The Bolts Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bolts Global Market Report 2024, The bolts market size has grown strongly in recent years. It will grow from $46.24 billion in 2023 to $48.72 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to construction and infrastructure development, manufacturing and industrial expansion, automotive production growth, oil and gas exploration and production, infrastructure repair and maintenance.
The bolts market size is expected to see steady growth in the next few years. It will grow to $58.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to global urbanization trends, renewable energy projects, electric vehicle (ev) manufacturing, infrastructure resilience and upgradation, expanding aerospace and defense activities.. Major trends in the forecast period include adoption of industry 4.0 in manufacturing, rising eco-friendly bolting solutions, increasing focus on bolt testing and certification, globalization and supply chain resilience.
The rising number of construction activities is expected to propel the growth of the bolts market going forward. Construction activities encompass a wide range of operations and procedures that need resources and time to construct buildings, structures, and infrastructure facilities. Construction bolts, including structural bolts and anchor bolts, are used in a wide range of construction applications, including securing beams to columns or walls, attaching joists to ledgers, fastening deck boards, and forming secure foundations for bridges or buildings. For instance, in December 2021, according to the U.S. Census Bureau, the US federal government’s largest statistical agency, an estimated 1,595,100 housing units were started, or a 15.6% increase from the 2020 figure of housing units of 1,379,600. Furthermore, in March 2023, according to a recent statistical report published by the United States Census Bureau, a US-based agency of the U.S. Federal Statistical System, total construction spending in the United States was $1.54 trillion in November 2020, and it grew to $1.84 trillion in November 2022, reflecting a 16.3% rise. Therefore, the rise in construction activities will drive the growth of the bolts market.
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The bolts market covered in this report is segmented –
1) By Type: Half Screw Bolt, Full Screw Bolt
2) By Material: Metal, Plastic, Other Materials
3) By Grade: Grade 5.8, Grade 8.8, Grade 10.9, Grade 12.9, Other Grades
4) By End-User: Automotive, Aerospace, Construction, Industry Machinery, Other End-Users
Technological advancements are the key trends gaining popularity in the bolts market. Companies operating in the bolt market are adopting new technologies to sustain their position in the market. For instance, in September 2021, Strainlabs AB, a Sweden-based IndTech firm that provides remote and automated application monitoring via the Internet of Bolts, launched a new technology called IoT technology that uses bolts with built-in sensors to automatically monitor equipment and applications. This is a one-of-a-kind approach for evaluating elongation in preloaded bolts using an LED sensor. The system takes a digital approach to industrial maintenance and sends out alerts before a malfunction occurs. Because bolts are the most prevalent method of connecting pieces, they are also a common source of inspections, maintenance, and breakdowns. Unplanned production stoppages are well known to take several times longer to repair than planned maintenance. Strainlabs by delivering alerts before a bolt comes free, bolts immediately enable concrete benefits.
The bolts market report table of contents includes:
1. Executive Summary
2. Bolts Market Characteristics
3. Bolts Market Trends And Strategies
4. Bolts Market – Macro Economic Scenario
5. Global Bolts Market Size and Growth
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26. South America Bolts Market
27. Brazil Bolts Market
28. Middle East Bolts Market
29. Africa Bolts Market
30. Bolts Market Competitive Landscape And Company Profiles
Top Major Players:
- Nippon Steel
- Arconic Corporation
- KAMAX Holding GmbH & Co. KG
- Acument Intellectual Properties LLC
- Keller & Kalmbach GmbH
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