The global Building and Construction Plastic Fasteners market is forecast to reach USD 557.6 Million by 2027, according to a new report by Reports and Data. Major manufacturers of the market are making high investments in the product’s innovations to developed Plastic Fasteners with corrosion resistance and superior strength properties. Increasing demand is also being witnessed by many end-use industries. These factors are fostering market growth.
A high growth rate of the construction industry, especially in the developing countries, where there is growing industrialization and urbanization due to increasing disposable incomes, is leading to an increased demand for Building and Construction Plastic Fasteners. Several players present in the industry offer a broad product portfolio, with options of customizing application-based products. This is expected to drive the demand for the market in the forecast period.
Fluctuations in raw material prices can hamper the market demand, as many small and medium players, may hesitate to venture into a market with price volatility. There is high competition among existing players in the market. This can affect their profit margins. Also, there is a rising prevalence for substitutes of the product, such as adhesives and tapes. These factors can lead to reduced demand for the product.
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The COVID-19 impact:
The COVID-19 Pandemic has led to lockdowns among many countries. This has led to the temporary halting of many industries. The Building and Construction Plastic Fasteners Market are also experiencing a reduced demand due to this. Major industries where the product is used, such as automotive and construction, are also not operating currently, leading to a decline in the demand of the product. Major players involved in the market are also not operating now, leading to a reduction in the supply.
It is expected that once the situation becomes normal again, and the industries start operating still, the demand for the fasteners will go up and will lead to an increase in the market size. Also, since the manufacturers are currently not operating, they are involved in coming up with innovations so that as soon as the market is functional again, their innovations would help them to capture a larger market share. These innovations will also lead to an increase in the overall market size.
Further key findings from the report suggest
- Rivets are forecasted to grow at a CAGR of 4.9% in the forecast period. Rivets find applications in areas where there is a difficulty encountered in accessing the real side of structures, such as ceilings and walls. These are also used in hanger straps, wind guards, and window blinds. These offer benefits, such as low cost and easy installation, driving the demand for them.
- Attaching/Bonding Function occupied 35.7% of the market share in 2019. This is due to the increasing use of plastic fasteners in bonding and attaching applications of wooden products. Plastic Grommets are the primary product used in this segment.
- The industrial segment occupied the lowest market share of 23.3% in 2019, in terms of End-Use. This is primarily because of the low strength offered by the product. Also, the product is not resistant to heat, due to which it can melt in areas of high temperatures, such as chemical industries.
- The Middle East and Africa occupied 4.5% of the market share in 2019. Increasing growth in the region’s tourism sector leads to an increase in construction activities in the region. The Saudi Arabian government recently introduced the White Land Tax initiative to address the housing shortage problem. These factors are driving market growth in the region.
- China is one of the largest consumers of Building and Construction Plastic Fasteners. This is due to the high number of construction activities in the country. China is forecasted to grow at a high CAGR in the forecast period.
- Key participants include Shanghai Fasteners Company, Araymond, Avery Dennison Corporation, Bossard, Penn Engineering, MW Industries, Stanley Black & Decker, ATF, Nippon Industrial Fasteners Company (Nifco), and Illinois Tool Works Incorporated (ITW), among others.
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For the purpose of this report, Reports and Data have segmented into the global Building and Construction Plastic Fasteners market on the basis of product, function, end-use, and region:
Product Outlook (Revenue, USD Million; 2017-2027)
- Cable Ties
Function Outlook (Revenue, USD Million; 2017-2027)
- Cable Management
End-Use Outlook (Revenue, USD Million; 2017-2027)
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