Asia-Pacific region is expected to see significant growth in the plastic fasteners market due to rising disposable income, government support for industrial development, and the availability of cheap raw materials. Manufacturers are investing heavily in developing new plastic fasteners with higher strength and corrosion resistance to meet the growing demand in the region. Furthermore, growing consumer interest in the aesthetics of residential and commercial buildings is expected to boost demand for plastic fasteners in countries such as China, India, and Japan.
Several companies are profiled in the market report, including Illinois Tool Works, Inc., Bossard Group, ARaymond, Stanley Black & Decker, Inc., E & T Fasteners, Volt Industrial Plastics, Nifco, Inc., Elgin Fastener Group, Decker Industries Corporation, and Dokka Fasteners A S. In addition, the recent acquisition of Jeveka B.V. by the Bossard Group is expected to expand the group's presence in the Benelux countries and offer a broader range of products and services for its customers.
Plastic Fasteners Market: Notable Innovation
The Threaded Fasteners for Plastics market has seen several notable innovations in recent years. One of the most significant developments is the use of high-performance plastics, such as polyether ether ketone (PEEK), which offer superior strength and durability compared to traditional plastics. Another innovation is the use of 3D printing technology to create custom-designed plastic fasteners that meet specific customer requirements. Additionally, manufacturers are developing more sustainable plastic fasteners using recycled materials or biodegradable plastics to meet the growing demand for eco-friendly products.
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About Reports and Data
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