by The bolts market is witnessing significant growth owing to rising infrastructure development projects across the globe. Bolts find extensive applications in construction sector for assembling different structures and machineries. Growing construction industry in developing regions of Asia Pacific and Latin America is propelling the demand for bolts. Rapid urbanization and government initiatives to develop smart cities and transportation infrastructure will augment the bolts market growth during the forecast period.
Market Overview
The bolts market comprises of anchor bolts, tie bolts, machine bolts and others which are used in various end-use industries such as automotive, machinery, construction, mining and others. Anchor bolts are heavy-duty bolts used to anchor machinery and equipments to a concrete foundation. Tie bolts are mainly used in automobile engines for fastening internal engine components. Rising automotive production and growing mining and construction equipment manufacturing is fueling the demand for anchor bolts and tie bolts.
Market Dynamics
Rising construction projects and increasing automobile production are the primary drivers propelling the bolts market growth. According to data by United Nations, global urban population is expected to rise by 60% by 2030 with majority growth occurring in Asia and Africa, which will significantly increase the demand for bolts in construction industry. In addition, proliferating vehicle fleet across developed and developing regions is positively impacting the automotive bolts market. However, fluctuations in raw material prices may hinder the market growth during the forecast period.
SWOT Analysis
Strength: The bolts market has strong demand from various end use industries such as construction, automotive, aerospace, etc. Bolts are cost effective and provide mechanical advantage for joining and fastening purposes. Manufacturers offers wide variety of bolts with differing thread types, sizes, and materials to cater diverse industrial needs.
Weakness: Frequent failures of bolts can negatively impact productivity and operations of end users. Substandard or low quality bolts have risks of breakage or loosening over time.
Opportunity: Growing construction and infrastructure development activities in developing economies of Asia Pacific and Central & South America present new areas of growth. Advancements in 3D printing technologies allow cost effective production of customized bolts.
Threats: Political and economic instability in some regions pose challenges for market expansion. Volatility in prices of raw materials needed for bolt production can squeeze profit margins.
Key Takeaways:
The Global Bolts Market Demand is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing construction activities globally. Rapid urbanization and investment in public infrastructure in developing economies is driving demand for bolts from construction sector.
Regional analysis: Asia Pacific dominates the global bolts market, holding around 35% of total market share in 2023. Presence of large manufacturing and construction base particularly in China and India contributes to leadership of Asia Pacific region. Central & South America is projected to exhibit fastest growth during forecast period owing to ongoing infrastructure development projects.
Key players operating in the bolts market are Fabory, Fastenal Company, Würth Industrie Service GmbH & Co. KG, REYHER, KELLER & KALMBACH GmbH, AB STEEL, Brunner Manufacturing Co., Inc. KD FASTENERS, INC., ckford Fastener, Inc., AMARDEEP STEEL, Viha Steel & Forging. Key players are focused on developing advanced bolts with corrosion resistance, strength, and catering to niche industrial requirements to expand market share.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
