According to a new report published by Allied Market Research, titled, “U.S. Cold Headed Large Bolts Market by Size and Application: Opportunity Analysis and Industry Forecast, 2021–2030,” the U.S. cold headed large bolts market size was valued at $75.3 million in 2020, and is projected to reach $120.4 million by 2030, registering a CAGR of 4.8% from 2021 to 2030.
By application, the automotive sector accounted for the largest share in terms of revenue in 2020 in the U.S. cold headed large bolts market owing to increase in manufacturing of electric vehicles.
The market is mainly driven by increase in investment in automotive, aerospace, and construction sectors in the U.S. Further, rise in demand for cold headed large bolts from the industrial manufacturing sector fuels the U.S. cold headed bolts market growth. However, fluctuation in prices of raw materials and high price of steel are few factors that hinder the market growth.
Increasing investment and manufacturing of electric vehicles in the U.S. drive the market growth. For instance, in April 2022, Toyota Motor Company announced that it will invest $383 million in four of its U.S. automobile manufacturing plants for manufacturing of Toyota and Lexus vehicles. Similarly, in May 2021, Hyundai Motor Company and Kia Corporation announced a $7.4 billion investment for the production of electric vehicles in the U.S. by 2025. The investment is expected to enhance manufacturing facilities and smart mobility solutions. As a result, all such factors are expected to boost the U.S. cold headed large bolts market growth during the forecast period.
The market is segmented on the basis of size and application. On the basis of size, the market is divided into 1 inch, 1-1/8 inch, and 1-1/4 inch. By application, the market is segmented into automotive, aerospace, construction, industrial machinery, and others.
However, during the COVID-19 pandemic, various manufacturers in the U.S. cold headed large bolts market had to stop their business in countries, such as China, the U.S., and India. This break directly impacted sales of the U.S. cold headed large bolts companies. In addition, lack of manpower and raw materials also constricted supply of equipment of the U.S. cold headed large bolts, which has negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for COVID-19 are anticipated to lead to re-opening of companies operating in the U.S. cold headed large bolts.
Key Findings Of Study
- The report provides an extensive analysis of the current and emerging U.S. cold headed large bolts market trends and dynamics.
- By application, the automotive segment dominated the U.S. cold headed large bolts market, in terms of revenue in 2020 and construction segment is projected to grow at a significant CAGR during the forecast period.
- By size, the 1 inch segment has registered highest revenue in 2020.
- The key players within the U.S. cold headed large bolts market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the U.S. cold headed large bolts industry.
- The report provides an extensive analysis of the U.S. cold headed large bolts market trends and emerging opportunities of the market.
- In-depth U.S. cold headed large bolts market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.