What is the current size and annual growth rate of the machine shops, turned product, and screw, nut, and bolt market?
The machine shops, turned product, and screw, nut, and bolt market size has grown strongly in recent years. It will grow from $495.52 billion in 2024 to $527.37 billion in 2025 at a compound annual growth rate (CAGR) of 6.4%. 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 $652.34 billion in 2029 at a compound annual growth rate (CAGR) of 5.5%. 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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Which major factors have contributed to the expansion of the machine shops, turned product, and screw, nut, and bolt market?
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.
How is the machine shops, turned product, and screw, nut, and bolt market segmented?
The machine shops, turned product, and screw, nut, and bolt market covered in this report is segmented –
1) By Type: Turned Product, 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
Subsegments:
1) By Turned Product: Precision Turned Parts, CNC Turned Parts, Automatic Lathe Turned Parts
2) By Screw, Nut, Bolt: Screws (Machine Screws, Wood Screws, Self-tapping Screws), Nuts (Hex Nuts, Lock Nuts, Wing Nuts), Bolts (Hex Bolts, Carriage Bolts, Shoulder Bolts)
3) By Machine Shops: Custom Machining Services, CNC Machining, Metalworking and Fabrication
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Who are the top competitors in the machine shops, turned product, and screw, nut, and bolt market?
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.
How will industry trends affect the trajectory of the machine shops, turned product, and screw, nut, and bolt market?
Many machine shops, turned products, and screw, nut, and bolt manufacturing companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reducing potential breakdowns. For instance, in September 2024, according to a report published by the International Federation of Robotics (IFR), a Germany-based organization, in 2023, the UK experienced an unprecedented rise in industrial robot installations, with a total of 3,830 units being installed, representing a 51% increase compared to the previous year.
Which geographic trends are shaping the machine shops, turned product, and screw, nut, and bolt market, and which region has the highest market share?
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.
What Does The Machine Shops, Turned Product, And Screw, Nut, And Bolt Market Report 2025 Offer?
The machine shops, turned product, and screw, nut, and bolt market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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