Plastic Fasteners Market Size, Share, Growth Analysis, By Product(Cable Ties, Push Fasteners), By Distribution Channel(Direct and Indirect), By End-user(Automotive, Electrical & Electronics) - Industry Forecast 2024-2031

Global Plastic Fasteners Market size was valued at USD 7 Billion in 2022 and is poised to grow from USD 7.49 Billion in 2023 to USD 12.87 Billion by 2031, growing at a CAGR of 7.00% in the forecast period (2024-2031).

Increasing investment in residential and non-residential manufacturing, expansion in electronics and automotive industries are driving the global plastic fasteners market. Currently, the automotive and aviation sectors are struggling to manufacture more difficult due to the need to handle lighter vehicles. The market is expanding to packaging technology that is as good as or even better than the metal equivalent. Its light weight, low cost and high efficiency make it useful in a variety of industries. The high demand for plastic packaging is driven by the growing construction industry due to increasing population in many countries, especially in the Asia-Pacific region as it can withstand high voltages and is widely used in lightning because of the strength.

Increasing use of fasteners in electronic and power tools manufacturing is projected to propel market growth during the forecast period. Plastic fasteners are superior to metal fasteners, as they hold tools better, and they come in different shapes and sizes. These are widely used in circuit boards to protect, install, guide and support electronic devices. For example, nylon binders are commonly used in washing machines, household appliances and auto parts. Furthermore, increased investment in residential and non-residential construction projects is expected to drive the plastic binder's market further.