The hook and loop fasteners market is expected to grow at a compound annual growth rate of 5.6% for the forecast period. Growth is largely due to rising demand from the industrial sector and other end-use industries. Hook and loop fasteners are often called ‘velcro’ because of the popularity of the ‘Velcro’ brand. They are made up of two parts: commonly two linear structure strips (or circular ‘dots’ or squares)which are joined (sewn or otherwise attached) to the opposite surfaces to be secured. The market has been divided into segments based on product, type, adhesion, shape, application, and geography. Hook and loop are particularly gaining popularity in apparel, where they replace buttons or zippers, and as a shoe fastener for children who have yet to learn to knot shoelaces. Based on application, the market was led by the industrial sector, followed by the medical sector. Benefits of using hook and loop fasteners in the medical industry include enhanced device handling, increased stability, and enhanced treatment and monitoring outcomes.
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For a variety of applications, for which the temporary bond is needed hook and loop fastener are used due to easy use. The market for hook and loop products is expected to expand rapidly due to the rising demand for cable ties and cinch straps for bundling and securing wires and cables. They are also utilized in walking or sports facilities to maintain any athletic equipment. In addition, hook and loop items for connecting armrests, fitting trim with seats, headlines, and headrests, and using floor coverings in the automotive sector are used. In the next years, this has been expected to drive the market, boosting demand for hooks and loops in the vehicle sector. However, this market is backed by some drawbacks as well. Hook and loop tend to acquire hair, dust, and fur after a few months of continuous use. The loops may grow larger or broken after repeated use. When worn next to the skin, it also absorbs moisture and perspiration, which means it will stink if not washed. As a result, customers in the textile and footwear industry are migrating away from traditional goods like zippers and shoelaces.
Based on regional segmentation, the hook and loop fasteners market is segmented into North America, Latin America, Europe, Asia Pacific, the Middle East and Africa, and the rest of the world. The global demand for hook and fasteners has increased, with industrial applications driving the expansion of hook and loop fasteners, followed by consumer items. In the worldwide hook & loop fasteners market, North America, Europe, and the Asia Pacific accounted for a major revenue share. The Asia Pacific dominated the market in terms of revenue followed by North America. Rapidly expanding demand for hook and loop fixers, particularly in China and India, as a result of rising aerospace, automobile, and electronics sectors, as well as increased foreign direct investments(FDIs), are all contributing to the market’s expansion. Increased public and private investment in healthcare, as well as growing industrial demand for hook & loop fasteners, are expected to fuel hook & loop demand in North America.
Velcro is a major player in the hook and loop fastener business. 3M, Kuraray Group, Binder, Ykk Corporation, Paiho North America Corporation, HALCO, Dunlap Industries INC., Heyi, and Shingyi are among the other prominent competitors. Players have employed a range of marketing techniques to stay competitive in the worldwide hook and loop market, including new product releases, growth, joint ventures, and acquisitions.
Key Market Movements
- Increased demand by the industrial sector is the key factor driving the market.
- Dust accumulation has been the main concern.
- Asia Pacific is the leading market, however, North America is growing significantly.
- Velcro is a major player.
- 3M, Kuraray Group, Binder, Ykk Corporation, Paiho North America Corporation, HALCO, Dunlap Industries INC., Heyi, and Shingyi are among the other prominent competitors.
- The key strategy of these companies includes research and development, mergers, acquisition, and product launches.
The Hook and Loop Fasteners Market Segmentation
|Segmentation||Product Segment (2019-2029; US$ Mn)|
|Type Segment (2019-2029; US$ Mn)|
|Adhesion Segment (2019-2029; US$ Mn)|
|Shape Segment (2019-2029; US$ Mn)|
|Application Segment (2019-2029; US$ Mn)|
|Region type Segment (2019-2029; US$ Mn)|
|Global Impact of Covid-19 Segment (2020-2021; US$ Mn)|
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