Growth in the construction industry, along with innovations in the product, are driving the market demand.
NEW YORK, NY, USA, Aug. 2, 2022 /EINPresswire.com/ — Global plastic fasteners for building and construction market is expected to reach USD 557.6 million by 2027, according to a new report from Reports and Data. Market leading manufacturers are investing heavily in product innovations to develop plastic fasteners with superior corrosion resistance and strength properties. The growing demand is also seen by many end-use industries. These factors are driving the growth of the market.
A high growth rate of the construction industry, especially in developing countries where industrialization and urbanization are increasing due to increasing disposable incomes, leads to increased demand for plastic fasteners for the building and construction. Several players in the industry offer a wide product portfolio, with application-based product customization options. This is expected to drive the market demand over the forecast period.
Fluctuations in commodity prices can hamper market demand, as many small and medium players may be reluctant to venture into a market where prices are volatile. There is strong competition among the existing players in the market. This can affect their profit margins. Additionally, there is an increasing prevalence of product substitutes, such as adhesives and tapes. These factors can lead to lower demand for the product.
The impact of COVID-19:
The COVID-19 pandemic has led to lockdowns in many countries. This led to the temporary shutdown of many industries. The building and construction plastic fasteners market is also seeing reduced demand due to this reason. Major industries where the product is used, such as automotive and construction, are also currently not operating, resulting in lower demand for the product. The main players involved in the market are also currently not functioning, which leads to a reduction in supply.
It is expected that once the situation returns to normal and the industries start operating again, the demand for fasteners will increase and cause the market size to increase. Moreover, since the manufacturers are not currently operating, they are involved in the development of innovations so that as soon as the market is functional again, their innovations will help them to capture a greater market share. These innovations will also lead to an increase in the overall market size.
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Major 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.
Other key findings from the report suggest
• Rivets are expected to grow at a CAGR of 4.9% over the forecast period. Rivets find applications in areas where it is difficult to access the actual side of structures, such as ceilings and walls. These are also used in hanger straps, windscreens and awnings. These offer advantages, such as low cost and easy installation, which is driving the demand for them.
• The fastening/gluing function occupied 35.7% of the market share in 2019. This is due to the increasing use of plastic fasteners in wood product gluing and fastening applications. Plastic eyelets are the main product used in this segment.
• The industrial segment had the lowest market share of 23.3% in 2019, in terms of end use. This is mainly due to the low resistance offered by the product. In addition, the product is not heat resistant, due to which it may melt in high temperature areas, such as chemical industries.
• The Middle East and Africa occupied 4.5% market share in 2019. The increasing growth of the region’s tourism sector is leading to an increase in construction activities in the region. The Saudi government recently introduced the White Land Tax initiative to address the problem of housing shortage. These factors are driving the market growth in the region.
• China is one of the largest consumers of plastic fasteners for building and construction. This is due to the high number of construction activities in the country. China is expected to grow at a high CAGR during the forecast period.
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For the purposes of this report, the reports and data have segmented 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)
Regional Outlook (Revenue, USD Million; 2017-2027)
• North America
o United States
o United Kingdom
• Asia Pacific
• Latin America
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The report offers a comprehensive overview of the competitive landscape of the market to offer an advantage to the reader. This segment focuses on initiatives and innovations adopted by major players to gain a strong foothold in the market. The report also sheds light on mergers and acquisitions, joint ventures, collaborations, partnerships, and agreements, among others, to offer a better understanding of the market. The report also offers information about revenue, gross profit margin, financial position, market position, product portfolio and other vital aspects of each player. The report also includes an in-depth SWOT analysis and Porter’s Five Forces analysis.
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