Automotive Plastic Fasteners Market Size, Share & Trends Analysis Report By Application (Interior, Exterior, Electronics, Powertrain, Chassis, Wire harnessing, Others), By Region, And Segment Forecasts, 2018 - 2021

Industry Insights

The global automotive plastic fasteners market size was estimated at USD 2.18 billion in 2016. The plastic fasteners industry is expected to witness significant growth in automotive applications owing to their lightweight, low cost, and technological innovations to improve their properties in terms of strength and mechanical resistance.

The major players in the market have established long-term contracts with the automotive manufacturers as the product designs required very specific and various across the end-use applications. Well established buyer base for these players is expected to offer them a competitive advantage over the small scale manufacturers. However, the scope for innovative product designs is likely to open new avenues for the emerging market players.

U.S. automotive plastic fasteners market revenue by vehicle type, 2011 - 2021 (USD Million)

Growing demand for high-efficiency cars with superior performance has led to the demand for lightweight components in the automotive industry. The product offers high durability and corrosion resistance. Furthermore, they are available in various shapes and colors, which helps car manufacturers to maintain the aesthetic appeal of the vehicle. The aforementioned factors are expected to have a positive impact on industry growth.

Plastic manufacturers generate higher profit margins than metal fastener manufacturers owing to lower raw material prices and comparatively lower competition in the industry. Also, plastic fasteners are manufactured using injection molding techniques which reduce the raw material wastage, thus reducing the overall cost of manufacturing.

Automotive production directly influences the demand for plastic fasteners determining the growth of the industry over the forecast period. Automotive OEM is a key market for it accounting for over 25% of overall industrial fasteners demand. The growing automotive sector in developing economies, including India and Thailand, is expected to be a key market for the product.

The product offers high corrosion resistance, high thermal, and electrical insulation properties. However, when are subjected to elevated temperatures, they undergo severe deterioration impacting the performance. Also, the product has a low tensile strength which makes it less effective in applications involving high physical stress thus, affecting the product demand.

Functional Insights

The product is available in three major types including removable, semi-permanent, and permanent. By function, they are segmented into bonding and NVH. Bonding was the dominating segment in 2016, accounting for over 83.1% of the overall consumption.

The product is manufactured in numerous forms such as nuts, bolts, washers, and studs. A majority of the plastic fasteners are non-threaded and are used to assemble small and lightweight parts of the automobile interior, exterior, and wire harnesses. Improved durability and greater stiffness are the major factors driving the demand for the product in bonding applications over the forecast period.

The demand for the product in NVH application was valued at USD 383.1 million in 2016 and is expected to ascend at a CAGR of 12.0% from 2017 to 2011. The growing focus of car manufacturers on acoustic management and noise control in passenger and commercial vehicles helps expected to impact the product demand on a positive note.

NVH in automobiles, owing to structure-borne and airborne noises, can lead to passenger discomfort and hamper vehicle durability. It is an important segment for the industry as manufacturers are focusing more on maximizing passenger and driver comfort by reducing NVH to offer a quieter and smoother ride.

Vehicle Type Insights

They find wide application scope in both passenger cars and light commercial vehicles. However, passenger cars dominated the segment in 2016 and is expected to grow at a CAGR of 9.5% from 2017 to 2021. Increasing demand for high-efficiency cars with superior performance has led to the demand for lightweight components in the automotive industry.

The passenger car industry is witnessing major ups and downs over the past few years, which directly impacted the overall product consumption. However, increasing penetration of plastic fasteners to replace metal counterparts in the car interior, exterior, and other applications is expected to be the key factor driving the automotive plastic fasteners market growth over the forecast period.

Passenger car production accounts for about 80% of the overall automotive production, with Asia Pacific being the largest producer in terms of volume. High demand for the product to bind wire harnessing and car interior parts is expected to have a positive impact on the industry over the next four years.

Light commercial vehicles (LCVs) production is expected to grow at a higher rate than commercial cars. As a result, the demand for plastic fasteners in this application is expected to grow at a higher rate over the forecast period. The product demand in LCVs is likely to grow at a CAGR of 13.3% from 2017 to 2021.

Application Insights

The key plastic fastener types used in the automotive industry include rivets, plugs, bushes, clips, grommets, nuts, screws, and cable ties. Wire harnessing was the largest application scope for plastic fasteners in 2016, accounting for over 33.2% of the overall demand. Increasing demand for plastic ties and clips to fasten wires into organized bundles is expected to have a positive impact on industry growth.

Global automotive plastic fastener market revenue, by application, 2016 (%)

The product is available in various sizes and colors, thus offering aesthetic appeal to the designs of automobile interiors, without affecting the quality of the car. In addition, they are cheaper as compared to metal fasteners, which reduces the overall cost associated with the manufacturing of cars or LCVs. As a result, automotive manufacturers are likely to prefer plastic fasteners over metal counterparts, thereby impacting industry growth on a positive note.

They can be molded into desired shapes and help in reducing the demand for multiple metal fasteners to secure the electronic assembly in automotive applications. Moreover, the product does not damage or crack the plastic parts in the electronic assembly. The aforementioned factors are expected to have a positive impact on the plastic fasteners industry growth over the next four years.

Powertrain components are usually subjected to high rotational speeds and temperature while adapting the output of an engine to the drive wheels. The improper selection of the product may cause distortion of these fasteners. As a result, the demand for plastic fasteners in this application is expected to remain low as compared to that in other applications.

Regional Insights

Asia Pacific, being the largest automotive manufacturing region, dominate the plastic fastener industry in the world. China is one of the major automotive manufacturers in the world and is thus a key consumer of fasteners. As a result, the demand for plastic fasteners in the region is expected to grow at a CAGR of 16.5% 2016 to 2021.

Germany was the largest market in Europe owing to a high volume of car production in the region. The country produced over 5,707,900 cars in 2015. The production further increased to reach 5,746,800 units by the end of 2016. The aforementioned trend was reflected in demand for plastic fasteners as the product demand in the automotive application is directly influenced by automotive production statistics.

The automotive industry in the U.S. is expected to grow at a slower pace over the next four years, which in turn is likely to hamper the demand for fasteners. However, initiatives taken by automotive manufacturers in the region to produce electrically driven, lightweight vehicles are expected to have a positive impact on the industry growth over the next four years.

The rapid growth of the automotive sector in India is anticipated to have a positive impact on industry growth. The government of India has initiated the ‘Make in India’ movement, which primarily focuses on manufacturing sector growth in the region. As a result, automotive production in the country is expected to grow over the projected period, thus driving the product demand over the projected period.

Automotive Plastic Fasteners Market Share Insights

The market is highly competitive owing to the presence of numerous manufacturers across the world. At present, the fasteners industry is dominated by metal fasteners. However, the rising potential of the product in the automotive industry to replace metal counterparts is expected to compel manufacturers to invest in the plastic fasteners business over the projected period.

Product design, quality, and raw material selection are expected to be the key parameters for the industry players to sustain in the market. The UK-based Fastener + Fixing Group offers plastic-headed fasteners under the brand name Hucktainer. The product is available in multiple colors and protects water ingress in metal parts and panel of vehicles, which further eliminates the issues related to corrosion.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2011 to 2021. For the purpose of this study, Grand View Research has segmented the global automotive plastic fasteners market on the basis of application, function, vehicle type, and region:

• Application Outlook (Volume, Billion Units; Revenue, USD Million, 2011 - 2021)

  • Interior

  • Exterior

  • Electronics

  • Powertrain

  • Chassis

  • Wire harnessing

  • Others

• Function Outlook (Volume, Billion Units; Revenue, USD Million, 2011 - 2021)

  • Bonding

  • NVH

• Vehicle Type Outlook (Volume, Billion Units; Revenue, USD Million, 2011 - 2021)

  • Passenger Cars

  • Light Commercial Vehicles

• Regional Outlook (Volume, Billion Units; Revenue, USD Million, 2011 - 2021)

  • North America

    • The U.S.

  • Europe

  • Asia Pacific

    • China

    • India

    • Japan & South Korea

  • Rest of the world