Latin America, The Middle East, and Africa are some of the least developed markets for Blind Bolts with an expected valuation of USD 733 million and a CAGR of 3.85% for the period of 2022 to 2030 keeping 2021 as the base year.
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.
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%.
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Large expenditures in infrastructure projects and the expansion of the construction industry in Brazil and the Gulf countries are propelling LAMEA forward. The construction business in Colombia and Argentina is fuelled by economic growth, which drives up demand for construction machines and equipment. During the forecast period, demand for blind bolts is expected to rise due to the growing need for machinery and equipment.
The Defence industry of the Middle Eastern country Israel is also highly developed and is heavily manufacturing Defence Equipment which further increases the demand for Blind Bolts in North America.
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. Countries like the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Israel, Brazil, etc. have great demand for automobiles. This demand boosts the growth of Blind Bolts in these regions.
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 bolt selection necessitates matching size and strength, which necessitates experience. During the projected period, this could stifle the expansion of the blind bolts market.
Most of the Countries in the LAMEA region are either developing or underdeveloped making it a potential market for the construction and manufacturing sector. This can boost the demand for Blind Bolts in the future.
Most African and Latin American countries are rich in forest resources and Iron Ores. So these can become good industries of furniture manufacturing. Manufacturing of furniture requires Blind Bolts adequately. So, these can further boost the demand for Blind Bolt.
COVID Impact: During COVID-19, supply chain interruptions hampered the trade, causing a lack of raw materials for producers and a delay in delivering finished items in the form of blind bolts to customers. As official prohibitions around the world have been lifted, demand for blind bolts has already begun to rebound to pre-pandemic levels.
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Major companies outperforming in the field of Blind Bolt are: