Bolts Market Growth Accelerated by Rising Demand from Construction Industry

 

Bolts Market

Bolts are threaded fasteners that can insert into matching internal threads in another object and are used to fasten two or more objects together. They are commonly used in construction, industrial machinery, vehicles, and other manufactured goods where there is a need for a strong yet reversible connection between components. Bolts help bind structural elements like girders, rails, and beams in buildings and bridges. They ensure reliability and safety in automobiles by holding together chassis, engines, body panels, and other parts. The global bolts market is estimated to be valued at US$ 9.56 Bn in 2023 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:

Rising infrastructural development is one of the major drivers of the bolts market. Rapid urbanization and industrialization around the world has led to increased construction of roads, bridges, buildings, power grids, and other infrastructure which demands extensive use of bolts. According to the World Bank, global infrastructure spending is expected to increase from $3.4 trillion in 2020 to $4.5 trillion by 2030. The other driver of the bolts market is growth in automotive production. As vehicle manufacturing rises to meet consumer demand, more bolts will be required in automobiles. Global automobile sales increased by 3% in 2021 reaching $2.6 trillion according to IHS Markit. These drivers are expected to fuel remarkable growth in the bolts market during the forecast period.

 

SWOT Analysis

Strength: Bolts are very strong, durable, and can take heavy weights and loads. Bolts provide a secure connection between different parts or components and help maintain structural integrity. They are also cost-effective compared to other mechanical fasteners.

 

Weakness: Bolts need tightening tools like wrenches, drills or impact drivers to assemble or disassemble parts which makes the process difficult without proper tools. Loose bolts can ruin the connection between parts. Corrosion over time can reduce the strength of bolts.

 

Opportunity: The rising construction industry globally provides opportunity for growth of bolts market. Increasing investments in infrastructure projects, buildings, bridges will surge the demand. Growing automotive industry also drives the bolts market as they are essential components in vehicles.

 

Threats: Availability of alternative joining methods like welding, riveting, adhesive bonding poses threat. Economic slowdowns can negatively impact the construction and automotive industries thereby affecting bolts demand.

 

Key Takeaways

The Global Bolts Market Share is expected to witness high growth. The market size is forecast to increase from US$ 9.56 Bn in 2024 to US$ 17.31 Bn by 2031, growing at a CAGR of 18%

Regional analysis: The Asia Pacific region holds the highest share in the global bolts market due to high concentration of manufacturing industries and ongoing construction activities. Countries like China, India have witnessed tremendous economic growth and urbanization which has propelled the demand for bolts from construction sector. Additionally, presence of a large automotive industry in the region also drives the market. The region is expected to continue dominating the global bolts market during the forecast period.

 

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, Whiteley Corporation, and Steris PLC. 3M is a leading manufacturer and supplier of bolts for industrial applications. Reckitt Benckiser GroupPLC provides premium quality bolts for construction and infrastructure projects.

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