PUBLISHER: Grand View Research | PRODUCT CODE: 1587397
PUBLISHER: Grand View Research | PRODUCT CODE: 1587397
The global automotive plastic fasteners market size is expected to reach USD 6.70 billion by 2030, expanding at a CAGR of 6.0% from 2025 to 2030, according to a new report by Grand View Research, Inc. Increasing substitution of metal fasteners in automotive interiors owing to improved aesthetics and lightweight characteristics is expected to propel demand.
The plastic fasteners production is highly influenced by high production volumes of automotive vehicles across major economies of the world. The market is highly fragmented and competitive owing to various small-scale manufacturers concentrated in countries including Thailand, China, and Germany.
The industry rivalry is expected to be high owing to manufacturers of low switching cost of manufacturers from metal to plastic products. However, factors including low tensile strength of the fasteners in high-stress applications are expected to impact the product demand.
Illinois Tool Works Incorporated (ITW), ARaymond, and Alcoa, Inc. are the major manufacturers dominating the market. Profit margins of companies vary in the range of 15 to 20% owing to reduced manufacturing costs. The uncertainty in automotive production statistics coupled with raw materials price volatility is expected to be major barriers for new entrants in the market.