June 22, 2024
Bolts Market
Ict

The Bolts Market is Booming on Back of Increased Infrastructure Projects Globally

The bolts market plays a crucial role in assembling structures and providing structural integrity. Bolts are used in a wide variety of joints in machinery, construction, railways, automobiles, and aerospace industries due to their versatility, strength, and cost-effectiveness. Stainless steel and alloy bolts provide excellent corrosion resistance and strength. Increased investment in infrastructure development coupled with industrialization and urbanization is fueling demand for bolts globally.

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.

Key Takeaways

Key players operating in the Bolts Market Demand are 3M, Reckitt Benckiser Group PLC, Procter & Gamble, Cantel Medical Corporation, The Clorox Company, Ecolab, SC Johnson Professional, Whiteley Corporation, and Steris PLC. Key players provide a wide range of bolts made from steel, stainless steel, and alloys to cater to diverse industrial applications.

Growing demand from the construction industry is driving the bolts market. Increasing investment in public infrastructure such as roads, bridges, airports, and other construction projects is fueling consumption. Rapid urbanization and the need for new residential and commercial construction in developing nations are further supporting market growth.

The market is witnessing increasing globalization. Leading bolt manufacturers are expanding their presence across international markets through partnerships, joint ventures, and acquisitions. This allows them to leverage local manufacturing capabilities and better serve construction companies working on global infrastructure projects. The Asia Pacific and Middle East regions are attractive destinations for western bolt manufacturers due to high infrastructure growth.

Market Key Trends

One of the key trends in the bolts market is growing demand for smart bolts. Smart bolts are enhanced with sensors to monitor parameters like tension load, fatigue load, stress, strain, and vibration in mechanical joints. They transmit real-time data to maintenance teams via wireless networks. This allows proactive monitoring of structural integrity and helps predict component failures. Smart bolts can reduce downtime and maintenance costs of machineries and infrastructure assets significantly. Their adoption is increasing across industries like aerospace, mining, and oil & gas.

Porter’s Analysis

Threat of new entrants: New entrants face high initial setup costs for manufacturing plants and global distribution channels.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials.

Threat of new substitutes: Threat from new substitutes is moderate as substitutes offer similar product functionality.

Competitive rivalry: Players compete on product quality, timely delivery, and pricing.

Geographical Regions

North America accounts for the largest share in the global bolts market, in terms of value. The region has several bolt manufacturers with an established distribution network. Asia Pacific is anticipated to witness the fastest growth during the forecast period. Countries such as China and India are manufacturing hubs with the presence of major bolt manufacturers.

According to our research, the fastest growing region for the bolts market is Asia Pacific based on increasing production and sales volumes led by countries such as China and India. These countries are witnessing rapid industrialization which is boosting the demand for bolts from various end-use industries. Furthermore, presence of cost-competitive manufacturing base is attracting market players to expand in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it