by Bolts are threaded fasteners that are used to join two or more materials or objects together by passing the bolt through holes in each material or object and fastened by a threaded nut that is screwed onto the threaded end of the bolt. They are commonly used in various industries such as construction, automotive, ships, aircrafts, railway wagons, and industrial machinery among others. In the construction industry, bolts are extensively used for joining and assembling of structural steel framing, trusses, stairs, handrails, ductwork, piping, and mechanical equipment. The global construction industry has been growing rapidly over the past few years driven by increasing infrastructure investments across both developing and developed economies. This rising demand from the construction sector is expected to drive the global bolts market over the forecast period.
The global bolts market is estimated to be valued at US$ 9.56 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers propelling the growth of the bolts market is the rising demand from the construction industry as mentioned earlier. According to the Global Construction 2030 report by Global Construction Perspectives and Oxford Economics, the worldwide construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. This rising construction activities around the world will consistently drive the demand for bolts for assembling and joining structural components in various construction projects. Additionally, growing infrastructure investments by various governments to develop roads & highways, rails, bridges, commercial buildings, hospitals will further complement the market growth over the forecast period.
However, fluctuations in raw material prices may negatively impact the profit margins of bolts manufacturers. Bolts are made of steel and other metals whose prices fluctuate frequently depending on global trade wars, changing economies, supply & demand forces. Any increase in raw material costs puts an upward pressure on bolts prices, consequently affecting its sales.
Segment Analysis
The global bolts market is dominated by the industrial bolts sub-segment. Industrial bolts account for over 60% of the global bolts market share due to their widespread applications across industries like automotive, construction, railways, machinery etc. Industrial bolts have high strength, are corrosion resistant and can withstand extreme pressure. They are commonly used for joining heavy machinery parts, construction elements and transport vehicles.
PEST Analysis
Political: The bolts market is affected by stringent regulations and standards set by governments and regulatory bodies regarding material composition, fire resistance levels etc. Economic: Growth in end use industries like automotive, construction etc positively impacts demand for bolts. Recession or slowdown in these sectors can hamper market growth. Social: Increasing infrastructure development and urbanization in developing nations augments construction activity thereby bolting requirement. Technological: Advancements in material science lead to development of high strength lightweight bolts reducing costs. Automation in bolt production lessens manufacturing expenses.
Key Takeaways
The Global Bolts Market Share is expected to witness high growth at a CAGR of 18% during the forecast period of 2024 to 2031.
Regional analysis: The Asia Pacific region dominates the global bolts market with over 40% share due to vibrant automotive and construction industries in China and India. Japan, South Korea are also major consumers.
Key players operating in the bolts market are 3M, Reckitt Benckiser Group PLC, Procter & Gamble, Cantel Medical Corporation, The Clorox Company, Ecolab, SC Johnson Professional, and Steris PLC. 3M is a leading manufacturer known for its corrosion resistant bolts used in marine applications.
