Global Bolts Market To Hit $81.1 Billion By 2030

                                   Continued projects and development in the construction and manufacturing industries are driving the growth of the global bolts market. According to a new report from Allied Market Research, the global bolts sector generated $46.8 billion in 2020, and is anticipated to generate $81.1 billion by 2030 — witnessing a CAGR of 5.7% from 2021 to 2030.

Bolts are a type of threaded fastener that are used to hold objects in place. Bolts typically consist of a head and a cylindrical body with threads, either throughout or along a portion of its length.

The rising number of construction activities across the globe has fueled the use of steel construction components, thereby increasing the use of metal fasteners as they are extensively used for joining various steel components. Properties of bolts such as high shear strength and ability of bolted joints to reduce temperature stresses in steel connections, fuels the use of bolts in the construction industry.

This rapid urbanization will also increase the demand for infrastructure such as metro rails and airport, further boosting the construction industry.

In addition, bolts are used in automotive industry for connecting various components of engine, drivetrain and body panels. Rapid growth of automotive industry in developing countries has boosted the demand for bolts market. Although the fluctuating cost of raw materials is, and has been, a concern, the demand from the automotive industry presenting new opportunities.

In fact, the automotive segment accounted for the largest share in 2020, contributing to more than one-third of the global bolts market, and is projected to maintain its lead position during the forecast period. This is because of increased reliance on and demand for private and public vehicles for transportation purposes.

The industrial machinery segment is expected to portray the largest CAGR of 7.6% from 2021 to 2030. The use of products such as processed food and beverages, home appliances, medical devices, and clothing has significantly increased in the past few years — all of which rely on production equipment.

Materials

Based on materials, the metal segment held the highest market share in 2020, accounting for 94% of the global bolts market, and is estimated to maintain its leadership status throughout the forecast period. Metal bolts are extensively used in the automotive and construction industries, owing to its high shear and tensile strength — which in turn, is acting as a driving factor for the segment.

Moreover, the plastic segment is projected to manifest the highest CAGR of 7.5% from 2021 to 2030. Plastic bolts have properties such as resistance to corrosion, UV rays, and high electrical and thermal insulating properties. Plastic is also lightweight and can be dyed to meet specific aesthetic requirements.

Region

Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for more than half of the global bolts market.

Market players

The top companies in the bolts industry include:

AB Steel Inc.
B&G Manufacturing
Big Bolt Nut
Brunner Manufacturing Co. Inc.
Fabory
Fastenal Company
KD Fasteners, Inc.
Keller & Kalmbach Gmbh
Reyher and Rockford Fastener Inc.