The global blind bolts market size was valued at USD 3,797 Million in 2021 and is expected to generate USD 5,770 million by 2030. The market is expected to grow at a CAGR of 5% during the forecast period 2022–2030. A blind bolt is a type of fastener that is stronger and lasts longer than a rivet or weld. It is called a "blind" because it is only attached from one side of the material, making it ideal for maintenance and production. It may be difficult to select the right fastener for the job because they come in various sizes and designs. Furthermore, choosing the proper blind bolt ensures maximum strength.
The blind bolts find their application in various industries such as automotive, aerospace, machinery and equipment, construction, etc. Blind bolts do not lose during continual vibrations, making them a perfect choice in heavy-duty applications.
The global bling bolts market share has been classified into product, diameter, grade, application, and region.
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The automotive industry is the single most important driver of the blind bolts market growth. Blind bolts are a prominent fastener choice in the automotive industry to assemble the structural parts of a vehicle, such as the chassis, door hinges, seat structure, and others. In addition, they are also suitable in brittle and soft materials such as the car’s dashboard.
The expansion of the automotive sector, particularly in emerging markets, is expected to drive up demand for lock washers. For example, India's automotive industry is one of the largest in the world, with domestic passenger car sales increasing by 8-10 percent in the last 2-3 years. India also produced roughly 25-30% of the total number of small cars sold globally.
Similar patterns have been observed in other developing countries. Even though the automotive industry growth has been slow and flat in developed markets; the automotive sector is expected to be the primary growth driver for the blind bolts market.
Increased investments in infrastructure and the industrial market have created a stronger foundation for the growth of the engineering and machinery markets. The demand for tools, bolts, and fasteners is increasing in major markets, propelling the market of blind bolts forward. Markets in Eastern and Central European countries, in addition to the traditional markets for blind bolt exporters, have enormous potential.
Foreign investors are very interested in the engineering and machinery sector in emerging markets because they can benefit from various advantages in terms of manufacturing costs, technology, and innovation. Thus, growth in the engineering and machinery market is expected to drive the blind bolts market growth in the coming years.
Further, growing urbanization and industrialization, primarily in developing countries, are expected to propel the demand for blind bolts. Heavy industry is in the midst of large growth. Large-scale infrastructure projects around the globe are putting a high demand for equipment and components on manufacturers to meet the demand.
While equipment owners strive to get more out of their machines, manufacturers strive to get more out of their factories. More throughput gained through efficiencies such as adding automation to the manufacturing and assembly processes, reducing reworks by performing variation, and root cause analysis work at critical areas and processes are just two approaches being taken to address some complex issues. Thus, the supply for components such as blind bolts is expected to meet the end-user demand.
The majority of the blind bolts are made of steel. Steel prices play a significant role in determining blind bolt prices. The recent decline in iron ore prices has also dragged down the global steel price. Steel prices have fallen in recent years, which has resulted in a decrease in profit from orders.
Furthermore, both electroplating and electricity prices have risen, reducing profit margins for blind bolt manufacturers. Since 2015, the global steel market has been declining, resulting in a decrease in the global steel price. Customers are putting pressure on blind bolt manufacturers to reduce blind bolt prices as steel prices fall.
The blind bolts market is being driven by the expansion and establishment of new production facilities in new regions, particularly in China and Asia-Pacific. Due to increased industrial production, Asia has a high demand for blind bolts, creating a large import market for blind bolts. Manufacturers can enter the import market by establishing a local manufacturing facility and manufacturing the product locally.
The majority of low-quality fasteners are sourced in Asia, particularly in China. Customer demand for higher-quality products is a critical factor in the growth of the blind bolts market. The manufacturer of blind bolts has the option of segmenting the market based on price and product quality. Overall, lock washer manufacturers have two market strategies.
The first is the production of standard, relatively low-quality lock washers for low-end markets, while the second is the best option for most blind bolt manufacturers from developing countries, where they do not compete on price but instead offer customized manufacturing based on customer requirements.
Since the COVID outbreak in December 2019, this virus and its associated infections and diseases have spread exponentially across the globe, wreaking havoc on people's lives and the overall community. It began as a human health crisis and has since become a major threat to global trade, economy, and finance. Furthermore, global manufacturing, packaging, and raw material supply chains are struggling to keep up with the virus's rapid spread.
Furthermore, due to prolonged lockdowns in major countries such as the United States, China, Japan, and Germany, the COVID-19 pandemic has halted the production of blind bolts and other components. This has significantly slowed the growth of the blind bolts market in recent months, and it is expected to continue in 2021.
Supply chain disruptions during COVID-19 impacted global trade, resulting in a shortage of raw materials for manufacturers and a delay in delivering finished goods to customers in the form of blind bolts. The demand for blind bolts has already begun to recover to the pre-pandemic level as government throughout the world has removed restrictions. The market is expected to get back to the pre-pandemic level till mid of 2022.
The global blind bolts market share has been classified into product type, diameter, grade, application, and region.
Based on product type, the heavy-duty segment dominated the market in 2021. The heavy-duty segment is expected to reach USD 4,185 million by 2030, generating a CAGR of 5%. Heavy-duty blind bolts have a shorter blind fixing time and provide better performance. It is an excellent fixing solution for heavy-duty steel sections. Blind blots are commonly used for heavy-duty operations due to depth clearance of up to 30mm, maximum clamping range of 47mm, minimum fixing thickness, and high tensile force.
Growth in the manufacturing and automotive industries in developing countries drives demand for blind blots. Furthermore, demand for blind blots is expected to outpace demand in some developed countries, such as Middle East &Africa, parts of Asia, Latin America, and Eastern Europe.
On the basis of diameter, the M12 segment dominated the market in 2021. The M12 diameter segment is expected to reach USD 1,716 million by 2030, generating a CAGR of 4%. Blind bolts with a diameter of M12 are included in the M12 segment and are used in aerospace, automotive, construction, and other applications. Economic growth in countries such as India, Vietnam, Nigeria, South Africa, and Colombia, among others, drives the expansion of the automotive and construction industries, increasing demand for M12 diameter blind bolts.
On the basis of grade, the 10.9 segments dominated the market in 2021. The grade 10.9 is expected to reach USD 3,129 million by 2030, generating a CAGR of 5%. Because of their high load-bearing capacity, robustness, and endurance, Grade 10.9 blind bolts are increasingly being used in aerospace equipment and general-purpose machines. Furthermore, grade 10.9 blind bolts save money and increase the efficiency of systems and equipment used in aerospace applications.
The expansion of the manufacturing and aerospace industries is expected to create new opportunities for the 10.9 segment. For example, in November 2018, United Technologies Corporation (UTC), based in the United States, announced plans to acquire Rockwell Collins, based in Iowa. This acquisition aims to increase the company's aerospace manufacturing capacity. The aforementioned factors are expected to propel the grade 10.9 segment growth.
On the basis of application, the automotive segment dominated the market in 2021. The automotive segment is expected to reach USD 1,893 million by 2030, generating a CAGR of 5%. Blind bolts are commonly used in the assembly of auto parts and components. Furthermore, blind bolts are used in a variety of applications throughout the vehicle's interior and exterior. This factor raises the demand for blind bolts in the automotive industry.
On the region, Asia-pacific dominated the global blind bolts market in 2021 with a market share of 38%. The Asia-pacific market is expected to reach USD 2,366 million by 2030, at a CAGR of 6%.
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With growing investments from major producers for defense, infrastructure, and aerospace, the Asia-Pacific region has emerged as the world's largest market for blind bolts. Due to urbanization and population growth, emerging economies such as China and India have seen an increase in the construction and manufacturing sectors in recent years. Because of the expansion of the automotive industry, China now ranks first in the production of industrial washers.
This factor is assisting the market of blind bolts in the Asia-Pacific region to grow. Furthermore, a greater emphasis on technological advancements to produce high-quality blind bolts is expected to drive the market in the future.
Europe leads the world in construction equipment, industrial equipment, and shipbuilding. Europe, led by Germany and the United Kingdom, controls the majority of the world's industries, including heavy machinery, aerospace, and automated manufacturing systems. The German automobile industry ranks third in the world in terms of car production, and it has the fourth-highest total motor vehicle production in 2017, accounting for more than 29 percent of the European Union in 2017.
The majority of blind bolt demand in North America is derived from production and development in a variety of end-use industries such as automotive, construction, aerospace, and machinery. The growth of the industrial sector, particularly in the United States, creates enormous opportunities for the blind bolts market.
The blind bolts market in Mexico is expected to be driven by rising local automobile production and expanding construction. The rising value of blind bolts made in the United States in other markets contributes to the expansion of the regional blind bolts market. Canada and the United States account for the majority of the United States' blind bolt exports.
LAMEA is mainly driven by large investments in infrastructure projects and expansions of construction industries across Brazil and Gulf countries. Colombian and Argentine economic growth drives the construction industry, which increases the demand for construction machinery and equipment. With the growing need for machinery and equipment, the demand for blind bolts is expected to increase during the forecast period.
|Market Size||USD in Billion By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Product Type (Heavy Duty, Thin Wall), Diameter (M8, M10, M12, M16), Grade (Grade 8.8, Grade 10.9), Application (Automotive)|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||3V Fasteners Company Inc, Elite Fasteners Inc, Henry Venables Product ltd, Kwikbolt limited, Arconic Corporation, CC Fasteners, Precision Castparts Corp, Stanley Black and Decker Inc, TriMas Corporation, BMB Fasteners,|
|Key Market Opportunities||Growing Prevalence Of Mining Minerals & Metals Industry Helps To Grow Blind Bolts Market Share|