Plastic Fasteners Market Size – USD 4.60 Billion in 2018, Market Growth - CAGR of 6.4%, Plastic Fasteners Industry Trends –Development in applications of Plastic, new research for enhancing properties of plastic are the trends in Plastic Fasteners Market.
The Increase in investments in residential and non-residential construction sectors, growth in electronic industries, and growth in automotive industry are the significant factors that are expected to propel the growth of the plastic fasteners market
The global Plastic Fasteners Market was valued at USD 4.60 Billion in 2018 and is expected to reach USD 7.52 Billion by year 2026, at a CAGR of 6.4 %. The Plastic Fasteners Market is driven by the by the increasing investments in residential and non-residential construction sectors, surge in electronic industries, and growth in automotive industry. Growth in the above sectors are anticipated to generate lucrative growth opportunities to the key players involved in the Plastic Fasteners Market. Likewise, the need of. Plastic fasteners is rising due to the introduction of the same or even an improved fastener technology to that of the metal counterpart, which is further expected to spur the growth of the global plastic fasteners market. Likewise, the emerging markets of Asia-Pacific and Latin America are anticipated to provide stellar avenues for the key players involved in the global plastic fasteners market.
The automotive and aerospace industries are struggling to keep the weight of the object low, this purpose served by screw and fastener, it has seen unprecedented growth due to the current need to meet light weight automotive. Properties of plastic makes it usable for the application of Plumbing valves, pipes, decorative handles, seals, and more, they are shifting toward plastic because it is less susceptible to corrosion and disfigurement, especially compared to traditional metals. The global vehicle purchase increase from 892 million units in 2005 to 1.3 billion units in 2015, construction is increasing globally, these are the key drivers for the global plastic fasteners market growth. Furthermore, the demand of different products is likely to increase during the analysis period, thereby boosting the global plastic fasteners market.
Source: Reports and Data