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.
U.S. automotive plastic fasteners market revenue by
vehicle type, 2011 - 2021 (USD Million)
Browse full research report on Automotive
Plastic Fasteners 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.
For more information:
http://www.grandviewresearch.com
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