Australia and New Zealand Bolting Tools Market expected to Reach $ 68,692.0 thousand by 2032 - Allied Market Research

According to a new report published by Allied Market Research, titled, “Australia and New Zealand Bolting Tools Market by Type, End-User Industry, Distribution Channel and Country: Opportunity Analysis and Industry Forecast, 2023–2032,” 

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 offer a wide selection of torque wrench pumps, continuous-duty hydraulic pumps, nut splitters, flange pullers, bolt tensioners, and bolting systems, in addition to all the maintenance, repair, and calibration services required to support them. In addition, torque wrenches provide pressure to a nut in order to rotate it around a bolt. When a hydraulic torque wrench is used in conjunction with a torque pump that has been specially constructed, the torque output, or torque load, is produced to create the clamping force required to firmly connect the threads of a nut and bolt for a leak-free connection.

DIY (Do It Yourself) initiatives are often carried out by homeowners on their own homes without the aid of professionals. DIY initiatives are encouraged by changing lifestyles and rising labor costs. Currently, a large number of businesses worldwide offer the products best suited for DIY enthusiasts. For instance, popular tool companies like Stanley, Martika, DeWalt, and others frequently offer toolkits for do-it-yourselfers. Additionally, furniture assembly equipment like bolts are regularly used to put together beds, tables, chairs, and cabinets. When used for outdoor projects like garden furniture, house repair and maintenance, vehicle maintenance, and many other things, these tools make sure that furniture parts are assembled securely and correctly.

The need for fastening equipment like screwdrivers, hammers, wrenches, and others rises as a result. popularity of bolting tools among domestic customers is further increased by the availability of a broad variety of tool kits on numerous E-commerce platforms, including Amazon and local e-commerce platforms. Thus, the Australia and New Zealand Bolting Tools Market Opportunities for bolting equipment has substantial growth potential as the number of DIY projects rises.

However, economic fluctuation and uncertainties have an impact on capital investment in various industries, including construction, manufacturing, and energy. An economic downturn may lead to reduced spending on building tools and related equipment. In addition, the demand for bolting tools is closely tied to specific industries such as mining construction and oil industries. A downturn in any of these industries can lead to decreased demand for bolting tools.

Furthermore, increase in use of bolting tools in various industries such as energy sector, mining industry, infrastructure development, and gas sector, digitalization, safety and compliances, local manufacturing, custom solution, and training and support services is expected to propel the growth of market during the forecast period. In addition, the growth of wind and solar energy projects offers opportunity for bolting tool manufacturers. These projects require construction maintenance of wood turbine and solar panel array which rely on precise bolting. Similarly, as mining operations become more technologically advanced, there is a growing need for specialized bolting capable of handling large equipment and ensuring safety and efficiency. Hence, such uses propel the Australia and New Zealand Bolting Tools Market growth during the forecast period.    

Key Findings of the Study

• The report provides an extensive analysis of the current and emerging Australia and New Zealand Bolting Tools Market trends and dynamics.  
• Depending on the type, the power multipliers segment was the largest revenue generator in 2022.
• Depending on the distribution channel, the offline segment dominated the Australia and New Zealand Bolting Tools Market share, in terms of revenue in 2022.
• Depending on end-user industry, the mining segment dominated the Australia and New Zealand Bolting Tools Market, in terms of revenue in 2022.
• Depending on country, Australia dominated the Market, in terms of revenue in 2022.
• The key players within the Australia and New Zealand Bolting Tools Market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the Australia and New Zealand bolting tools industry.
• The report provides an extensive analysis of the current trends and emerging opportunities in the market. 
• In-depth Australia and New Zealand Bolting Tools Market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.