Bolts are threaded fasteners that are used join or fix two or more objects together. Bolts are preferred for use in various applications such as joining structural steel in buildings and bridges construction, fixing automobile parts, and securing equipment in industries. The rising construction of commercial buildings, bridges, roads, and other infrastructure projects worldwide has boosted the demand for bolts significantly. The global bolts market is estimated to be valued at US$ 9.56 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for bolts from the construction industry is one of the major trends driving the growth of the global bolts market. Bolts are widely used in the construction of buildings, bridges, roads, and other infrastructure projects to join structural components together. According to the International Construction Market Survey, the global construction industry is expected to grow at 4% annually until 2025. This substantial growth of the construction industry worldwide is increasing the demand for bolts, thereby accelerating the market growth. Rapid urbanization and rising income level in developing countries are fueling infrastructure development, which in turn is driving the bolts market.
Segment Analysis
The global bolts market is dominated by the industrial bolts segment. Industrial bolts such as shoulder bolts, eye bolts, cap screws, and anchor bolts are widely utilized in industrial machinery, mechanical equipment, construction products, and other heavy industry applications. They provide strength and support to hold together heavy components or parts. The industrial bolts segment accounts for over 65% of the global bolts market share owing to large-scale demand from sectors such as manufacturing, infrastructure, mining, and automotive.
Key Takeaways
The Global Bolts Market Share is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 9.56 Bn by 2024.
Regional analysis: The Asia Pacific region currently dominates the global bolts market with over 40% share. Rapid industrialization and infrastructure development activities in major economies such as China and India are driving the demand for bolts in the region. The Asia Pacific bolts market is estimated to witness the fastest CAGR during the forecast period attributed to continued growth of end-use industries.
Key players operating in the bolts market are 3M, Reckitt Benckiser Group PLC, Procter & Gamble, Cantel Medical Corporation, The Clorox Company, Ecolab, SC Johnson Professional, Whiteley Corporation, and Steris PLC. 3M is a leading manufacturer with diverse product portfolio including anchor bolts, shoulder bolts and industrial fasteners. Reckitt Benckiser Group PLC offers premium quality hex bolts.
Get More Insights Here
https://www.pressreleasebulletin.com/bolts-market-analysis-share-growth-outlook-2023
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