Machine Shops, Turned Product, And Screw, Nut, And Bolt Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

Machine shops, turned product, screw, nut, and bolt refer to a type of machine precision turned and metal fabricated products that are designed for machinery and equipment on a customized basis for the assembling of parts of machines, including engines, gears, and other parts.

Sizing and Forecast

The machine shops, turned product, and screw, nut, and bolt market size has grown strongly in recent years. It will grow from $461.86 billion in 2023 to $490.05 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to industrial production, economic cycles, technological advancements, infrastructure development, global trade.

The machine shops, turned product, and screw, nut, and bolt market size is expected to see strong growth in the next few years. It will grow to $611.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to industry 4.0 and automation, sustainable manufacturing, electric vehicles and renewable energy, aging infrastructure. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .

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Segmentation & Regional Insights

The machine shops, turned product, and screw, nut, and bolt market covered in this report is segmented –

1) By Type: Turned Product and Screw, Nut, and Bolt, Machine Shops

2) By Grade: GR 5.8, GR 8.8, GR 10.9, GR 12.9, Other Grades

3) By Application: Construction, Petrochemical, Heavy Machine Equipment, Automotive, Aerospace, Home Appliances, Motors and Pumps, Furniture, Plumbing Products, Other Applications

Western Europe was the largest region in the machine shops, turned product, and screw, nut, in 2023. The Asia-Pacific was the second-largest region in the machine shops, turned product, screw, nut, and bolt market. The regions covered in the machine shops, turned product, and screw, nut, market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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Major Driver Impacting Market Growth

Rapidly growing urban populations are expected to drive the demand for metal products in the forecast period. A large number of people living in rural areas are migrating to urban areas in search of a better life. This is expected to increase the need for housing and infrastructure. Infrastructure demand is expected to increase significantly in Asian countries such as China, India, Vietnam, and the Philippines. According to the World Urbanization Prospects Report by the United Nations, 55% of the world’s population lived in urban areas, and the rate is expected to rise to 68% by 2050. According to the World Bank, the urban population in South Asia is expected to grow to 250 million by 2030.

Key Industry Players

Major companies operating in the machine shops, turned product, and screw, nut, and bolt market include Berkshire Hathaway Inc., Illinois Tool Works Inc., Stanley Black & Decker Inc., Lisi S.A., The SFS Group AG, MISUMI Group Inc., Bulten AB, Arconic Inc., Precision Castparts Corp., Kennametal Inc., Timken Company, Mueller Industries Inc., Carpenter Technology Corporation, Fastenal Company, Acme Industrial Company, SPS Technologies LLC, Simpson Manufacturing Co. Inc., Barksdale Inc., Nucor Corporation, Arconic Inc., PennEngineering, The Olander Company Inc., MW Industries Inc., Marmon Holdings Inc., TriMas Corporation, MacLean-Fogg Company, Beacon Fasteners and Components, Scovill Fasteners, Alcoa Fastening Systems, Trifast Plc, Earnest Machine Products, Continental-Aero, EFC International, SPS Fasteners, The Hillman Group, Bastian Solutions, SureWerx.

The machine shops, turned product, and screw, nut, and bolt market report table of contents includes:

Executive Summary
Machine Shops, Turned Product, And Screw, Nut, And Bolt Market Characteristics
Machine Shops, Turned Product, And Screw, Nut, And Bolt Product/Service Analysis -Product/Service Examples
Machine Shops, Turned Product, And Screw, Nut, And Bolt Market Trends And Strategies
Machine Shops, Turned Product, And Screw, Nut, And Bolt Market – Macro Economic Scenario

Global Machine Shops, Turned Product, And Screw, Nut, And Bolt Market Competitive Benchmarking
Global Machine Shops, Turned Product, And Screw, Nut, And Bolt Market Competitive Dashboard
Key Mergers And Acquisitions In The Machine Shops, Turned Product, And Screw, Nut, And Bolt Market
Machine Shops, Turned Product, And Screw, Nut, And Bolt Market Future Outlook and Potential Analysis
Appendix

Top Major Players: