Bolts Market Size, Share & Trends Analysis Report 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) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global bolts market revenue was valued at USD 57.12 billion in 2022. It is estimated to reach USD 80.32 million in 2031, growing at a CAGR of 4.1% over the forecast period (2023–2031). The rising automation trend is expected to enhance overall production efficiency and lower costs across different end-use sectors.

Bolts are considered an indispensable part of all industries. They serve to connect and fasten things together. Major industries served by bolts include automotive, electronics, aerospace and defense, heavy equipment, marine, shipbuilding, and industrial machinery. Bolts can fasten or bond with a wide range of products very effectively. Despite bolts making up a negligible portion of the equipment/assembly, they significantly impact performance efficiency.

Market Dynamics

Global bolts market drivers

Growth of the building and construction industry in asia-pacific

Bolts made of stainless steel, carbon steel, aluminum, brass, silicon bronze, and mild steel are utilized in several construction sector applications, such as joining structural elements and installing materials on surfaces. The rapid growth of the Asian construction industry, strong economic development, and expanding population are the factors that favor the growth of the bolts market by contributing to product demand in residential and infrastructure constructions. Moreover, increasing population and rapid urbanization are expected to emerge as the major factors fueling a rise in residential construction spending.

Furthermore, growth in the number of new residential, commercial, and infrastructural construction projects in Asia-Pacific countries is expected to drive the growth of the bolts market in the coming years. The construction and infrastructure activities sectors received FDI inflows worth USD 25.78 billion and USD 17.22 billion between April 2000 and September 2020. The country is expected to become the third-largest construction market in the world by 2022. The rapid growth in the Indian construction industry is expected to drive the growth of the bolts market over the forecast period.

Innovations in the bolting process

Workers often install bolts manually, need to handle the bolts with various dimensions cautiously, and must be fed on time into the semi-automated fastening tool. This affects the overall productivity of the machine and increases the total cost. It also leads to product damage or inaccuracy. The conventional work process for modern materials exerts cost and time pressure on the OEMs. Manufacturers are implementing a cutting-edge automated delivery system designed to precisely and swiftly fix parts in the desired location to minimize operational time. Manual operations are replaced by the stick of serially connected bolts, which are applied serially in the desired application area. This helps to reduce the time, effort, errors, and damages and increases the quality and the bolt's efficiency.

Furthermore, manufacturers have developed hydraulic and electric pneumatic tensioning cylinders to tighten and loosen bolts easily and in less time. These newly developed tools are torsion and friction-free, which allows the elimination of friction coefficient variables in the design process of bolted connections. No torsion forces within the bolts during installation further extend the life of the bolts. These developments are expected to increase the automation of the bolting process in various industries. Moreover, the increasing automation trend is projected to increase overall production efficiency and reduce costs in various end-use industries.

Global bolts market restraint

Rising market for substitutes

Increasing metal prices and decelerating growth of metal bolts owing to their replacement by plastic bolts, pressure-sensitive tapes, and adhesives are expected to be key barriers for metal bolts manufacturers over the forecast period. Plastic bolt manufacturers are expected to gain an advantage owing to heavy machine equipment manufacturers' rising demand for lightweight components. Moreover, the introduction of laser welding techniques in heavy machine equipment has increased the welding market share. Rising consumption of welds and rivets for various types of bridge and metal construction is anticipated to drive the welding market in the construction industry, posing a threat to the bolts market share.

Global bolts market opportunities

Technological advancements

New materials and manufacturing processes are always being researched to enhance bolts' performance, longevity, and strength. This can lead to the development of more efficient and effective bolts, which can benefit both consumers and manufacturers. For instance, 3D printing technology creates bolts with complex shapes and geometries that are impossible using traditional manufacturing methods. This can result in stronger, lighter, and more efficient bolts than their traditional counterparts. Moreover, bolts are coated with various materials, such as zinc, to improve their resistance to corrosion, rust, and other wear and tear forms.

Additionally, smart bolts with built-in sensors, which can detect changes in temperature, pressure, and other variables, are now available. These bolts can provide real-time information on the health and performance of the bolts, allowing for better maintenance and monitoring. Moreover, manufacturers are now producing self-locking bolts, which use friction or other mechanisms to prevent them from loosening over time. This is especially useful in applications where bolts are subjected to vibration or other forms of movement.

Regional Analysis

Asia-Pacific Dominates the Global Market

Region-wise, the global bolts market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. 

Asia-Pacific is the most significant global bolts market shareholder and is expected to expand substantially during the forecast period. The bolts industry is primarily driven by automotive, industrial machinery, electronics, and construction applications. The region has been the world's largest supplier of bolts, accounting for over 50% of the total exports, owing to the presence of numerous small and medium-scale manufacturers. Countries including China and Taiwan are the key bolts exporting nations, and the trend is expected to continue over the forecast period. In Asia, China dominated the bolts industry in terms of production and demand in 2020. Moreover, India is expected to be the fastest-growing market for bolts in the region owing to the rapid growth of end-user industries coupled with high investments in the country's manufacturing and development sector.

Furthermore, the economies of China, India, and Southeast Asia are expanding, raising demand for better public infrastructure, including highways, ports, airports, and train systems. Asia-Pacific air travel has increased due to rising economic levels and a developing civil aviation sector. Moreover, many airport construction projects, including building new airfields and refurbishing existing airports, have been undertaken to cater to the growing demand, thereby driving the construction industry's growth. This is further expected to drive the bolts market.

Europe is expected to grow at a CAGR of 5.2% during the forecast period. Europe is one of the largest manufacturers of household appliances, including BSH, Miele, and Electrolux. Positive effects on industry growth are anticipated during the projection period due to rising consumer demand for appliances such as air conditioners, electric kettles, refrigerators, and dishwashers. Europe is also one of the world's largest lawn and gardening equipment markets. Western Europe has been the major consumer of this equipment due to the high population and a cultural preference for garden and lawn maintenance. Moreover, the growing demand for lawnmowers and small tractors in the region is expected to grow owing to their widespread application in commercial and residential gardening. The factors mentioned above are expected to propel the production of lawn and gardening equipment in the region, thus impacting the bolts market on a positive note.

North America was the third-largest consumer of bolts while dominating the market for aerospace bolts because of the high concentration of aerospace manufacturing companies in the U.S. The U.S. is a significant hub for electronics, home appliances, and automotive vehicles, making it the region's largest consumer of bolts. The growth in the manufacturing and construction activities in Mexico and Canada is expected to propel the demand for bolts over the forecast period. The North American economy is diverse owing to major developed economies such as the U.S., Canada, and the developing economy of Mexico.

Additionally, North America's building sector is growing slowly due to decreased investment. This has further resulted in a reduction in the number of investments in the non-residential sector. The manufacturing industry is anticipated to witness significant growth on account of the new policy reforms in the region. Moreover, the growth in the manufacturing industry, coupled with the rising GDP of the North American economies, is likely to boost industrial construction in the region, contributing majorly to the demand for construction materials, including carbon and steel alloy bolts.

Segmental Analysis

The global bolts market has been segmented based on product, grade, and application. 

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. Industrial bolts with dimensions M16 are expected to witness notable growth due to their wide range of applications in heavy machinery equipment, including deep sea rigs. Moreover, the irreplaceability of bolts in high and low temperature and pressure applications in boilers and pressure vessels is expected to enhance the share of the global bolts market. Industrial bolts with dimensions ranging from M16 to M22 are widely used in steam and gas turbines for casing, rotors, and generators.

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. GR 8.8 is expected to grow robust on an account-wide range of applications in upstream exploration and production activities, including masts, mud pumps, substructures, cranes, and engines. These are primarily manufactured from medium carbon boron steel in quenched and tempered conditions with sizes ranging between M1.6 and M72 and a minimum tensile strength of 830 Mpa.

Moreover, the rising use of bolts in midstream exploration for flange and valve bolting in pipelines and storage facility construction is also expected to positively impact the growth of GR 8.8 bolts. Downstream exploration companies use GR 8.8 bolts in their production and storage facilities, transportation facilities, and MRO shops, which is expected to add to its demand owing to the increasing automotive production.

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. Bolts are essential automotive components and are available in numerous sizes and shapes. Industrial bolts have dominated the market, which is expected to continue over the forecast period. However, automotive industry players are focusing on R&D to reduce the overall weight of vehicles to improve fuel efficiency. As a result, commercial and LCV manufacturers are continuously making efforts to find ways to reduce the overall weight of vehicles while enhancing reliability, reducing wear, and maintaining strength at the same time. This trend is expected to boost the demand for plastic bolts in vehicles, which will hamper the growth of metal bolts over the forecast period. However, not all plastic bolts can sustain extreme thermal and mechanical stress, positively influencing the demand for metal bolts.

Recent Developments

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