Automotive Fasteners Market – Post Pandemic Recovery Plan – Strategies and Processes | Cost Advantages of Plastic Automotive Fasteners to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–The automotive fasteners market is expected to grow by USD 1.58 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Plastic fasteners are increasingly becoming popular in the automotive industry owing to multiple cost benefits. They are replacing metal fasteners in various automotive applications. For instance, plastic clips are replacing metal brackets in fluid flowing assembles as mounting supports for HVAC and brake lines. Since they eliminate the need for rubber inserts/grommets, material and labor costs involved in the installation of these grommets are reduced. Also, they prevent contact between metal surfaces, thereby