The global building and construction plastic fasteners market is expected to reach USD 485.3 million by 2025, according to a new report by Grand View Research, Inc. Growing demand for plastic rivets, cable ties, and grommets owing to their light weight and corrosion resistance property is expected to propel growth.
The market is highly fragmented with the presence of many small and medium manufacturers. The industry players are expected to compete on the basis of geographical expansion, price, product quality, and design. These factors are also anticipated to ascend the competitive rivalry among the players over the next eight years.
North America and Europe witnessed high product penetration owing to high spending on interiors and wooden structures in these regions. However, rapid growth of residential, commercial, and industrial buildings in Asia Pacific and Central & South America is expected to spur industry growth in these regions over the projected period.
Volatility in raw material prices and strong foothold of existing players in the market are expected to be the key factors challenging the entry of new players. However, a high scope for product development in terms of design and strength is expected to open new avenues for new players, thereby ascending the threat of new entrants over the forecast period.
The market in China was valued at USD 55.5 million in 2016 and is expected to grow at a CAGR of 6.8% owing to high magnitude of constructional activities in the region
The economic recovery in European countries, including Germany, the UK, and Italy, is expected to lead to an increase in the number of constructional activities, thereby propelling the product demand
Asia Pacific is expected to be the fastest growing region denoting a CAGR of 5.4% from 2017 to 2025, owing to the rapid growth of end-use sector activities coupled with the growing population in China, Vietnam, India, and Thailand
Cable tie fasteners was the dominating product segment accounting over 45% of the overall market and is expected to grow at a significant rate owing to their high demand for cable management applications
Direct distribution accounted for 80% of the overall distribution market in 2016 and is expected to grow owing to increasing number of plastic fastener manufacturers with their own distribution channel and wide geographic reach
Investor-friendly policies and surge in construction activities in Peru, Colombia, and Argentina are expected to drive the Central & South America market at a CAGR of 5.1% from 2017 to 2025
Avery Dennison, HellermannTyton, and TR Fastening are some of the major industry players offering superior design and customized product solutions
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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