(MENAFN- EIN Presswire) Reports And Data
The growing use of bolts in the industrial and automotive applications is driving the demand for the market.
NEW YORK, NY, UNITED STATES, November 25, 2022 /einpresswire.com / -- The global bolts market is forecast to reach USD 52.78 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the increase in the adoption of automated bolt fastening systems, along with the rise in the application of alloy and carbon bolts in various industries. Technological developments that pertain to the manufacturing of lightweight bolts are expected to increase the demand for the market, as these find multiple applications in the industries.
Increasing infrastructure developments due to the increasing populations and rising disposable incomes, especially in the developing countries, is leading to an increase in the construction of commercial and residential buildings, which in turn, leads to a surge in demand for bolts. In the developed countries like the US, there is an increase in demand for bolts, due to the growing number of large-scale infrastructure projects, which boost the construction industry, and in turn, the bolts market.
The growth in the automotive industry is also leading to a growing demand for bolts as these are used in almost all automobile manufacturing processes. The demand for the bolts market is likely to be hampered due to the increasing demand for substitutes, such as adhesives and pressure-sensitive tapes for bonding applications and NVH applications in heavy machinery equipment.
The COVID-19 impact:
The COVID-19 Pandemic has impacted all markets globally. Due to the pandemic, many countries have been witnessing lockdowns due to which most of the industries, except for essential services, are not being able to operate. This has also led to reduced demand in the bolts market. The supply for the market has also declined since the manufacturers are not able to start production because of the lockdowns.
It is expected that once the situation becomes normal again, and the industries start operating again, the demand for bolts will go up again and will lead to an increase in the market size. Also, since the manufacturers are currently not operating, they are involved in coming up with innovations so that as soon as the market is functional again, their innovations help them capture the market share.
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Key participants include Amardeep Steel, Rockford Fastener, Inc., KD Bolts, Inc., Kalisma Bolts Pvt. Ltd., B. Stainless Steel, Keller & Kalmbach GmbH, Reyher, Würth Industrie Service GmbH & Co. KG., Fastenal Company, and Fabory, among others.
Further key findings from the report suggest
•Construction activities occupied a significant market share in 2019, mainly due to the rising construction activities all around the world, in both commercial and residential areas. The growth of the construction industry, which needs equipment for activities like paving, drilling, excavation, lifting, and grading, is like to propel the demand for the bolts market as well since bolts are required in all the equipment needed for these activities.
•Full screw bolts are forecasted to grow at a CAGR of 3.8% in the forecast period, mainly due to their properties like having more grip strength than holding force. These are used in the fastening of body panels in automobiles.
•Grade 10.9 bolts are likely to grow at a rate of 3.8% in the forecast period. The growing demand for heavy-duty is leading to an increase in the demand for high tensile products, which in turn is leading to an increased demand of Grade 10.9 as they have properties like high tensile strength and durability.
•The European region occupied the second largest market share of around 26.0% in 2019. This is mainly because of the massive production of automobiles, industrial and gardening machinery, and home appliances. Also, investments in the aerospace sector are likely to propel the demand for aerospace-grade bolts.
•Germany is the largest exporter of Bolts in the world. The primary reason behind this is the presence of industries like automobiles, machine building, construction, and furniture production, which also makes Germany the largest producer of Bolts in the world.
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For the purpose of this report, Reports and Data have segmented into the global Bolts market on the basis of Type, Application, Grade, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
•Half Screw Bolts
•Full Screw Bolts
Application Outlook (Revenue, USD Billion; 2017-2027)
•Plumbing Products
•Furniture
•Motor and Pumps
•Garden and Lawn
•Home Appliances
•Aerospace
•Automotive
•Heavy Machine Equipment
•Petrochemical
•Construction
•Others
Grade Outlook (Revenue, USD Billion; 2017-2027)
•Grade 5.8
•Grade 8.8
•Grade 10.9
•Grade 12.9
•Others
Regional Analysis of the Market Include:
•North America (U.S.A., Canada, Mexico)
•Europe (U.K., Italy, Germany, France, Italy, BENELUX, Rest of Europe)
•Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
•Latin America (Chile, Brazil, Argentina, Rest of Latin America)
•Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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What the Global Bolts Report Offers:
•Comprehensive analysis of the market including risks and opportunities
•Details of business strategies and plans undertaken by key market players
•Analysis of current and future trends that will affect the growth of the market in the forecast timeline
•In-depth analysis of drivers and constraints for better understanding of the market
•The report encompasses a detailed forecast for the years 2017-2028
Thank you for reading our report. For any specific details on customization of this report, please get in touch with us. We will ensure the report you get is well-suited to your needs.
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