Projected Increasing Industrial And Construction Activities To Boost The Growth Of Bolts Market

 
Bolts Market

The global Bolts Market is estimated to be valued at US$ 8.29 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Bolts are mechanical fastener typically made of metal used to secure or join two or more objects together. They are manufactured in various sizes, from small ones, used in electronics and jewelry to large heavy-duty bolts, used in ships, bridges, and other large structures. Bolts are threaded fasteners designed to be used with a nuts to clamp or join objects together. Common bolt types include carriage bolts, lag bolts, eye bolts, J-bolts, U-bolts etc. Bolts offer various advantages such as fast, secure and convenient joining of materials, resistant to vibration loosening, cost-effective compared to other joining methods and high strength. Bolts are widely used for joining materials in various end-use industries such as automotive, construction, machinery equipment manufacturing, etc.

Market key trends:
One of the key trends in bolts market is increasing demand from construction industry. Rapid urbanization and industrialization are fueling residential and commercial construction activities globally. Bolts are extensively used for joining and fixing structural elements in buildings construction. Additionally, growing infrastructure investment by governments around the world for bridges, dams, roads, railways is also augmenting the consumption of bolts. Furthermore, expanding automotive production is another factor driving the bolts market. Various bolts and threaded fasteners are used in assembling of automotive components and parts. Rising disposable income and purchasing power in emerging economies are propelling the automobile sales, which in turn boosting the bolts market.
Porter’s Analysis

Threat of new entrants: The bolts market has moderate threat of new entrants due to high capital requirement to establish the manufacturing units and achieve economies of scale.

Bargaining power of buyers: Buyers have moderate bargaining power due to fragmented nature of the market with presence of numerous established players.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials required for bolts manufacturing such as steel is widely available.

Threat of new substitutes: Threat from substitutes is low as there are limited substitutes for bolts used in assembling and joining different components.

Competitive rivalry: The bolts market experiences high competitive rivalry due to presence of numerous regional and global players.

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 applications in automotive, industrial machinery, and construction industries.

Regionally, Asia Pacific dominates the global bolts market and is expected to grow at a fastest pace during the forecast period due to growing industrial and infrastructure development activities in major economies like China and India.

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 focusing on new product launches to strengthen their market positions.

Read More:

https://www.marketwebjournal.com/bolts-market-forecast-size-and-growth/

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