Market Overview
In 2021, the global blind bolts market size 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%.
A blind bolt is a stronger and longer-lasting fastener than a rivet or weld. Because it is only attached to 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.
Europe is the second-largest market for blind bolts, with an expected valuation of USD 1415 million and a CAGR of 4.35% for the period of 2022 to 2030, keeping 2021 as the base year.
Market Dynamics
Europe 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.
European automobile and aircraft manufacturing companies like Volkswagen, Ferrari, BMW, Dassault, etc. are heavily investing in the R&D of their products, which boosts the market for blind bolts in the European regions.
Blind Bolts are also heavily used in the machines used in the health sector like MRI, ECG, EEG, Ultrasound, CT Scan, X-Ray machines, etc. This is a major driver of Blind Bolts Market.
The defense industry of European countries like Russia, France, Germany, and the United Kingdom is also highly developed and heavily manufactures defense equipment, which further increases the demand for blind bolts in North America.
Europe is the world leader in construction, industrial, and shipbuilding equipment. Europe, led by Germany and the United Kingdom, is in charge of the majority of global industries, including heavy machinery, aerospace, and automated manufacturing systems. In 2017, the German automobile sector ranked third in the world in terms of car production and fourth in total motor vehicle production, accounting for more than 29% of the European Union's total vehicle production.
Europe 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 bolt market.
Steel makes up the majority of the blind bolts. The price of steel has a considerable impact on the price of blind bolts. The global steel price has been pulled down by the recent drop in iron ore prices. Steel prices have dropped in recent years, resulting in a decline in order profit. This impacts European countries more because most of these countries import iron for further manufacturing.
Blind bolts have been reduced in use because of advances in technology such as 3D printing. The necessity for bolts to link anything has decreased dramatically as a result of 3D printing technology, reducing the requirement for blind bolts in specific industries like small product manufacturing.
Europe Blind Bolts Market Opportunities
Because of the rapid advancement of new technology, the automobile sector is likely to undergo certain structural changes in the near future. Machine learning and artificial intelligence (AI) will dramatically improve robotic efficiency, precision, and consistency in the manufacturing process. OEMs may add enticing features and boost revenue growth with Level 2 automation, which includes active safety systems and driver assistance.
