US: 1.646.568.9797 (24x5)
UK: 44.330.808.0580 (24x5)
Worldwide: 91.703.051.960 (24x7)
Industry Insights, Market Size, CAGR, High-Level Analysis: Bolts Market The global bolts market size was valued at USD 39.3 billion in 2018 and is expected to exhibit a CAGR of 3.8% from 2019 to 2025. Rising adoption of automated bolt fastening systems coupled with growing penetration of carbon and alloy bolts in various application industries is expected to bolster the market growth over the forecast period. The market has been witnessing extensive technological developments pertaining to the production of lightweight bolts for automotive and industrial applications, which is expected to increase their application scope. The market has also exhibited trends of sourcing high-quality materials and developing simple designs & structures that are convenient to assemble. The increasing number of large-scale infrastructure investment projects including hotels and hospitals in New York, Missouri, and Los Angeles is expected to boost the growth of construction sector, thereby, driving the demand for bolts in construction activities in the U.S. Furthermore, increased demand for energy-efficient construction solutions is one of the primary factors driving the industry. Rising demand for adhesives and pressure sensitive tapes in bonding and NVH applications in heavy machinery equipment is expected to hamper the demand for bolts. However, limited replacement scope for the aforementioned materials to provide impact resistance in heavy-duty applications are expected to limit the threat of substitution over the forecast period. Bolts are available in multiple types including metal and plastic or a combination of both. Metal-based bolts dominate the global market owing to their use in high-strength applications. These products are manufactured using various raw materials including stainless steel, aluminum, carbon steel, nickel, silicon, bronze, alloy steel, copper, brass, and titanium. Product Insights of Bolts Market Industrial bolts with dimensions M16 are projected to witness notable growth on account of a wide range of applications in heavy machinery equipment including deep sea rig irrigation. Moreover, the irreplaceability of such bolts in high- and low-temperature applications such as boilers and pressure vessels is projected to enhance their share in the global market. Stainless steel is the most commonly used material for production of bolts that are to be used in applications that demand high tensile strength, temperature resistance, and corrosion resistance. Martensitic, ferritic, and austenitic are the grades of stainless steel bolts, which are widely used in automotive and building & construction industries on account of their superior workability. Industrial bolts are widely used in steam and gas turbines for casing, rotor, and generator bolt connection applications. They are also used for mounting the main shafts and as foundation bolts. Accelerating technological and competitive forces coupled with changing customer expectations are expected to drive power sector in the near future, in turn, driving the product demand. M6 bolts is expected to advance at a CAGR of 3.6%, in terms of revenue, on account of high demand in the manufacture of furniture and small-sized equipment. Growth in the use of the product in the construction of industrial machinery is expected to further augment the market growth over the forecast period. Grade Insights GR 8.8 segment is expected to progress at a CAGR of 4.3% from 2019 to 2025, in terms of revenue, owing to extensive product use in railway track construction. Increasing number of metro rail projects across economies such as India is anticipated to positively impact the demand for GR 8.8 bolts over the forecast period. GR 8.8 is expected to witness robust growth on account of a wide range of applications in upstream exploration including mud pumps, masts, substructures, cranes, and engines. Furthermore, rising use of the product in midstream exploration such as flange & valve bolting in pipelines and storage facility construction is expected to positively impact the growth of GR 8.8 bolts segment. Bolts play a key role in the manufacture of motors & pumps and they undergo axial, radial, and tensile force. As a result, the grades need to be selected based on proper guidelines and defined industrial standards. High demand for advanced strength bolts with longer operational lifetime is expected to drive the industry over the forecast period. The performance of any machinery is a result of the components used in its production. The selection of specific bolts is considered as a key factor in the designing of machines. Thus, rising production of machinery for heavy-duty applications is expected to drive the demand for high tensile products, in turn, driving the demand for GR 10.9 and GR 12.9 bolts. Application Insights of Bolts Market Construction application segment is expected to advance at a CAGR of 4.9%, in terms of revenue, from 2019 to 2025. The expediting growth of construction industry on account of rising investments in residential and commercial constructions across the globe is expected to drive the bolts market over the forecast period. Growing construction industry is projected to drive the demand for construction equipment for material handling, excavation, drilling, paving, grading, and lifting. Furthermore, growing urbanization along with the development of smart cities & townships in emerging economies is expected to favorably impact bolts market growth. Aerospace has emerged as one of the major application segments in North America market owing to the presence of notable assembly and aerospace parts production bases. The growth of aerospace sector coupled with the rise of MRO activities in the region is expected to drive the product demand in the market over the forecast period. The demand for bolts is also expected to grow at a significant rate in various applications in electronics, shipbuilding, and marine sectors. Strengthening demand for carbon steel, alloy steel, and stainless steel bolts for the aforementioned applications on account of high corrosion resistance, durability, and impact resistance is expected to drive the market. Regional Insights of Bolts Market Asia Pacific was the largest consumer of bolts globally and the region accounted for 32.6% of the total market share, in terms of revenue, in 2018. The regional market is expected to witness notable growth over the forecast period. Increased rate of urbanization and industrialization in Asia Pacific, due to a rise in disposable income, is expected to propel the number of construction activities in the region, thereby, driving the market. Aerospace is expected to be an exponentially growing application segment in the regional market on account of growing investments in emerging economies from foreign companies. Major companies such as Boeing and Airbus have invested to expand production facilities in Asia Pacific, thereby, providing ample opportunities for the market growth. Europe was the second-largest regional market for bolts in 2018 with the high-volume production of vehicles, home appliances, and industrial & gardening machinery. Investment in aerospace & defense sector is projected to influence the demand for aerospace-grade bolts. Increased construction activities in Europe, due to low mortgage rate, are projected to propel the use of bolts in new construction and renovation activities. However, high labor cost is expected to negatively influence construction industry in the region, which, in turn, may result in sluggish market growth over the forecast period. Market Share Insights of Bolts Market The market has the presence of numerous players operating their businesses through high production volumes and wide product portfolios. The market players need to comply with various standards established by associations across the globe including ASTM, ASME, BS, DIN, and JIS to sell their products in international markets. Manufacturers produce their products based on design specifications provided by end users, which are limited to product dimensions and operating conditions. The product price is based on purchase volume and duration of contract with the OEMs. Several manufacturers in the market use similar technologies and methods to manufacture bolts, thus, leading to a low level of product differentiation. In addition, bolts are used and sold as standard products with limited differentiation, which results in higher competition in the market. Consequently, the product price is one of the key factors influencing the choice of suppliers for consumers. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Bolts Market Research Report This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global bolts market report on the basis of product, application, grade, and region: Product Outlook (Volume, Kilotons; USD Million, 2019 - 2030) M6 M8 M10 M12 M14 M16 M18 M20 M22 M24 M27 M30 M33 M36 M38 M40 M42 M44 M46 M48 M50 M52 M54 M58 M60 Others Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030) Construction Petrochemical Heavy Machine Equipment Automotive Aerospace Home Appliances Lawn and Garden Motors and Pumps Furniture Plumbing Products Others Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030) GR 5.8 GR 8.8 GR10.9 GR 12.9 Others
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Information Procurement 1.3. Purchased Database 1.4. GVR’s Internal Database 1.5. Secondary Sources 1.6. Third Party Perspective 1.7. Primary Research 1.8. Information Analysis 1.9. Data Analysis Models 1.10. Market Formulation and Data Visualization 1.11. Data Validation and PublishingChapter 2. Exec | read more...