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Automotive Plastic Fastener Market Size at $3.67 Billion by 2021
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 are 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.
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.
--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.
Source: Grand View Research, Inc.
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