Bolts are threaded fasteners that securely join two or more parts together by means of friction from the mating threads, tension from bolt tightening, and compression from the part contact surfaces. They are commonly used in automotive, construction, machinery manufacturing, and other industries. Bolts offer high tensile strength, precision fit, and ease of assembly and disassembly. With growing urbanization and infrastructure development projects worldwide, the global construction industry has been witnessing robust growth which has increased the demand for bolts significantly. 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 key trends:
The demand for bolts has been growing steadily due to the increasing construction activities around the world. Majority of demand comes from horizontal construction projects such as buildings, roads, bridges etc. Furthermore, rising investments in energy and power projects have also boosted the bolts market. For example, according to International Energy Agency, global energy investment is expected to grow at an average annual rate of 2.5% from 2020 to 2030 to meet the rising energy demand worldwide. This rising investment in turn increases the demand for bolts from core industries. Industry experts estimate the trend of infrastructure development and urbanization to continue in the coming years, thereby driving the bolts market during the forecast period.
SWOT Analysis
Strength: Bolts have widespread applications across industries such as construction, automotive and transportation which drives its demand. They are cost effective joining method and provide sturdy connections.
Weakness: Substitute joining methods such as welding are gaining popularity which can hamper the bolt market growth. Corrosion and quality issues also affect the bolt performance over long run.
Opportunity: Developing economies investments in infrastructure will propel the bolt consumption. Innovation of special application bolts for niche industries will open new avenues.
Threats: Fluctuations in raw material prices especially steel can impact the bolt prices. Intense competition among manufacturers affects the pricing and profit margins.
Key Takeaways
The Global Bolts Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by robust construction and automotive sectors worldwide.
Regional analysis:
Asia Pacific dominates the global bolts market with China, India and Japan being the major consumers. This is attributable to high infrastructure development activities and expanding automotive industry in the region. Europe and North America also capture significant market share owing to presence of developed economies and replacement demand.
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. Major players focus on new product development, mergers & acquisitions to strengthen their market presence.