The global bolts Market is estimated to be valued at US$ 8.29 Bn or Billion in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bolts are threaded fasteners typically made of steel, used to fasten objects together. They are used in a range of applications spanning from construction, machinery, automotive, aerospace and general manufacturing industries. Bolts are cost effective joining solution for both temporary and permanent applications.
Market key trends:
One of the key trends boosting the bolts market growth is the increasing usage of high strength bolts in heavy machinery, construction equipment and industrial applications where strength, resistance to corrosion and fatigue are important. High strength bolts are engineered to withstand heavy loads and dynamic stresses over long periods. They are predominantly made of corrosion resistant alloys like stainless steel, alloy steel and titanium alloys. Stainless steel bolts in particular account for over 30% market share owing to their excellent corrosion resistance and strength properties especially in coastal, marine and chemical processing industries. Demand for high strength bolts is expected to rise significantly over the forecast period with growth in heavy commercial vehicles, construction and capital goods sectors.
The bolts market has been witnessing high demand from the construction industry. Rapid urbanization and growing infrastructure development activities have significantly driven the consumption of bolts in applications such as joining or fastening materials in bridges, buildings, and other structures. Furthermore, the increasing investments in renewable energy projects involving solar and wind power installations have also contributed to the bolts market growth over the past few years.
SWOT Analysis
Strength: high mechanical properties of bolts such as corrosion resistance and durability make them ideal for various structural applications.
Weakness: production of customized and large-sized bolts require high capital investments for manufacturing facilities and machinery.
Opportunity: growing redevelopment and retrofitting activities in developed economies present an opportunity for bolt suppliers.
Threats: availability of low-cost alternatives such as adhesives and rivets can hamper the demand for bolts. stringent environmental regulations pose challenges in using certain coated bolts.
Key Takeaways
The Global Bolts Market Demand is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing investments in infrastructure development projects. The market size for 2023 is US$ 8.29 Bn.
Regional analysis: Asia Pacific dominates the global bolts market, with China being the major market. Rapid industrialization and infrastructure growth in China and India are expected to drive the APAC bolts market during the forecast period. North America and Europe are other major markets for bolts owing to redevelopment and retrofitting activities.
Key players operating in the bolts market are Fabory, Fastenal Company, Würth Industrie Service GmbH & Co. KG, REYHER, KELLER & KALMBACH GmbH, AB STEEL, Brunner Manufacturing Co., Inc. KD FASTENERS, INC., ckford Fastener, Inc., and AMARDEEP STEEL, Viha Steel & Forging.
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