Bolts Market is Estimated to Witness High Growth Owing to Advancement
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.
Key Takeaways
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. Stainless steel bolts have witnessed increased adoption owing to benefits such as corrosion resistance, high strength and durability. Rapid urbanization and infrastructure development in emerging economies has opened lucrative growth opportunities in the market. Advancements in stainless steel bolt technology have enhanced product performance and ability to withstand extreme weather conditions thereby driving their adoption.
Market Drivers
Rapid industrialization and infrastructure development across developing nations are majorly driving the Bolts Market Growth. According to surveys, global infrastructure spending is expected to increase by over 80% by 2040. Growing infrastructure needs for construction of roads, bridges, buildings etc. require huge quantities of fastening components such as bolts thereby propelling market growth. Furthermore, demand from end use industries such as automotive, machinery and oil & gas is also augmenting market revenues. The bolts market is expected to witness high gains during the forecast period on account of rising industrial and construction activities worldwide.
Current Challenges in Bolts Market
The bolts market is facing various challenges such as growing demand for customized bolts, fluctuations in raw material prices, and increasing demand for high-strength bolts. Customers now demand bolts specifically designed as per their requirements in terms of size, shape, material, etc. This puts pressure on manufacturers to offer a wide range of customized product options. Prices of raw materials used in bolts such as steel, aluminum, and other metals are volatile and depend on global market fluctuations. This affects the production costs. Also, the infrastructure and construction industries are increasingly demanding high tensile strength bolts that can withstand heavy loads and harsh weather conditions. Manufacturers need to focus on R&D to develop advanced high-strength bolts.
SWOT Analysis
Strength: Wide availability of raw materials and technologies for bolts production. Standard bolts offer design flexibility and compatibility.
Weakness: High R&D costs for customized and high strength bolts. Volatility in raw material prices affects profit margins.
Opportunity: Growing construction sector in developing countries boosts bolt consumption. Development of eco-friendly and corrosion resistant bolts presents new opportunities.
Threats: Intense competition from local and regional players. Substitute products like adhesives and rivets pose threats.
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