Press release
Bolts Market Insights, Forecast, Growth, Trends 2024-2033
Bolts Market
The bolts market size is expected to see steady growth in the next few years. It will grow to $58.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to global urbanization trends, renewable energy projects, electric vehicle (ev) manufacturing, infrastructure resilience and upgradation, expanding aerospace and defense activities.. Major trends in the forecast period include adoption of industry 4.0 in manufacturing, rising eco-friendly bolting solutions, increasing focus on bolt testing and certification, globalization and supply chain resilience..
Market Overview -
Bolts refer to a long metal piece with chiseled threading used to connect objects that screws into a nut which provides a significant amount of gripping power. They are used in conjunction with a nut to connect two components and in the development of mass-produced items and steel structures.
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Escalating Construction Activities Fuel Growth In The Bolts Market
The rising number of construction activities is expected to propel the growth of the bolts market going forward. Construction activities encompass a wide range of operations and procedures that need resources and time to construct buildings, structures, and infrastructure facilities. Construction bolts, including structural bolts and anchor bolts, are used in a wide range of construction applications, including securing beams to columns or walls, attaching joists to ledgers, fastening deck boards, and forming secure foundations for bridges or buildings. For instance, in December 2021, according to the U.S. Census Bureau, the US federal government's largest statistical agency, an estimated 1,595,100 housing units were started, or a 15.6% increase from the 2020 figure of housing units of 1,379,600. Furthermore, in March 2023, according to a recent statistical report published by the United States Census Bureau, a US-based agency of the U.S. Federal Statistical System, total construction spending in the United States was $1.54 trillion in November 2020, and it grew to $1.84 trillion in November 2022, reflecting a 16.3% rise. Therefore, the rise in construction activities will drive the growth of the bolts market.
Competitive Landscape -
Major companies operating in the bolts market report are Nippon Steel, Arconic Corporation, KAMAX Holding GmbH & Co. KG., Acument Intellectual Properties LLC, Keller & Kalmbach GmbH, Reyher Nchfg. GmbH & Co. KG., Fabory Group, Fastenal Company, US Bolt Manufacturing Inc., Easylink Industrial Co. Ltd., Brunner Manufacturing Co. Inc., Elgin Fastener Group LLC, Dokka Fasteners AS, Fastco Industries Inc., Rockford Fastener Inc., Big Bolt Nut, Leland Industries Inc., Jignesh Steel, Hague Fasteners, Kpf Co.Ltd., B&G Manufacturing Co. Inc., Hanger Bolt & Stud Co., BTM Manufacturing, Chicago Nut & Bolt Inc., National Bolt & Nut Corporation, AB Steel Inc., KD Fasteners Inc., Würth Industrie Service GmbH & Co. KG., Ifastgroupe
Pioneering Technological Advancements For Automated Equipment Monitoring In The Bolts Market
Technological advancements are the key trends gaining popularity in the bolts market. Companies operating in the bolt market are adopting new technologies to sustain their position in the market. For instance, in September 2021, Strainlabs AB, a Sweden-based IndTech firm that provides remote and automated application monitoring via the Internet of Bolts, launched a new technology called IoT technology that uses bolts with built-in sensors to automatically monitor equipment and applications. This is a one-of-a-kind approach for evaluating elongation in preloaded bolts using an LED sensor. The system takes a digital approach to industrial maintenance and sends out alerts before a malfunction occurs. Because bolts are the most prevalent method of connecting pieces, they are also a common source of inspections, maintenance, and breakdowns. Unplanned production stoppages are well known to take several times longer to repair than planned maintenance. Strainlabs by delivering alerts before a bolt comes free, bolts immediately enable concrete benefits.
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Key Segments -
The bolts market covered in this report is segmented -
1) By Type: Half Screw Bolt, Full Screw Bolt
2) By Material: Metal, Plastic, Other Materials
3) By Grade: Grade 5.8, Grade 8.8, Grade 10.9, Grade 12.9, Other Grades
4) By End-User: Automotive, Aerospace, Construction, Industry Machinery, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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