Market Overview
In 2021, the global blind bolts market was valued at USD 3,797 million, and by 2030, it is estimated to produce USD 5,770 million. During the forecast period of 2022–2030, the market is expected to develop at a CAGR of 5%.
Asia Pacific is the largest market for Blind Bolts with an expected valuation of USD 2366 million and a CAGR of 5.85% for the period of 2022 to 2030 keeping 2021 as the base year. Asia-pacific also dominated the global blind bolts market in 2021 with a market share of 38%.
A blind bolt is a stronger and longer-lasting fastener than a rivet or weld. Because it is only attached from one side of the material, it is referred to as a "blind." This makes it perfect for maintenance and production. Because they exist in a variety of sizes and patterns, choosing the proper fastener for the job can be challenging. Furthermore, selecting the right blind bolt guarantees that the structure is as strong as possible.
Blind bolts are used in a variety of industries, including automotive, aerospace, machinery and equipment, construction, and many more. Blind bolts are ideal for heavy-duty applications since they do not loosen when subjected to continuous vibrations.
Market Dynamics
Asia Pacific Blind Bolts Market Drivers
The automobile industry is the most important driver of market growth for blind bolts. Blind bolts are a popular fastener in the automobile industry for assembling structural sections such as the chassis, door hinges, seat structure, and other components. They are also excellent for brittle and soft materials, such as the dashboard of an automobile.
Lock washer demand is predicted to rise as the automotive industry expands, particularly in emerging nations. India's automobile industry, for example, is one of the world's largest, with domestic passenger car sales increasing by 8-10% in the last 2-3 years. India also produced between 25 and 30 percent of all small automobiles sold worldwide.
Apart from being the biggest automobile market, countries like Japan, South Korea, China and India are some of the biggest automobile manufacturers which drive the market of Blind Bolts in the Asia Pacific region. These regions are also manufacturing medical machinery like MRI, EEG, ECG, X-Ray machines etc. making them a big market of Blind Bolts.
Moreover Blind Bolts are also used for Electronic devices, Construction sector and manufacturing sector. China, Japan, South Korea and India are some of the major manufacturers of Electronic devices (Mobile phones, Computers, Laptops etc.) and small appliances like Air conditioners, washing machines, vacuum cleaners etc. These regions are also heavily working in the field of Construction which makes them a huge market for Blind Bolts.
Emerging economies like China and India have seen a boom in the construction and manufacturing sectors in recent years as a result of urbanisation and population growth. China now ranks first in the manufacturing of industrial washers, thanks to the rise of the automobile industry.
Factors such as the expansion in building and defence and commercial aircraft manufacturing could provide profitable potential prospects for the blind bolts market. Furthermore, during the projection period, government initiatives and investments in the latest aircraft to strengthen its defence force might provide attractive potential possibilities for market players.
Asia Pacific Blind Bolts Market Restraints
Blind bolt selection necessitates matching size and strength, which necessitates experience. During the projected period, this could stifle the expansion of the blind bolts market.
Furthermore, both electroplating and electricity prices have increased, lowering blind bolt makers' profit margins. The steel market has been in decline since 2015, resulting in lower steel prices. As steel prices decline, customers are placing pressure on blind bolt makers to lower blind bolt pricing.
Recently Asian Countries like India and Sri Lanka have witnessed a severe Coal Crisis making the conditions even worse by further increasing the electricity prices. This has also resulted in a decline in the manufacturing sector further declining the market for Blind Bolts.
Asia Pacific Blind Bolts Market Opportunities
The expansion and establishment of new production facilities in new regions, particularly in China and Asia-Pacific, are driving the blind bolts market. Asia has a significant demand for blind bolts as a result of increased industrial production, resulting in a large import market for blind bolts. Manufacturers can break into the import market by setting up a local manufacturing facility and producing the product there.
Countries like Japan, China, South Korea and India are heavily working in the fields of Robotics and other Heavy industries making a bright future for Bind Bolts in these regions.
