The Australia and New Zealand Bolting Tools Market Size was valued at $ 38,178.2 thousand in 2022 and is projected to reach $ 68,692.0 thousand by 2032, registering a CAGR of 6.1% from 2023 to 2032. Bolting tools are a type of tool that are used to tighten or loosen bolts or nuts. They are necessary for several applications in the construction, vehicle repair, manufacturing, and maintenance industries. Bolting tools exist in a variety of shapes and sizes, each created for certain applications and needs.
“The Australia and New Zealand mining sector is experiencing growth. Bolting tools play a crucial role in mining systems, secure rock formations and underground structures, such as tunnels and mine shafts.”
The construction industry has expanded across Australia and New Zealand as a result of rising urbanization and population, which is boosting the market for bolting tools and equipment. The market is primarily driven by a growth in infrastructure development projects, such as highway and public facilities, particularly in emerging economies like Australia and New Zealand.
For instance, The New Zealand Ministry of Transport announced roughly $350 million worth of nationwide transportation development projects in December 2022. The project comprises the building of 11 new bus priority lanes, 397 new or upgraded bus stations, 242 kilometers of cycleways, improved facilities at 119 schools, and 397 new or renovated bus stops to increase accessibility to public transportation. Since Auckland Transport and the Ministry are crucial in ensuring that the city has a low-emission, climate-resilient future, USD 75 million from this package has been allocated to them.
Additionally, the installation of structural components such as steel frames, building structures, and other foundations depends on bolting tools. More river bolting tools are used for installing and maintaining infrastructure such as bridges, highways and tunnels.
However, many different alloy steel types are often used to make bolting tools. For instance, since it has more strength and toughness than carbon steel, chromium vanadium steel, an alloy tool steel composed of the elements chromium (Cr) and vanadium (V), is frequently used in wrenches, screwdrivers, and other tools. The whole cost of a bolting tool is determined by the price of steel, which is a crucial component. According to the World Steel Association, demand for steel will increase by 2.2% in 2022 and by 4.5% in 2021.
Such an increase in demand may lead to an increase in steel prices. The price of steel and the cost of making tools are also impacted by changes in energy prices. Thus, changes in raw material and energy prices have the potential to restrict the growth of bolting tools industry market.
Moreover, during the anticipated period, the Australia and New Zealand Bolting Tools Market growth was driven by an increase in the use of bolting tools across a variety of industries, including the energy, mining, infrastructure, and gas sectors. Digitalization, safety and compliances, local manufacturing, custom solutions, training, and support services also played a role in the market's expansion. Additionally, the expansion of wind and solar energy projects presents opportunities for producers of bolting tools.
Construction and upkeep of solar panel arrays and wood turbines, both of which depend on accurate fastening, were necessary for these projects. Similar to this, as mining operations become more technologically advanced, there is an increasing need for specialized bolts that can handle large equipment while assuring efficiency and safety. As a result, during the time of the forecast, these uses drive the market's expansion.
Furthermore, several commodities, including food items, oil, and gas, saw a surge in price due to the Russia-Ukraine conflict. With supply chain interruptions, there are now more expensive shipping costs, fewer available containers, and less warehouse space. Since there have been delays in shipments and congestion, certain ports have been closed, and orders are being retracted, which influences industry and consumers. The decline in investor confidence has also increased stock market volatility. Economic instability has risen due to the strained commercial ties between Russia, Ukraine, and their different trading partners. Hence, all such factors have reduced export possibilities.
The Australia and New Zealand bolting tools market is segmented into type, distribution channel, end-user industry, and country. Based on type, the market is segmented into powered multipliers, hydraulic tensioners, hydraulic torque tools, hand torque wrenches and others. As per distribution channel, the market is bifurcated into online and offline. According to end-user, the market is segmented into oil and gas, wind farm, defense, mining, and others. By country, the analysis is done across countries such as Australia and New Zealand.
In 2022, powered multipliers is the largest revenue contributor during the forecast period. Hydraulic tensioners is expected to exhibit the highest CAGR share in the type of segment in the Australia and New Zealand Bolting Tools Market Share during the forecast period. Powered multipliers are devices or equipment designed to increase the torque applied to fastener like bold or nut. Hydraulic tensioner is a specialized bolting tool used in various industries to apply precise tension to bolt and fastener. In addition, hydraulic torque tools are specialized bolting tools that use hydraulic pressure to apply precise torque to fasteners such as bolts and nuts.
Furthermore, hand torque wrenches are manual bolting tools used to apply precise torque to fasteners such as bolts and nuts. These tools are operated by hand and are commonly used in varieties of industries for tasks that require controlled torque applications.
The Power Multipliers segment holds a majority share of the market in 2022.
By Distribution Channel:
In 2022, the offline segment is the largest revenue contributor during the forecast period, and the online segment is expected to exhibit the highest CAGR share in the distribution channel segment in the Australia and New Zealand bolting tools market during the forecast period. Online distribution channels are platforms powered by the internet that enable customers to buy products without the need to physically visit the distributor. In addition, the offline segment includes store channels that consist of traditional distribution methods that involve direct interaction between the customer and distributor.
By End-user Industry
The Mining segment holds a majority share of the market in 2022.
By End-User Industry:
In 2022, the mining segment is the largest revenue contributor during the forecast period, and the defense segment is expected to exhibit the highest CAGR share in the end-user industry segment in the Australia and New Zealand bolting tools market during the forecast period. Rise in investment in renewable energy resources, including wind power has increased in Australia which propels the growth of the market during the forecast period. In addition, the construction of new wind farms and the expansion of existing ones have led to a higher demand for bolting tools for wind turbine assembly.
Furthermore, the oil and gas industry continues to invest in expanding infrastructure, including the construction of pipelines, refineries, LNG terminals, and offshore facilities.
By Distribution Channel
The Offline segment holds a majority share of the market in 2022.
In 2022, the Australia is the largest revenue contributor during the forecast period, and the New Zealand is expected to exhibit the highest CAGR share in the Australia and New Zealand bolting tools market during the forecast period. The demand for bolting tools in Australia has been steadily growing in recent years due to several key factors. Firstly, the country's construction and infrastructure development sector has experienced significant expansion. With numerous projects ranging from high-rise buildings to road and rail networks, there is a constant need for bolting tools to ensure the safe and secure assembly of structures.
Additionally, Australia's mining industry plays a pivotal role in its economy, and mining operations heavily rely on bolting tools for equipment maintenance and repair. As mining companies continue to extract valuable resources from the earth, the demand for reliable bolting tools has increased to maintain the safety and efficiency of mining operations. In addition, New Zealand's construction industry has experienced significant growth, with an increasing number of infrastructure projects, commercial developments, and residential construction. Bolting tools are essential for ensuring the structural integrity and safety of these projects, which is leading to a higher demand for these tools.
The New Zealand is projected to grow at a significant CAGR during the forecast period.
The key companies profiled in the Australia and New Zealand Bolting Tools market report include National Tools, Atlas Copco, Royal Technic, Boss Hydraulics, HYTORC, Radical Torque Solutions, Enerpac (Actuant), Norbar, Plarad, and SYDNEY TOOLS PTY LTD.
Major companies in the market have adopted acquisition, product launch, business expansion, and other strategies as their key developmental strategies to offer better products and services to customers in the Australia and New Zealand Bolting Tools Market Opportunities.
Key Benefits for Stakeholders
- The report provides an extensive analysis of the current and emerging Australia and New Zealand bolting tools market trends and dynamics.
- In-depth Australia and New Zealand bolting tools market analysis is conducted by constructing market estimations for key market segments between 2022 and 2032.
- Extensive analysis of the Australia and New Zealand bolting tools market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The Australia and New Zealand bolting tools market forecast analysis from 2023 to 2032 is included in the report.
- The key players within the Australia and New Zealand bolting tools market are profiled in this report and their strategies are analyzed thoroughly, which helps us understand the competitive outlook of the Australia and New Zealand bolting tools industry.
Australia and New Zealand Bolting Tools Market Report Highlights
By DISTRUBUTION CHANNEL
By END-USER INDUSTRY
By KEY PLAYERS
Ongoing infrastructure projects, including construction, transportation, and renewable energy initiatives, drive the demand for bolting tools for equipment assembly and maintenance. In addition, economic fluctuation can impact capital investment in bolting tools, leading to reduced spending during economic downturn. Furthermore, bolting tool manufacturers have the opportunities in future to innovate and develop advanced, efficient, and other environmentally friendly tools. In addition, huge demand for bolting tools in industries like oil & gas and mining industries is expected to provide lucrative opportunities for the growth of the bolting tools market.?