The global automotive plastic fasteners market revenue is expected to expand at a lucrative CAGR over the forecast period. Plastic fasteners market is expected to witness high growth in automotive application sector owing to their low cost, lightweight, and technological innovations to improve their properties in terms of mechanical resistance and strength.
The global automotive plastic fasteners market report has been segmented on the basis of vehicle type, application, end use, and region.
On the basis of vehicle type, the global automotive plastic fasteners market has been segmented into passenger vehicles and light commercial vehicles. Passenger vehicles segment is expected to dominate the market across all the regions. Increasing demand for plastic fasteners replacing metal fasteners in car interiors, exteriors and other applications are anticipated to drive market growth over the forecasted period.
On the basis of applications, the global automotive plastic fasteners market has been segmented into interior, exterior, chassis, wire harnessing, powertrain, electronics, and others (switchgear, console, and speaker mounts). Penetration of plastic fasteners in powertrains is expected to be low as compared with other application segments. Powertrain components are usually subjected to high temperature and rotational speeds while adapting the output of an engine to drive wheels, which is expected to hamper market growth.
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On the basis of region, the global automotive plastic fasteners market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is estimated to account for major revenue share in the global automotive plastic fasteners market. Europe is the second largest manufacturer of automobiles, rising production of automotive in the region is anticipated to drive the plastic fasteners market in the region.
Key players operating in the global automotive plastic fasteners market include Stanley Black & Decker, Inc., Illinois Tool Works Incorporated (ITW), Shamrock International Fasteners, Avery Dennison Corporation, Craftech Industries, Nippon Industrial Fasteners Company, ARaymond Industrial, MW Industries, Inc., Volt Industrial Plastics, and Nifco Inc.