Bolts are threaded fasteners that allow joining two or more materials or objects together. They are used in various industries such as construction, automotive, aerospace, manufacturing, and others. Bolts find extensive application for joining structural steel sections, vehicular components, aircraft parts, machine parts, and other material sections. In the construction industry, bolts are used to hold together structures like roofs, walls, doors, and windows. The global construction industry has been witnessing significant growth over the past few years driven by increased infrastructure development and construction activities across both commercial and residential sectors worldwide.
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 Dynamics:
One of the key drivers for the bolts market is the rising construction industry. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Rapid urbanization, increased investment in infrastructure development, and renewed focus on residential construction are some of the major factors fueling the growth of the global construction industry. As bolts find widespread usage in the construction of buildings, bridges, roads, and other infrastructure projects, the growth of the construction industry directly increases the demand for bolts. Moreover, expansion of end-use industries such as automotive and manufacturing is also augmenting the market growth. However, availability of alternatives like welding and availability of low-cost counterfeit products may hamper the market growth during the forecast period.
SWOT Analysis
Strength: Bolts market has a strong position in various end-use industries such as construction, automotive, machinery, and aircraft. The rising application of stainless steel, galvanised, and heat-treated bolts in automobiles enhances product durability which will drive market demand. Bolts are easy to use and install which makes them a preferred fastening product over other alternatives.
Weakness: Volatility in raw material prices affects the production cost of bolts. Fluctuations in steel prices poses as a major challenge. The availability of alternative fastening products such as rivets and locking clips can hinder the bolts market growth.
Opportunity: Advances in alloy composition and coating technologies will expand product functionality. The rising adoption of precision bolts in aerospace components ensures safety and reliability. Growing construction activities in Asia Pacific offer new areas of application.
Threats: Strict environmental regulations regarding the usage of hazardous substances in manufacturing pose compliance challenges. Import/export restrictions or tariff impositions can disrupt global supply chains.
Key Takeaways
The Global Bolts Market Size is expected to witness high growth. Regional analysis related content comprises The Asia Pacific bolts market will dominate with a projected value of over US$ 4 Bn by 2030 supported by rapid infrastructure development and automotive production growth in China, India.
Key players related content comprises 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 global Bolts market size is projected to reach US$ 8.29 Bn by 2023. The bolts demand is driven by increasing applications in automotive, construction, wind energy and machinery manufacturing sectors. The rising adoption of high strength heat treated bolts ensures product durability. Regional demand is highest in Asia Pacific due to strong construction and automotive manufacturing base. Key market players focus on developing innovative bolt designs to gain competitive advantage.
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