Global Bolts Market Grows Steadily at a CAGR of 6.8%

Introduction

Bolts are deemed essential in all sectors. They function as a means of linking and securing objects in place. Bolts are utilized in various major industries such as automotive, electronics, aerospace and defense, heavy equipment, marine, shipbuilding, and industrial machinery. Bolts provide the capability to securely attach or join a diverse array of objects with great efficiency. Although bolts constitute a small fraction of the equipment/assembly, they have a substantial influence on performance efficiency.

Market Dynamics

Growth of the Building and Construction Sector in Asia-Pacific Drives the Global Market

Stainless steel, carbon steel, aluminum, brass, silicon bronze, and mild steel bolts are used in various construction applications, including connecting structural components and mounting materials on surfaces. The bolts market is seeing growth due to several causes, including the rapid expansion of the Asian construction sector, robust economic development, and increasing population. These factors drive demand for bolts in residential and infrastructure construction projects. Moreover, the anticipated surge in residential building investment can be ascribed to the growing population and rapid urbanization.

Technological Advancements Creates Tremendous Opportunities

Ongoing research is always exploring novel materials and production techniques to optimize bolts' performance, durability, and robustness. This can result in the creation of more proficient and productive bolts, which can be advantageous for both customers and producers. 3D printing technology enables the production of bolts with intricate shapes and geometries that are unattainable with conventional manufacturing techniques. This can lead to the production of stronger, lighter, and more efficient bolts than their conventional counterparts. Moreover, bolts are coated with different materials, such as zinc, to enhance their durability and protect them against corrosion, rust, and other forms of damage.

Regional Analysis

Asia-Pacific is the most significant global bolts market shareholder and is expected to expand substantially during the forecast period. The automobile, industrial machinery, electronics, and construction sectors propel the bolts industry. Due to the abundance of small and medium-scale manufacturers, the region has consistently held the title of the top global provider of bolts, responsible for more than 50% of total exports. China and Taiwan are the primary nations that export critical bolts, and this trend is projected to persist during the forecast period. China exerted significant control over the bolts sector in Asia in 2020, both in terms of production and consumption. Moreover, India is anticipated to have the region's most significant market growth for bolts because of the swift expansion of end-user sectors and substantial expenditures in the country's production and research sectors.

Key Highlights

• The global bolts market revenue was valued at USD 57.12 billion in 2022. It is estimated to reach USD 80.32 million, growing at a CAGR of 4.1% over the forecast period (2023–2031).
• Based on product, the global bolts market is segmented into M6, M8, M10, M12, M14, M16, M18, M20, M22, M24, M27, M30, M33, M36, M38, M40, M42, M44, M46, M48, M50, M52, M54, M56, M58, M60, M62. The M16 segment dominates the global market.
• Based on grade, the global bolts market is segmented into GR 5.8, GR 8.8, GR 10.9, GR 12.9, and others. The GR 8.8 segment owns the highest market share and is estimated to exhibit a CAGR of 4.6% during the forecast period.
• Based on application, the global bolts market is segmented into construction, petrochemical, heavy machinery equipment, automotive, aerospace, home appliances, lawn and garden, motors and pumps, furniture, plumbing products, and others. The automotive segment dominates the global market and is estimated to grow at a CAGR of 3.7% during the forecast period.
• Asia-Pacific is the most significant global bolts market shareholder and is expected to expand substantially during the forecast period.

Competitive Players

Competitive Players

Key players operating in the global bolts market are Jignesh Steel, B&G Manufacturing, Big Bolt Nut, Viha Steel & Forging, Rockford Fastener, Inc., KD Fasteners, Inc., Brunner Manufacturing Co., Inc., AB Steel, Keller & Kalmbach GmbH‌, Würth Industrie Service GmbH & Co. KG, Fabory, among others. 

Recent Developments

Market News

• In January 2023, Fasteners, Inc. was sold to Monroe Engineering, according to Generational Equity, a top mergers and acquisitions consultancy for privately owned companies.

Segmentation

Global Bolts Market: Segmentation

By Product

• M6
• M8
• M10
• M12
• M14
• M16
• M18
• M20
• M22
• M24
• M27
• M30
• M33
• M36
• M38
• M40
• M42
• M44
• M46
• M48
• M50
• M52
• M54
• M56
• M58
• M60
• M62

By Grade

• GR 5.8
• GR 8.8
• GR 10.9
• GR 12.9
• Others

By Applications

• Construction
• Petrochemical
• Heavy Machinery Equipment
• Automotive
• Aerospace
• Home Appliances
• Lawn and Garden
• Motors and Pumps
• Furniture
• Plumbing Products
• Others