The global Bolts market is forecast to reach USD 52.78 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the increase in the adoption of automated bolt fastening systems, along with the rise in the application of alloy and carbon bolts in various industries. Technological developments that pertain to the manufacturing of lightweight bolts are expected to increase the demand for the market, as these find multiple applications in the industries.
Increasing infrastructure developments due to the increasing populations and rising disposable incomes, especially in the developing countries, is leading to an increase in the construction of commercial and residential buildings, which in turn, leads to a surge in demand for bolts. In the developed countries like the US, there is an increase in demand for bolts, due to the growing number of large-scale infrastructure projects, which boost the construction industry, and in turn, the bolts market.
The growth in the automotive industry is also leading to a growing demand for bolts as these are used in almost all automobile manufacturing processes. The demand for the bolts market is likely to be hampered due to the increasing demand for substitutes, such as adhesives and pressure-sensitive tapes for bonding applications and NVH applications in heavy machinery equipment.
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Key participants include Amardeep Steel, Rockford Fastener, Inc., KD Bolts, Inc., Kalisma Bolts Pvt. Ltd., B. Stainless Steel, Keller & Kalmbach GmbH, Reyher, Würth Industrie Service GmbH & Co. KG., Fastenal Company, and Fabory, among others.
Further key findings from the report suggest
- Construction activities occupied a significant market share in 2019, mainly due to the rising construction activities all around the world, in both commercial and residential areas. The growth of the construction industry, which needs equipment for activities like paving, drilling, excavation, lifting, and grading, is like to propel the demand for the bolts market as well since bolts are required in all the equipment needed for these activities.
- Full screw bolts are forecasted to grow at a CAGR of 3.8% in the forecast period, mainly due to their properties like having more grip strength than holding force. These are used in the fastening of body panels in automobiles.
- Grade 10.9 bolts are likely to grow at a rate of 3.8% in the forecast period. The growing demand for heavy-duty is leading to an increase in the demand for high tensile products, which in turn is leading to an increased demand of Grade 10.9 as they have properties like high tensile strength and durability.
- The European region occupied the second largest market share of around 26.0% in 2019. This is mainly because of the massive production of automobiles, industrial and gardening machinery, and home appliances. Also, investments in the aerospace sector are likely to propel the demand for aerospace-grade bolts.
- Germany is the largest exporter of Bolts in the world. The primary reason behind this is the presence of industries like automobiles, machine building, construction, and furniture production, which also makes Germany the largest producer of Bolts in the world.
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Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Bolts market.
For the purpose of this report, Reports and Data have segmented into the global Bolts market on the basis of Type, Application, Grade, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Half Screw Bolts
- Full Screw Bolts
Application Outlook (Revenue, USD Billion; 2017-2027)
- Plumbing Products
- Motor and Pumps
- Garden and Lawn
- Home Appliances
- Heavy Machine Equipment
Grade Outlook (Revenue, USD Billion; 2017-2027)
- Grade 5.8
- Grade 8.8
- Grade 10.9
- Grade 12.9
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Detailed Regional Analysis Covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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