Global Automotive Plastic Fasteners Market Overview
Automotive Plastic Fasteners Market Size was valued at USD 1.90 Billion in 2023. The Global Automotive Plastic Fasteners market industry is projected to grow from USD 2.06 Billion in 2024 to USD 3.57 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.20% during the forecast period (2024 - 2032). Increased emphasis on fuel efficiency and reducing emissions are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Plastic Fasteners Market Trends
-
Growing cost efficiency is driving market growth
Market CAGR for automotive plastic fasteners is being driven by the growing cost efficiency. In the relentless arena of automotive production, where every penny counts and every gram matters, the pressure mounts. Automakers, like generals on a battlefield of cost, seek weapons of financial fortitude. With every gram spared, a symphony of fuel efficiency sings its triumphant anthem. The dance of dollars saved echoes through the corridors of industry, a testament to the power of plastic over metal. And so, the automotive industry marches onward, a phalanx of plastic pioneers leading the charge toward a future where cost efficiency reigns supreme. With each fastener installed, a victory for the bottom line, a triumph of thrift over extravagance. The market swells with the fervor of economic fervency as plastic fasteners carve their place in the annals of automotive history.
Increasing light-weighting initiatives are driving the automotive plastic fasteners market forward. As automotive manufacturers strive to improve fuel efficiency and reduce emissions, they are actively seeking lightweight materials to replace heavier components. Plastic fasteners offer a viable solution due to their lower density compared to metal counterparts, contributing to overall weight reduction in vehicles. This reduction in vehicle weight leads to improved fuel economy and performance. Additionally, plastic fasteners are often cheaper to produce than metal fasteners, aligning with cost-saving objectives. Moreover, advancements in plastic materials technology have enhanced the strength and durability of plastic fasteners, making them suitable for a wide range of automotive applications. Consequently, the emphasis on light-weighting initiatives is fueling the adoption of plastic fasteners in the automotive industry as a key component of overall weight-reduction strategies.
Technological advancements play a pivotal role in propelling the automotive plastic fasteners market forward. Ongoing research and development efforts in materials science and manufacturing processes have led to significant innovations in plastic fastener technology. These advancements include the development of high-performance plastics with improved strength, durability, and heat resistance, expanding the range of applications for plastic fasteners in the automotive industry. Additionally, advancements in molding techniques and joining methods have enhanced the precision, reliability, and efficiency of plastic fastener production. Furthermore, innovations in recycling technologies have made plastic fasteners more environmentally sustainable, aligning with growing consumer and regulatory demands for eco-friendly solutions. Overall, technological advancements continue to drive the adoption of plastic fasteners in the automotive sector, offering cost-effective, lightweight, and high-performance solutions for modern vehicle designs. For instance, the Birmingham Fastener & Supply Company Inc. has acquired Champion Sales and Manufacturing, Inc., a prominent rubber gasket company headquartered in Magnolia, Texas. This strategic acquisition bolsters Birmingham Fastener & Supply Company Inc.'s product portfolio and manufacturing capabilities throughout Texas.
Automotive Plastic Fasteners Market Segment Insights
Automotive Plastic Fasteners Product Insights
The Automotive Plastic Fasteners Market segmentation, based on Product includes Threaded and Non-Threaded. In 2023, the threaded segment dominated the market, accounting for 65% of market revenue due to their versatile application across various vehicle components. They are widely used in assembling interior and exterior trim, engine compartments, and under-the-hood components. Additionally, threaded plastic fasteners offer ease of installation, corrosion resistance, and lightweight properties, making them preferred choices for automotive manufacturers aiming to reduce vehicle weight and production costs while maintaining performance and durability standards.
Non-threaded products, including clips, rivets, and plugs, are experiencing the highest compound annual growth rate (CAGR) in the automotive plastic fasteners market due to their increasing application in light weighting initiatives and advanced vehicle designs. These fasteners offer advantages such as ease of installation, vibration resistance, and enhanced aesthetics. Additionally, non-threaded plastic fasteners are well-suited for joining dissimilar materials and accommodating complex geometries, aligning with the trend towards modular and lightweight vehicle structures, thus driving their rapid growth in the market.
Figure 1: Automotive Plastic Fasteners Market, by Product, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Plastic Fasteners Application Insights
The Automotive Plastic Fasteners Market segmentation, based on Application, includes Engine, Chassis, Transmission, Steering, Front/rear axle, Interior trim, and Others. In 2023, the Engine category generated the most income due to the critical need for lightweight and corrosion-resistant components in engine construction. Plastic fasteners offer advantages such as reduced weight, enhanced fuel efficiency, and resistance to harsh operating conditions. They are extensively used in engine assembly for components such as covers, brackets, and housings. Additionally, advancements in plastic materials technology have improved the strength and heat resistance of plastic fasteners, further driving their adoption in engine applications.
Chassis applications are experiencing the highest compound annual growth rate (CAGR) in the automotive plastic fasteners market due to the increasing focus on light weighting and structural integrity in vehicle design. Plastic fasteners offer advantages such as weight reduction, corrosion resistance, and ease of installation, making them ideal for chassis components. As automakers strive to improve fuel efficiency and meet regulatory standards, the adoption of plastic fasteners in chassis applications is rapidly increasing, driving their growth in the market.
Automotive Plastic Fasteners Characteristics Insights
The Automotive Plastic Fasteners Market segmentation, based on Characteristics, includes Removable Fasteners, Permanent Fasteners, and Semi-Permanent Fasteners. In 2023, the Removable Fasteners category generated the most income due to their versatility and widespread use in vehicle assembly and maintenance. These fasteners offer advantages such as ease of installation, disassembly, and reusability. They are commonly employed in applications where components need to be accessed or replaced periodically, such as body panels, interior trim, and engine compartments. Additionally, plastic removable fasteners provide benefits like corrosion resistance, lightweight design, and cost-effectiveness, driving their market dominance.
Permanent fasteners characteristics, such as clips and rivets, are experiencing the highest compound annual growth rate (CAGR) in the automotive plastic fasteners market due to their increasing adoption in advanced vehicle designs and manufacturing processes. These fasteners offer benefits such as enhanced structural integrity, vibration resistance, and improved aesthetics. They are commonly used in applications where a secure and permanent attachment is required, such as body panels, trim components, and structural assemblies, driving their growth in the market.
Automotive Plastic Fasteners Material Type Insights
The Automotive Plastic Fasteners Market segmentation, based on Material Type, includes Stainless Steel, Iron, Bronze, Nickel, Aluminum, Brass, and Plastic. In 2023, the Stainless Steel category generated the most income due to its superior strength, corrosion resistance, and durability. Stainless steel fasteners offer reliability and longevity in harsh automotive environments, such as exposure to moisture, chemicals, and temperature variations. They are commonly used in critical applications where performance and safety are paramount, including engine components, chassis assemblies, and exterior trim. Additionally, stainless steel fasteners provide a sleek appearance and meet stringent quality standards, driving their widespread adoption in the automotive industry.
Iron material type is experiencing the highest compound annual growth rate (CAGR) in the automotive plastic fasteners market due to its cost-effectiveness and mechanical properties. Iron fasteners offer a balance between strength and affordability, making them attractive for a wide range of automotive applications. They are commonly used in non-critical components such as interior trim, electrical systems, and under-the-hood assemblies. Additionally, advancements in iron alloy formulations have improved their corrosion resistance and mechanical performance, driving their growth in the market.
Automotive Plastic Fasteners Vehicle Type Insights
The Automotive Plastic Fasteners Market segmentation, based on Vehicle Type, includes Passenger Car (PC), Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV). In 2023, the Passenger Car category generated the most income due to the high volume of passenger cars produced globally. Plastic fasteners are extensively used in passenger cars for various applications such as interior trim, exterior components, and under-the-hood assemblies. Additionally, the lightweight nature of plastic fasteners contributes to fuel efficiency improvements in passenger cars, aligning with stringent emission regulations and consumer demand for more eco-friendly vehicles. These factors collectively drive the widespread adoption of plastic fasteners in passenger car manufacturing.
Light commercial vehicle (LCV) vehicle type is experiencing the highest compound annual growth rate (CAGR) in the automotive plastic fasteners market due to the rising demand for LCVs globally. Plastic fasteners offer advantages such as weight reduction, corrosion resistance, and cost-effectiveness, making them ideal for LCV applications. Additionally, LCV manufacturers are increasingly focusing on improving fuel efficiency and reducing emissions, driving the adoption of lightweight materials like plastic fasteners in LCV construction, thus fueling their rapid growth in the market.
Automotive Plastic Fasteners Electric Vehicle Type Insights
The Automotive Plastic Fasteners Market segmentation, based on Electric Vehicle Type, includes Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), and Plug-in Hybrid Electric Vehicle (PHEV). In 2023, the Battery Electric Vehicle category generated the most income due to the growing popularity of electric vehicles (EVs) globally. BEVs utilize lightweight materials, including plastic fasteners, to offset the weight of the battery pack and improve overall vehicle efficiency. Plastic fasteners offer advantages such as corrosion resistance, ease of installation, and design flexibility, making them well-suited for EV applications. As the demand for BEVs continues to rise, the adoption of plastic fasteners in these vehicles is expected to increase, driving their market share in the automotive sector.
Hybrid electric vehicles (HEVs) are experiencing the highest compound annual growth rate (CAGR) in the automotive plastic fasteners market due to their increasing popularity as a transitional solution towards full electrification. HEVs combine an internal combustion engine with an electric motor and battery, requiring lightweight components like plastic fasteners to optimize fuel efficiency and performance. Additionally, HEVs benefit from the same advantages as pure electric vehicles, such as corrosion resistance and design flexibility, driving the growth of plastic fasteners in this vehicle segment.
Automotive Plastic Fasteners Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America dominates the automotive plastic fasteners market due to its strong automotive manufacturing base, technological advancements, and stringent regulations driving light weighting initiatives. The region's well-established automotive industry demands high-quality, cost-effective fastening solutions, where plastic fasteners offer significant advantages. Additionally, increasing consumer preferences for lightweight vehicles, coupled with environmental concerns, further boost the demand for plastic fasteners in North America. Moreover, the presence of key market players and ongoing innovations contribute to the region's leading market share in automotive plastic fasteners.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.
Figure 2: AUTOMOTIVE PLASTIC FASTENERS MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Automotive Plastic Fasteners market accounts for the second-largest market share due to the focus on sustainability and fuel efficiency. Europe secures the second-largest market share in the automotive plastic fasteners market due to its robust automotive industry and focus on sustainability and fuel efficiency. The region's stringent emission regulations drive the adoption of lightweight materials like plastic fasteners to reduce vehicle weight and improve fuel economy. Additionally, Europe's strong emphasis on innovation and technological advancements further fuels the demand for plastic fasteners. Moreover, the presence of leading automotive manufacturers and a well-developed supply chain contribute to Europe's significant market share in this segment. Further, the German Automotive Plastic Fasteners market held the largest market share, and the UK Automotive Plastic Fasteners market was the fastest growing market in the European region.
The Asia-Pacific Automotive Plastic Fasteners Market is expected to grow at the fastest CAGR from 2024 to 2032. The Asia Pacific region is experiencing the highest compound annual growth rate (CAGR) in the automotive plastic fasteners market due to several factors. This includes the rapid expansion of the automotive industry in countries like China, India, and Japan, driven by increasing urbanization, rising disposable incomes, and expanding transportation infrastructure. Additionally, growing awareness of environmental concerns and stringent regulations on vehicle emissions are encouraging automakers in the region to adopt lightweight materials like plastic fasteners, thereby driving their market growth. Moreover, China’s Automotive Plastic Fasteners market held the largest market share, and the Indian Automotive Plastic Fasteners market was the fastest growing market in the Asia-Pacific region.
Automotive Plastic Fasteners Key Market Players & Competitive Insights
Leading players in the automotive plastic fasteners market are focusing on strategic initiatives to maintain their competitive edge. This includes investments in research and market developments to innovate new plastic fastener technologies, such as high-performance materials and advanced molding techniques. Additionally, companies are expanding their production capacities and geographical presence to meet the growing demand for plastic fasteners globally. Moreover, strategic partnerships, acquisitions, and collaborations are being pursued to enhance product offerings and strengthen market position in the automotive sector.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Automotive Plastic Fasteners industry to benefit clients and increase the market sector. In recent years, the Automotive Plastic Fasteners industry has offered some of the most significant advantages to Threaded. Major players in the Automotive Plastic Fasteners market, including Illinois Tool Works Inc., Stanley Black & Decker, Inc., Nippon Industrial Fasteners Company, ARaymond, Nifco Inc., A Raymond Fasteners, Penn Engineering, H.W. Eckhardt GmbH, ATF Inc., MW Industries, Inc., and Others, are attempting to increase market demand by investing in research and development operations.
Illinois Tool Works Inc. (ITW) is a diversified multinational company with a significant presence in the automotive plastic fasteners market. As a global leader in engineered fasteners and components, ITW offers a wide range of innovative plastic fastening solutions tailored to the automotive industry. Leveraging advanced materials and manufacturing capabilities, ITW specializes in providing lightweight, durable, and high-performance plastic fasteners for various automotive applications. With a strong commitment to customer satisfaction and continuous improvement, ITW collaborates closely with automotive OEMs and Tier 1 suppliers to develop customized solutions that meet the evolving needs of the industry. ITW's extensive global footprint and reputation for quality and reliability make it a trusted partner in the automotive plastic fasteners market.
ARaymond is a prominent player in the automotive plastic fasteners market, offering innovative and sustainable solutions to meet the evolving needs of the industry. With a rich heritage dating back over 150 years, ARaymond has established itself as a global leader in fastening and assembly technologies. The company specializes in designing and manufacturing a comprehensive range of plastic fasteners, including clips, connectors, and retainers, tailored specifically for automotive applications. ARaymond's commitment to research and development, coupled with its advanced manufacturing capabilities, enables the delivery of high-quality, cost-effective, and lightweight solutions that enhance vehicle performance and efficiency. With a strong focus on customer satisfaction and environmental sustainability, ARaymond continues to drive innovation and shape the future of the automotive plastic fasteners market.
Key Companies in the Automotive Plastic Fasteners market include
- Illinois Tool Works Inc.
- Stanley Black & Decker, Inc.
- Nippon Industrial Fasteners Company
- ARaymond
- Nifco Inc.
- A Raymond Fasteners
- Penn Engineering
- W. Eckhardt GmbH
- ATF Inc.
- MW Industries, Inc.
Automotive Plastic Fasteners Industry Developments
September 2022: BultenAB and Polestar have joined forces in a collaboration aimed at creating a climate-neutral electric vehicle by 2030. As part of this partnership, BultenAB will provide eco-friendly and highly efficient fasteners for the project.
March 2022: Birmingham Fastener has disclosed its acquisition of K-T Bolt Manufacturing, Inc., with the goal of broadening its product range and manufacturing capabilities. Situated in Katy, Texas, K-T Bolt Manufacturing specializes in custom fabrication, in-house heat treatment, closed-die forging, and electropolishing.
Automotive Plastic Fasteners Market Segmentation
Automotive Plastic Fasteners Product Outlook
Automotive Plastic Fasteners Application Outlook
- Engine
- Chassis
- Transmission
- Steering
- Front/rear axle
- Interior trim
- Others
Automotive Plastic Fasteners Characteristics Outlook
- Removable Fasteners
- Permanent Fasteners
- Semi-Permanent Fasteners
Automotive Plastic Fasteners Material Type Outlook
- Stainless Steel
- Iron
- Bronze
- Nickel
- Aluminum
- Brass
- Plastic
Automotive Plastic Fasteners Vehicle Type Outlook
- Passenger Car (PC)
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Automotive Plastic Fasteners Electric Vehicle Type Outlook
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Automotive Plastic Fasteners Regional Outlook
North America
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
-
Middle East
-
Africa
-
Latin America
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 1.90 Billion |
| Market Size 2024 |
USD 2.06 Billion |
| Market Size 2032 |
USD 3.57 Billion |
| Compound Annual Growth Rate (CAGR) |
8.20% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2019- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Product, Application, Characteristics, Material Type, Vehicle Type, Electric Vehicle Type and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea |
| Key Companies Profiled |
 Illinois Tool Works Inc., Stanley Black & Decker, Inc., Nippon Industrial Fasteners Company, ARaymond, Nifco Inc., A Raymond Fasteners, Penn Engineering, H.W. Eckhardt GmbH, ATF Inc., MW Industries, Inc., and Others |
| Key Market Opportunities |
·        Electric and Hybrid Vehicles and Advanced Materials and Technologies |
| Key Market Dynamics |
·        Growing Cost Efficiency and Increasing Light weighting Initiatives |
Frequently Asked Questions (FAQ) :
The Automotive Plastic Fasteners Market size was valued at USD 1.90 Billion in 2023.
The global market is projected to grow at a CAGR of 8.20% during the forecast period, 2024-2032.
North America had the largest share in the global market.
The key players in the market are Illinois Tool Works Inc., Stanley Black & Decker, Inc., Nippon Industrial Fasteners Company, ARaymond, Nifco Inc., A Raymond Fasteners, Penn Engineering, H.W. Eckhardt GmbH, ATF Inc., MW Industries, Inc., and Others.
The Threaded category dominated the market in 2023.
The Engine had the largest share in the global market.
