According to a new report published by Allied Market Research, titled, “Bolts Market by Type, Material, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global bolts market size was valued at $46.8 billion in 2020, and is projected to reach $81.1 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030.
Commonly observed types of bolts are half screw bolt and full screw bolt. Among these, the half screw bolt segment accounted for the largest market size by value in 2020, owing to increase in demand from various industries such as construction and automotive. The bolts market is analyzed with respect to different applications in industrial verticals such as automotive, aerospace, building & construction, industrial machinery and other. The bolts market is mainly driven by global economic growth and development in construction, manufacturing and automotive industries. However, fluctuation in raw material prices limits growth of the bolts market.
In 2020, Asia-Pacific dominated the global bolts market, in terms of revenue, accounting for around 54.5% share of the global bolts industry, followed by Europe and North America. Moreover, the market in Asia-Pacific is growing with high CAGR, owing to rapid growth of construction and automotive industry in developing countries.
Moreover, favorable government policies to promote industries such as automotive and construction across the globe drives demand for the bolts market. In addition, increase in infrastructure spending and growth in demand for products such as washing machines, televisions, dish washers and other electronic products propels demand for fasteners such as bolts.
Furthermore, on the basis of end users, the automotive segment is anticipated to grow rapidly, with a CAGR of 4.3% during the forecast period, owing to increasing investments in infrastructure projects and automotive industry.
For instance, UAE is planning major projects such as $11 billion Etihad Rail, $5.9 billion proposed hyperloop project which will connect Dubai and Abu Dhabi and $2.7 billion Sheikh Zayed double-deck road project. And according to India Brand Equity Foundation, the Indian government is anticipating investments of around $8 to $10 billion in the automotive industry by 2023.
However, during the pandemic lockdown, various manufacturers in the bolts market had to stop their business countries such as China, the U.S., and India. This break directly impacted sales of bolt manufacturing companies. In addition, lack of manpower and raw materials also constricted supply of equipment of bolts. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of bolt manufacturing companies.
The key players profiled in the bolts market report include AB Steel Inc., B&G Manufacturing, Big Bolt Nut, Brunner Manufacturing Co., Inc., Fabory, Fastenal Company, KD Fasteners, Inc., Keller & Kalmbach Gmbh, Reyher and Rockford Fastener, Inc.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging bolts market trends and dynamics.
- Depending on type, the half screw bolt segment dominated the bolts market, in terms of revenue in 2020 and the full screw bolt segment is projected to grow at a significant CAGR during the forecast period.
- By end user, the automotive segment registered highest revenue in 2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- Depending on material, the metal segment dominated the bolts market, in terms of revenue in 2020, and plastic segment is projected to grow at a significant CAGR during the forecast period.
- The key players within the bolts market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the bolts industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the bolts market.
- In-depth bolts market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.