Press release
Wheel Bolt & Wheel Nut Market Size will Observe Substantial Growth by 2025
The growth of the global wheel bolt and wheel nut market is driven by growing industries such as automotive, aerospace, and manufacturing. Moreover, increasing demand for wheel bolt and wheel nut in manufacturing industries and aerospace fueling the global wheel bolt and wheel nut market.
Increasing investment in the automotive industry is trending the global wheel bolt and wheel nut market aver the forecast period. However, rapidly increasing prices of stainless steel is expected to restrain the wheel bolt and wheel nut market across the globe. The company operates in the wheel bolt and wheel nut market can increase its share in the global wheel bolt and wheel nut market by increasing their investment in Asia-Pacific region, attributed to growing automotive industry across the region and relatively less cost required for production of wheel bolt and wheel nut.
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The global wheel bolt and wheel nut market is segmented on the basis of product type, end-use, and region. Based on product type, the global wheel bolt and wheel nut market is further classified into bolt and nut. Bolt segment is further sub-segmented into budged hex conical bolt, budged hex spherical bolt, and other bolts. Nut segment is fragmented as hex nut, heavy hex nut, jam nut, square nut, and other nuts.
By end-use, the global wheel bolt and wheel nut market segmented into automotive, aerospace, oilfield machinery, farm and garden machinery, construction machinery, power transmission equipment, and other machineries. Among these, aerospace segment is growing at a substantial value CAGR in global wheel bolt and wheel nut market whereas automotive segment accounts for relatively high volume share followed by construction machinery segment over the forecast period.
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On the basis of geographies, the global wheel bolt and wheel nut market is segmented into seven regions -- North America, Western Europe, Eastern Europe, Japan, Asia-Pacific except Japan, Latin America, and the Middle East & Africa. Among the regions, North America account for a relatively high share of the global wheel bolt and wheel nut market in terms of value, attributed to high demand for passenger cars across the region.
Western Europe is followed by North America in global wheel bolt and wheel nut market, owing to high demand for automotive across the region. Eastern Europe and Japan also accounts for significant value share in the global wheel bolt and wheel nut market, owing to high technological advancement across the regions. The Asia-Pacific is expected to register relatively high growth in the global wheel bolt and wheel nut market over the forecast period, owing to rapid rate of advancement in automotive industry across the region.
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Latin America and Middle East Africa accounts for relatively lower value share in the global wheel bolt and wheel nut market, attributed to lower industrial development and economic development compared to other regions across the globe. Overall, the outlook for the global wheel bolt and wheel nut market will have a positive growth over the forecast period.
Few players in the global wheel bolt and wheel nut market include mid-states bolt and screw co., National Bolt & Nut Corporation, Asia Bolts Industries LLC, Bolt & Nut, Inc., BOLT & NUT INDUSTRY CO., LTD., Brunner Manufacturing Company, Ta Chen International, MNP Corporation, Spirol International Corporation, SPS Technologies, Consolidated Metal Products, Acument Global Technologies, and ND Industries.
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