Dublin, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The "Bolts Market, By Type, By Grade, By Application, And By Geography (North America, Europe, Asia Pacific, Latin America) - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global bolts market is projected to experience substantial growth, with an expected value of $11.44 billion by 2030, up from $8.29 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period.
Market Overview
The global bolts market is a critical industry encompassing the manufacturing, distribution, and sale of bolts and fasteners used to securely join components in various applications across multiple sectors. Bolts are vital mechanical components, providing stability and strength to structures and equipment in industries such as construction, automotive, aerospace, and infrastructure.
The market is influenced by economic conditions, industrial growth, and technological advancements, resulting in a continuous demand for bolts. Manufacturers and suppliers offer diverse sizes, shapes, and materials to meet specific requirements, striving to cater to the needs of end-user industries and ensuring safety and reliability in various structures and equipment worldwide.
Key Drivers of Market Growth
Several key factors are expected to drive the growth of the global bolts market:
- Ongoing and planned infrastructure projects worldwide, including investments in transportation networks, renewable energy installations, smart cities, and commercial buildings.
- Innovations in bolt manufacturing technologies, such as automation and precision engineering, leading to improved production efficiency and product quality.
- Technological advancements prompting companies to offer high-performance bolts with enhanced features to maintain competitiveness.
- Growing environmental awareness, resulting in demand for sustainable and eco-friendly bolts through the use of recycled materials and energy-efficient processes.
- Customized bolt solutions tailored to specific applications in various industries.
- Demand for bolts with monitoring capabilities and sensor integration in smart cities and infrastructure projects.
- Influence of global economic conditions on the demand for bolts in construction, manufacturing, and other sectors.
- Additional revenue streams generated by offering aftermarket support and maintenance services, such as replacement bolts and technical assistance.
- Strict adherence to safety and quality standards in industries like aerospace and defense, affecting bolt manufacturing practices and certifications.
- Changes in global trade dynamics and supply chain disruptions, impacting raw material availability and production efficiency.
- Opportunities arising from rapid industrialization and urbanization in emerging economies for bolt manufacturers to establish a presence in these regions.
Market Segmentation
The global bolts market is segmented based on product, grade, and industry. Key segments include:
By Product:
- Half Screw Bolt
- Full Screw Bolt
By Grade:
- GR 5.8
- GR 8.8
- GR 10.9
- GR 12.9
- Others
By Industry:
- Construction
- Petrochemical
- Heavy Machinery Equipment
- Automotive
- Aerospace
- Home Appliances
- Lawn and Garden
- Motors and Pumps
- Furniture
- Plumbing Products
- Others
Key Players
Key companies in the global bolts market include Fabory, Fastenal Company, Wurth Industrie Service GmbH & Co. KG, REYHER, KELLER & KALMBACH GmbH, AB STEEL, Brunner Manufacturing Co., Inc, KD FASTENERS, INC, ckford Fastener, Inc, AMARDEEP STEEL, and Viha Steel & Forging.
Conclusion
The global bolts market is poised for significant growth as it continues to play a vital role in various industries, ensuring the stability and reliability of structures and equipment. The market's segmentation offers a comprehensive view of the factors contributing to this growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 160 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $8.29 Billion |
| Forecasted Market Value (USD) by 2030 | $11.44 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/sd3uvp
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