Building and Construction Plastic Fasteners Market Is Expected To Grow At a CAGR Of XX % FROM 2017-2026.
According to Stratistics MRC, the “Global Building, and Construction Plastic Fasteners market” is accounted for $xx million in 2017 and expected to grow at a CAGR of xx% to reach $xx million by 2026. Factors influencing the market growth are increasing number of plastic fastener manufacturers, high demand for cable management applications, growth of residential & commercial sector and superior strength & corrosion resistance property. However, volatility in raw material prices and emergence of alternative fastening technologies are likely to hamper market growth.
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Plastic fasteners are plastic parts used to connect two or more objects jointly. Plastic screws, washers, threaded rods, bolts, nuts, and balls are a few examples of plastic fasteners. These fasteners are contrived employing two processes: plastic molding and machining. These are manufactured from different plastics such as acetal, polycarbonate, nylon, polyethylene, PVC, polypropylene, and ABS. Plastic fasteners give many advantages over their metal counterparts. These fasteners are a preferred choice in application areas requiring a mixture of environmental, chemical, thermal, optical, and electrical properties. Furthermore, they provide lightweight and cheap surrogate to their metal counterparts. These advantages have increased the adoption of plastic fasteners in applications such as automotive, marine, space, and oil & gas.
Opportunity: Plastic fasteners being a consumer oriented industry offers profitable growth opportunities in the near future. The boom in plastic industry impels the demand for plastic fasteners all across the global market. Essentially, a fastener is not only important to improve functionality in the product, but also to fortify the reusability. Rather a number of manufacturers are affianced in designing novel products. For instance, some fasteners are easily removable on disassembling while some enable product upgrade and recycled at the end. The use of plastic fasteners thus displays a modern approach that helps in replacing the traditional methods for joining the parts. In the long term, plastic fasteners have strengthened their market presence resulting as an optimum resource and assuring environment stability.
Driver: Growing demand for high competence cars in automotive sector
Growing demand for high competence cars with enhanced recital is anticipated to lead the demand and popularity for lightweight elements in the automotive sector. Plastic fasteners present corrosion resistance and high sturdiness. Additionally, they are available in different colors and shapes, which aid car manufacturers to sustain the aesthetic appearance of the vehicle. Plastic manufacturers fabricate higher return margins as compared to metal fastener producers owing to lower raw material cost and fairly less competition in the sector. The automotive manufacturing directly affects the demand and popularity for the global plastic fasteners market determining the growth of the sector in the years to come. Automotive OEM is considered to be the key market and is expected to grow at a considerable rate in the coming years. The increasing automotive division in emerging economies is projected to be the most significant market for the product.
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On the basis of product, Cable tie fasteners are expected to witness significant growth during the forecast period, due to their high demand for cable management applications. They are compact, lightweight, and have a high tensile potency because of which they are anticipated to be in high demand for cable management applications. These are used for holding items together, primarily electrical cables or wires. Owing to their low cost and ease of use, cable ties are ubiquitous.
By geography, North America is expected to have considerable market growth during the forecast period, due to recovery from the economic recession, thereby leading to a rise in investments in residential and non-residential construction. These factors are anticipated to increase construction industry, and thereby impel the building and construction plastic fasteners market over the next eight years.
Some of the key players in the Global Building and Construction Plastic Fasteners market are Illinois Tool Works Incorporated (ITW), Nippon Industrial Fasteners Company (Nifco), ATF, Stanley Black & Decke, MW Industries, Penn Engineering, Bossard, Avery Dennison Corporation, Araymond and Shanghai Fasteners Company.
MW Industries: Aug, 2018: MW Industries, a leading provider of highly engineered springs, specialty fasteners, machined parts, and other precision components, has acquired with Ameriflex, Inc., a leading manufacturer of precision formed metal bellows and bellows assemblies used in applications supporting the semiconductor, microelectronics, and aerospace industries. Ameriflex produces bellows, flexible metal hoses, and metal flanges used in the vacuum electronics industry. The company’s highly engineered products are chosen because of their exceptional performance in meeting the tight tolerances and exacting specifications demanded in vacuum applications. The company also produces custom assemblies, combining bellows and flanges together in value-added assemblies specifically meeting customers’ system requirements.
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Shanghai Fasteners Company: May, 2014: Shanghai Fasteners Company has signed an agreement to acquire Koninklijke Nedschroef Holding B.V., one of the global leaders in engineered automotive fasteners. Nedschroef will benefit from an improved global reach through PMC, with a particular strength in China, while the acquisition provides PMC with a strategic entry into the high-end automotive fasteners business. PMC will build on Nedschroef’s intimate, longstanding relationships with leading OEM car manufacturers and suppliers around the globe and will gain a world class platform to further grow the company's fasteners division. PMC is committed to backing Nedschroef’s global expansion strategy.
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