Australia Automotive Plastic Fasteners Market Outlook

australia’s automotive plastic fasteners market has seen a steady growth over the past few years as vehicles producers are increasingly relying on plastic components for applications such as anti-vibration, fluid containment, oil seals, light duty locking and fuel system parts. growing automotive industry along with growing demand of light weight and high performance automobiles is driving the demand for plastic fasteners in the region. plastic fasteners are gaining traction in the automotive sector due to their advantages over their metal counterparts such as high corrosion resistance, low manufacturing costs, varying strength and anti-rust properties. however, many plastic fasteners are slapped with import duties which limits the growth of the category. moreover, intense competition in the global market has hindered the growth of the plastic fastening market in australia. in order to expand the market for plastic fasteners, automotive businesses in the region have been engaged in research and development activities. one such activity is project spark - plastic fastener technology to reduce the weight of cars. the initiative is funded by the australian research council which aims to replace metal fasteners with lightweight and high-performance plastic fasteners. these innovative solutions are expected to increase the usage of plastic fasteners in the australia’s automotive sector significantly. other factors such as increasing industrialization and integration, as well as increasing production capacities in the region are expected to drive the growth of plastic fasteners in australia in the coming years. in addition, the use of advanced technologies such as additive manufacturing will further support the growth of the industry. moreover, rising environmental awareness amongst people will also support the growth for plastic fasteners over their metal counterparts. the automotive plastic fasteners market in australia is expected to witness strong growth over the forecast period (2018 to 2032). growing demand from the automotive sector coupled with technological advancements is expected to drive the demand for automotive plastic fasteners in australia. innovative and customized products is also expected to drive the market of automotive plastic fasteners in australia. going forward, investment in the research and development activities of plastic fasteners is expected to fuel the market growth in the country.