by The bolts market offers various advantages such as durability, cost-effectiveness, and reusability. Bolts are used widely in the construction industry for activities such as joining structural members like beams to columns or joining pipes or vessel panels. They are also used for mechanical fastening purposes in various industrial applications. The global construction industry has been witnessing significant growth over the past few years due to increasing infrastructure development projects in developing economies. This rising construction activities fuel the demand for bolts for applications like joining steel structures.
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 Growth are 3M, Reckitt Benckiser Group PLC, Procter & Gamble, Cantel Medical Corporation, The Clorox Company, Ecolab, SC Johnson Professional, Whiteley Corporation, and Steris PLC.
The bolts market offers considerable growth opportunities through expanding product offerings and tapping emerging economies with rising infrastructure activities. Additionally, players can focus on offering customized and innovative fastening solutions for different end-use industries.
Globally the demand for bolts is anticipated to increase significantly driven by the expansion of the construction industries across developing Asian countries like India and China. The increasing government investments in public infrastructure will positively influence the bolts consumption over the coming years.
Market drivers
One of the key drivers for the bolts market is the ongoing infrastructure development projects globally. There has been a substantial increase in government investments to upgrade and develop transportation, power, and building infrastructure. This rise in construction and infrastructure expenditure significantly contributes to the demand for bolts for assembly and joining applications. Developing economies witnessing high urbanization are expected to generate substantial bolt requirements during the forecast period.
PEST Analysis
Political: Bolts market is regulated by quality and safety standards set by governments. Changes in import/export duties and regulations can impact availability and prices of bolts.
Economic: Changes in economic conditions influence demand from key end-use industries like automotive, infrastructure, manufacturing etc. which directly impacts bolts market.
Social: Rising incomes increase discretionary spending on vehicles and consumer durables boosting demand. Growth in DIY trend increases home improvement activities using bolts & fasteners.
Technological: New joining technologies impact demand. However, bolt being a basic fastener still sees wide application due to ease of installation, reusability and cost advantages. Emphasis on lightweight and durable fasteners influences product development.
Geographical Regions with highest market share
The Asia Pacific region holds the major share in the bolts market in terms of value, led by countries like China, India, Japan etc. This is attributed to presence of large automotive, industrial manufacturing and construction industries which are major bolt consumers. The region accounts for over 40% of global bolt demand and consumption.
Fastest growing region
The market in Middle East & Africa region is expected to witness the highest growth during the forecast period. This can be attributed to ongoing infrastructure development projects, industrialization and rising vehicle demand in developing countries. Government initiatives to diversify economies and boost manufacturing are propelling bolt consumption. The regional market is estimated to expand at a CAGR of around 25% between 2024-2031.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
