The hook and loop fasteners market is expected to grow at a compound annual growth rate of 5.6% during the forecast period of 2023 to 2030. The growth is mainly attributable to increased demand by the industrial sector and other end-use industries. Hook and loop fasteners are also called hook and pile fasteners or touch fasteners. Hook and loop fasteners are made up of two parts: typically two lineal fabric strips (or circular 'dots' or squares), which are joined (sewn or otherwise attached) to the opposite surfaces to be secured. These are often referred to as ‘velcro’ due to the popularity of the brand ‘Velcro’.This report covers all the quantitative and qualitative aspects of the hook and loop market and also focuses on key drivers, restraints, challenges, and opportunities present along with future prospects, revenue forecast, and market analysis.

Medical Sector Application to Boost Demand

The market has been segmented based on the product, type, adhesion, shape, application,  and regional basis. Based on the application segment, the hook and loop market is divided into household, footwear and apparel, medical, automotive, industrial sector, and other end-use industries. The market was led by the industrial sector, which was followed by the medical sector. Hook and loops are used in the medical field to secure huge equipment and devices as well as to store patient charts, thereby increasing demand. Other benefits of using hook and loop fasteners in the medical industry include enhanced device handling, increased stability, and enhanced treatment and monitoring outcomes. Further, Hook and loop are particularly common in apparel, where it replaces buttons or zippers, and as a shoe fastener for children who have yet to learn to knot shoelaces.

Increased Application in End-Use Industries Drives Market Growth

Hook and loop fasteners are being utilized for a wide range of applications for which a temporary bond is needed, owing to the easy use. The hook & loop products market is likely to grow soon due to increased demand for cable ties and cinch straps for bundling and fastening wires and cables. These are also used in hiking or sporting equipment to keep together any form of gear for any sport. Furthermore, hook and loop items are utilized in the automobile sector to connect armrests, attach the trim to seats, headliners, and headrests, and apply floor coverings. This is projected to raise demand for hook and loop in the automobile sector in the coming years, propelling the market. Hook and loops are more economical than buttons, zippers, and other substitutes.

Dust Accumulation a Significant Concern

There are some flaws as well: after a few months of frequent usage, hook and loop tend to accumulate hair, dust, and fur. After repeated use, the loops may become enlarged or broken. The hooks are frequently fastened to clothes, particularly loosely woven clothes such as sweaters. Even if the sides are separated carefully, the clothes may be destroyed if the hook-and-loop is removed. It also retains moisture and perspiration when worn adjacent to the skin, which means it will stink if not laundered. As a result, customers in the apparel and footwear industries are shifting toward alternative items such as zippers and shoelaces.

Asia Pacific to Remain Market Leader

The global consumption of hook and fasteners has expanded, with industrial applications being the main consumption sector, aiding hook & loop fastener growth, 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. Factors contributing to the growth of the market in the regions include rapidly increasing demand for hook and loop fixers, notably in China and India, as a result of developing aerospace, the automobile, electronics sectors, along with increased foreign direct investments (FDIs). Growing industrial need for hook & loop fasteners, as well as increased public and private investment in healthcare, are likely to drive hook & loop demand in North America. 

Key Market Players

A prominent player of the hook and loop fasteners market is Velcro. Other major players include 3M, Kuraray Group, Binder, Ykk Corporation, Paiho North America Corporation, HALCO, Dunlap Industries INC., Heyi, and Shingyi. Players have utilized a range of marketing techniques to stay competitive in the worldwide hook and loop fasteners market, including new product launches, expansion, joint ventures, and acquisitions. The report contains a thorough examination of leading companies as well as a discussion of the market competing. Product launching is a crucial tactic for the key players in the hook and loop fasteners market.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Hook and Loop Fasteners market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Hook and Loop Fasteners market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Hook and Loop Fasteners market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Hook and Loop Fasteners market?
• Which is the largest regional market for Hook and Loop Fasteners market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Hook and Loop Fasteners market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Hook and Loop Fasteners market worldwide?