Bolts are structural steel fasteners that are used to join materials by threading them into pre-drilled holes. They allow efficient transfer of kinetic energy from one surface to another when subjected to shear and tension forces. Bolts find extensive usage in automotive, construction, aerospace, and other industrial applications where strength and durability are key requirements. The global Bolts Market is estimated to be valued at US$ 8.29 Bn 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 key trends:
Increasing construction activities across both residential and non-residential sectors are expected to be the major driver of demand for bolts over the forecast period. Bolts are used for joining various structural elements such as beams, poles, pipes, and fixtures in construction projects. According to World Bank, the annual investment in global infrastructure is expected to be over $3.7 trillion by 2025. Emerging economies are investing heavily in new roads, bridges, and buildings to support rapid urbanization. Furthermore, upgrade and replacement of aging infrastructure in developed markets is also boosting the demand for construction materials including bolts. Rising construction expenditures are anticipated to accelerate the adoption of bolts, thereby propelling the market growth.
Segment Analysis
The global bolts market can be segmented based on product type, material type, and end-use industry. By product type, the hexagon bolts segment dominates the market and accounts for over 40% share. Hexagon bolts have wide application in construction, automotive, and industrial machinery assembly owing to their strength and ease of installation.
By material type, the steel segment accounts for the largest share as steel bolts are corrosion resistant, durable, and cost-effective. Stainless steel bolts follow the steel bolts segment.
By end-use industry, the automotive segment dominates the bolts market. Bolts have widespread application in vehicle assembly, fastening different vehicle parts such as engines, transmissions, and frames. The construction industry follows the automotive segment.
Key Takeaways
The Global Bolts Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Bolts are crucial fasteners used across diverse applications in construction, automotive, industrial machinery, and other industries.
Regional analysis: The Asia Pacific region holds the dominant share in the global bolts market currently. Presence of large automotive and construction industries in China, India, and Southeast Asian countries drives the demand for bolts in the region. China and India are the fastest growing markets.
North America and Europe follow Asia Pacific in the bolts market. Stringent vehicle safety regulations in these regions increase the demand for advanced fasteners like bolts from automakers.
Key players: 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., AMARDEEP STEEL, Viha Steel & Forging. The market is dominated by producers from North America and Europe. Asian players are expanding their global footprint.
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