Market Overview
North America is the third largest market for Blind Bolts with an expected valuation of USD 1260 million and a CAGR of 4.72% 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%.
Market Dynamics
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. In the transportation business also, blind bolt fixes are quite important. Whether on the rails, the road, or anywhere else, they can be counted on to provide strength, longevity, and ease of use.
Moreover, Blind Bolts are also used for Electronic devices, the Construction sector and the manufacturing sector. The United States of America is a huge producer as well as consumer of Electronic Devices. The USA also has a huge construction and manufacturing industry. These factors drive the Blind Bolts market in the whole of North America.
The majority of blind bolt demand in North America comes from manufacturing and research & development in a number of end-use industries, including automotive, construction, aerospace, and machinery. The expansion of the industrial sector, notably in the United States, presents tremendous prospects for the blind bolts industry.
Rising local automotive manufacturing and expanding construction are projected to propel the blind bolts market in Mexico. The increasing value of blind bolts manufactured in the United States in other markets helps the regional blind bolts market's expansion. The majority of blind bolt exports in the United States come from Canada and the United States.
Blind Bolts are also heavily used in the manufacturing of Furniture and with the increased demand for lightweight furniture this demand has increased all the way more. This acts as a major driver of the Blind Bolts Industry in the North American Markets.
Apart from this Blind Bolts are also heavily used in the manufacturing of small home appliances like refrigerators, vacuum cleaners etc. Countries like the USA and Canada are huge markets for such appliances making it a huge market for Blind Bolts as well.
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 the Blind Bolts Market. The Defence industry of the USA is also highly developed and is heavily manufacturing Defence Equipment which further increases the demand for Blind Bolts in North America.
Market Restraints
Technologies like 3D printing have minimised the usage of Blind Bolts. With the help of 3D printing technology, the need to use Bolts to join something has reduced a lot which has reduced the demand for Blind Bolts in certain sectors like the manufacturing of small products.
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.
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.
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.
Recent Developments
Stanley Black and Decker stated on April 22nd, 2022, that it had reached a definitive agreement to sell its automatic doors division, Access Technologies, to Allegion Plc for USD 900 million in cash.
TriMas Corporation struck a deal to buy RSA Engineered Devices (RSA), a maker of complicated, highly-engineered, and proprietary air ducting products, connections, and related components, on January 30th, 2022.
Arconic increased its capacity to exploit demand in the industrial and automotive segments on February 13th, 2019. This investment was made in order to address the rising demand for industrial items and aluminium sheets for automobiles.
