Building And Construction Plastic Fasteners Market - Forecast(2024 - 2030)
Building and Construction Plastic Fasteners Market
Overview
Building
and Construction Plastic Fasteners Market size is forecast to reach $510.3 million
by 2026, after growing at a CAGR of 5.2% during 2021-2026. Plastic fasteners
are produced from plastics polymers such as nylon, PVC, polypropylene, and
others, commonly used in the construction industry. Whereas, the growing
building and construction activities in the Middle East region are driving the
market growth. Furthermore, the increasing
trend for wooden flooring in China is also propelling market growth. These
fasteners like Flange nuts, Cable ties, Push-in clips, and Wall plugs are used
to keep the flooring intact. Moreover, the rapid growth in investment in green
building is driving the demand for the construction industry, which in turn propels
the Building and Construction Plastic Fasteners Market share. Furthermore,
various government policies to promote affordable housing especially in India
and China are also contributing to the growth of this market.
COVID-19 Impact
The growing
pandemic situation has led to the weakening demand for Plastic Fasteners due to
a sharp decline in Building and Construction activities. The global
construction sector was halted due to supply chain disruption such as shortage
of subcontractors, workers & materials, and contractors canceling contracts
due to lack of funds. Moreover, in the long run, smaller contractors and
builders will run out of funds and close down their business. Which will further
deter the market for Building and Construction Plastic Fasteners market growth.
Report Coverage
Key Take away
- North America region is projected to witness significant growth due to rise in investments in residential and non-residential construction especially in the United States.
- COVID-19
has impacted the global end-use industry that further hamper the
growth of Building and Construction Plastic Fasteners market.
- Fluctuating raw material prices, and huge presence of metal fasteners in the market is hindering the markets growth.
Figure: APAC Building and Construction Plastic Fasteners Market Revenue, 2020-2026 (US$ Million)
Building and Construction Plastic Fasteners
Market Segment Analysis - By Material
Thermoplastic
segment held the largest share of more than 40% in the Building and Construction Plastic
Fasteners Market in 2020. Thermoplastic materials such as polyethylene, polycarbonate,
nylon and polypropylene are widely used in the manufacturing of plastic
fasteners like Flange nuts, Cable ties, Push-in clips, and Wall plugs are
used across various construction applications. The fasteners of thermoplastic material offer high strength, lightweight, can be easily molded & recycled,
relatively low processing cost, and have resistance against chemical &
impact. Moreover, the thermoplastic materials also provide excellent corrosion
resistance, electrical insulation, fatigue, and creep properties to the
fasteners, which are used in building electrical work and roofing. Therefore,
the superior properties of thermoplastic material and growing building and
construction activities across the emerging country like China, India, Brazil, and
Argentina is driving the market growth.
Building and Construction Plastic Fasteners
Market Segment Analysis - By Type
Non-Threaded
Plastic Fasteners segment held the largest share of more than 45% in the Building
and Construction Plastic Fasteners Market in 2020. Non-Threaded Plastic Fasteners
such as rivets, washers, clips, wire bundlers & ties, and grommets are widely
used across various building and construction applications. For instance, wire bundlers & Ties are used in cable management due to their compact size,
lightweight, and high strength. A non-threaded plastic fastener like rivets has
advantages over threaded bolts, as they do not loosen up when subjected to
vibration and secures joints with short clamp length. Due to this property the non-threaded
plastic fasteners such as grommets & rivets are used to support ducts,
protect wires from sharp steel edges and window blinds. Therefore, due to the wide
application and advantages over threaded fasteners, there is a high demand for Non-Threaded
plastic fasteners in the construction sector.
Building and Construction Plastic Fasteners Market Segment Analysis - By Manufacturing Process
Injection
molding segment held the largest share of more than 25% in the Building and
Construction Plastic Fasteners Market in 2020.
Plastic injection molding is the most common method of manufacturing plastic
fasteners like Flange nuts, Cable ties, Push-in clips, and Wall plugs. In this
process, melted plastic is injected into a specific mold. Then the plastic
cools in the mold, hardens, and takes the shape of the mold. Moreover, this process enhances the strength of the
final product, helps in achieving faster production, and reduces the wastage of
raw material. Furthermore, this process is very cost-effective, which helps in bringing
down the overall cost of the final product and also enables to manufacture of extremely complex parts such as screws, thread rods, and rivets which are
commonly used in building construction. Therefore, due to the properties and
advantages, injection moldings are widely used in manufacturing plastic
fasteners.
Building and Construction Plastic Fasteners
Market Segment Analysis - By Application
Flooring
segment held the largest share of more than 30% in the Building and
Construction Plastic Fasteners Market in 2020. Plastic Fasteners are widely
used to secure flooring and keep the floor intact. Even though metal nails are
cheap to lay down the flooring layer but they can cause squeaking over a period
of time due to corrosion. But with the help of plastic fasteners, one can avoid
this problem due to their unique design and corrosive resistant properties. The
plastic fasteners also work for different kind
of wooden floorings such as solid, engineered, and some bamboo wood floors. Moreover, plastic fasteners are also used in vinyl and laminate flooring. Therefore, an increase in the use of wooden flooring in the construction industry will drive the
demand for plastic fasteners. For instance, as per the Direct China Chamber of
Commerce (DCCC) report in 2019, China revenue in the wood flooring segment was
$13,629m in 2019 and the market is expected to grow at a CAGR of 8.2% from
2019-2023.
Building and Construction Plastic Fasteners
Market Segment Analysis - By Industry Vertical
Residential Building segment is
projected to witness the highest growth of 6.7% in the Building and Construction Plastic
Fasteners Market during the forecast period. This can be attributed to the developing
construction sector in developing economies such as China and India along
with changing individual life style. Moreover, the introduction of flagship program
by the Government of India Such as “Smart
Cities and Housing for All” is also driving the growth of residential
buildings in the region, which in turn also contributes to the market growth. For
instance, as per the Indian Brand Equity Foundation (IBEF) report in 2020, in India, housing sales reached 2.61
lakh units in 2019 across major cities. Moreover, the Indian Government has created an
Affordable Housing Fund (AHF) in the National Housing Bank (NHB) with an initial corpus of Rs 10,000 crore (US$ 1.43 billion) to promote the housing sector
in the country.
Building and Construction Plastic Fasteners
Market Segment Analysis- By Geography
Asia-Pacific segment is projected to witness the highest CARG of 7.5 % in the Building and Construction Plastic Fasteners Market during the forecast period. China and India are the major emerging countries driving the growth of this market in APAC. Developing economic condition and urbanization is boosting the demand for construction activities in the region. Plastic fasteners like Flange nuts, Cable ties, Push-in clips, and Wall plugs are used in flooring, roof, and pipe fitting of buildings. Therefore, an increase in construction activities in the region will drive the demand for plastic fasteners in the region. Furthermore, growing investment in the construction sector in the region is also contributing to the growth. As per National Investment Promotion & Facilitation Agency, the Indian construction industry is growing at a CAGR of 15.7% to reach $738 billion by 2022. Such growth will drive the demand for plastic fasteners in the APAC region.
Building and Construction Plastic Fasteners Market Drivers
Superior Properties over Metal Fasteners
Increasing Construction Activities in the Middle East Region
The
growth of construction industry in the Middle East region especially in the United
Arab Emirates, Qatar, and Saudi Arabia drive the market growth. Whereas, depletion
of oil & gas resources in the region has forced the governments to shift
focus and dependence from oil & gas to others industry including the building
and the construction sector, which is driving the market growth. For Instance, as
per the Association of Chartered Certified Accountants (ACCA) report in 2019, the
United Arab Emirates (UAE) is aiming to reduce the hydrocarbon sector share in
GDP from 30% in 2020 to 20% by 2021. Moreover, the introduction of several
construction project by the Saudi Arabia Administration such as Qiddiya
Entertainment city, Amaala project, Al Widyan, and Jabal Omar are also
contributing towards the growth of the construction industry in the region. Additionally,
as per BNC Network, a private company, UAE invested a total of $53.8 billion in the construction industry in 2019, which rose by $1.2 billion in 2020 to reach $55
billion. Therefore, an increase in investment in the construction sector will further
drive market growth.
Building and Construction Plastic Fasteners Market Challenges
Price Volatile and Availability of Metal Fasteners
The
plastic fasteners are made of materials like nylon, polypropylene, polyethylene, and others, which are crude
oil-based products.
Therefore, any fluctuation in crude oil prices will adversely affect the price of this material, which will further deter the market's growth. For instance, as
per Macro Trends data, the crude oil prices were highly volatile for November
2006 – September 2018, and were ranging from as high as $166.46 per/barrel to
$37.02 per/barrel. Such fluctuation in crude oil prices will deter the growth of the market. Moreover, the fasteners markets are already filled with the strong presence
of metal and alloy fasteners such as stainless-steel fasteners, aluminum
fasteners, brass fasteners, and silicon bronze fasteners and these metal
fasteners are already being widely used in building & construction for
decades now. Therefore, the growth of
plastic fasteners is quite challenging in the building & construction
market.
Building and Construction Plastic Fasteners Market Landscape
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the Building and
Construction Plastic Fasteners Market report. Major players in the Building and
Construction Plastic Fasteners Market are Stanley Black & Decker, Inc., MW
Industries, Inc., Bossard Group., Avery Dennison Corp., Ford Fasteners, Inc.,
XL Screw Corp., Aetna Screw Products Co., Nifco Inc., ATF Inc., Volt Industrial
Plastics, Emkay Industries, KBK Plascon Pvt Ltd., and others.
Acquisitions/Technology Launches
- In
December 2020, Bossard Group, acquired MultiMaterial-Welding GmbH. With this acquisition, Bossard has expanded its lightweight fastening portfolio, and also
consolidate its position as an innovator in fastening technology, which further
drives the market growth.
- In May 2019, Stanley Black & Decker, Inc., was expanded its manufacturing operation in Texas. This new plant manufactures a wide range of CRAFTSMAN mechanics tools, including sockets, ratchets, wrenches, and general sets. With this new launch, Stanley & Decker, will expand its manufacturing footprint in the USA, which will further drive the growth of the market.
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LIST OF TABLES
1.Global Building And Construction Plastic Fasteners:Product Outlook Market 2023-2030 ($M)1.1 Product Movement Analysis Market 2023-2030 ($M) - Global Industry Research
2.Global Building And Construction Plastic Fasteners:End-Use Outlook Market 2023-2030 ($M)
2.1 End-Use Movement Analysis Market 2023-2030 ($M) - Global Industry Research
3.Global Building And Construction Plastic Fasteners:Product Outlook Market 2023-2030 (Volume/Units)
3.1 Product Movement Analysis Market 2023-2030 (Volume/Units) - Global Industry Research
4.Global Building And Construction Plastic Fasteners:End-Use Outlook Market 2023-2030 (Volume/Units)
4.1 End-Use Movement Analysis Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Building And Construction Plastic Fasteners:Product Outlook Market 2023-2030 ($M)
5.1 Product Movement Analysis Market 2023-2030 ($M) - Regional Industry Research
6.North America Building And Construction Plastic Fasteners:End-Use Outlook Market 2023-2030 ($M)
6.1 End-Use Movement Analysis Market 2023-2030 ($M) - Regional Industry Research
7.South America Building And Construction Plastic Fasteners:Product Outlook Market 2023-2030 ($M)
7.1 Product Movement Analysis Market 2023-2030 ($M) - Regional Industry Research
8.South America Building And Construction Plastic Fasteners:End-Use Outlook Market 2023-2030 ($M)
8.1 End-Use Movement Analysis Market 2023-2030 ($M) - Regional Industry Research
9.Europe Building And Construction Plastic Fasteners:Product Outlook Market 2023-2030 ($M)
9.1 Product Movement Analysis Market 2023-2030 ($M) - Regional Industry Research
10.Europe Building And Construction Plastic Fasteners:End-Use Outlook Market 2023-2030 ($M)
10.1 End-Use Movement Analysis Market 2023-2030 ($M) - Regional Industry Research
11.APAC Building And Construction Plastic Fasteners:Product Outlook Market 2023-2030 ($M)
11.1 Product Movement Analysis Market 2023-2030 ($M) - Regional Industry Research
12.APAC Building And Construction Plastic Fasteners:End-Use Outlook Market 2023-2030 ($M)
12.1 End-Use Movement Analysis Market 2023-2030 ($M) - Regional Industry Research
13.MENA Building And Construction Plastic Fasteners:Product Outlook Market 2023-2030 ($M)
13.1 Product Movement Analysis Market 2023-2030 ($M) - Regional Industry Research
14.MENA Building And Construction Plastic Fasteners:End-Use Outlook Market 2023-2030 ($M)
14.1 End-Use Movement Analysis Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)2.Canada Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
3.Mexico Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
4.Brazil Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
5.Argentina Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
6.Peru Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
7.Colombia Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
8.Chile Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
9.Rest of South America Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
10.UK Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
11.Germany Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
12.France Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
13.Italy Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
14.Spain Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
15.Rest of Europe Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
16.China Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
17.India Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
18.Japan Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
19.South Korea Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
20.South Africa Building And Construction Plastic Fasteners Market Revenue, 2023-2030 ($M)
21.North America Building And Construction Plastic Fasteners By Application
22.South America Building And Construction Plastic Fasteners By Application
23.Europe Building And Construction Plastic Fasteners By Application
24.APAC Building And Construction Plastic Fasteners By Application
25.MENA Building And Construction Plastic Fasteners By Application
26.Illinois Tool Work Incorporated, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Nippon Industrial Fastener Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Atf, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Stanley Black Decker, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Mw Industry, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Penn Engineering, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Bossard, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Avery Dennison Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Araymond, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Shanghai Fastener Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)