July 14, 2024

Manufacturing Is Fastest Growing Segment Fueling The Growth Of Bolts Market

Market Overview:

Bolts are threaded fasteners used to join two or more materials such as metal, plastic and wood together. They are used in a wide range of industries like automotive, machinery, construction and manufacturing equipment among others. They offer quick and reliable joining of different materials without the need for specialized tools. Their cost effectiveness and versatility make them an integral part of various manufacturing processes.

Market key trends:

Increasing demand from manufacturing industry: The manufacturing industry is witnessing steady growth globally driven by rising demand for manufactured goods. Bolts find extensive application in assembly and joining of different components in machinery, equipment and other manufactured goods. They provide durable and reliable connections. The growing manufacturing output is raising demand for bolts significantly.

Focus on corrosion resistance: With bolts being used in diverse end-use industries involving harsh operating conditions, there is growing emphasis on developing corrosion resistant bolts. Manufacturers are focusing on new coating and surface treatment techniques to enhance the corrosion resistance of bolts. This is helping expand their application in corrosive industrial environments.

Segment Analysis
The global bolts market is segmented into type, material, and end-use industry. Based on type, the threaded bolts segment dominates the market, owing to its wide application in joining two or more parts or objects tightly and securely. Threaded bolts are considered one of the fundamental fasteners that hold everything together in numerous industries such as construction, automotive, and aerospace.

Key Takeaways

The Global Bolts Market Demand  is expected to reach US$ 8.29 Bn by 2023, growing at a CAGR of 4.7% over the forecast period. The market is projected to witness high growth due to increasing construction activities worldwide.

Regional analysis
Asia Pacific dominates the global bolts market and is expected to continue its dominance over the forecast period. This can be attributed to high growth in the construction and automotive industries in emerging economies such as China and India. China accounts for over 30% of the global production of bolts.

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 global market is highly competitive with the presence of numerous regional and global players. The market is expected to witness acquisitions and mergers from the key players over the next few years.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it