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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