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The Expanding Construction Sector Is Anticipated To Open Up New Avenues For The Bolts Market11/29/2023 The Bolts Market is estimated to be valued at US$ 8.29 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Bolts are threaded fasteners used to mechanically join two or more objects together. They are fabricated from materials like steel, stainless steel, and aluminum. Bolts find widespread applications in diverse end-use industries such as automotive, machinery, construction, aerospace, and electronics. In the automotive industry, bolts are extensively used in automotive assembly, engine building, transmissions, and chassis attachments. The construction sector also utilizes bolts on a large scale for connecting beams, structural frames, panels, and other building components. Market Dynamics: The expanding construction sector globally driven by rapid urbanization and infrastructure development projects is a major driver for the bolts market growth. Urbanization has led to a boom in residential & commercial construction activities across developing nations. According to the UN, around 68% of the world population is projected to live in urban areas by 2050. This rising rate of urbanization will augment the demand for bolts in construction applications over the forecast period. Furthermore, governments around the world are heavily investing in developing and upgrading transportation, energy, and other public infrastructure which will further propel the bolts market expansion. However, the availability of alternative joining methods such as welding can hinder the market growth. Technological advancements in bolts manufacture introducing features like self-locking and color coding can present new opportunities for market players. Segment Analysis The bolts market can be segmented by material, product type, and end-use. Steel bolts dominate the market currently, accounting for around 70% share owing to their wide applications and moderate cost. However, the demand for stainless steel bolts is growing substantially in the automotive and marine industries due to their corrosion resistance property. PEST Analysis Political: The bolts market is not directly impacted by political factors. However, new infrastructure development plans and investment in the construction sector by various governments positively influence market growth. Economic: Rapid urbanization and industrialization in emerging economies are driving demand for bolts from end-use industries. Additionally, recovery in the automotive production post-COVID is fueling market expansion. Social: Increasing home ownership and real estate investments augment the need for bolts in various construction activities. Moreover, rising consumer spending on automobiles supports market growth. Technological: Advancements in material properties and coating techniques help manufacturers develop innovative bolts with superior strength, corrosion resistance, and lifespan. This drives adoption across industries. Key Takeaways The Global Bolts Market Demand is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing investments in the construction and automotive industries. The Asia Pacific region currently dominates the market and is expected to maintain its lead, growing at a CAGR of over 5% till 2030. China and India are major markets contributing to growth owing to ongoing infrastructure projects and rising vehicle production. Regional analysis: Asia Pacific accounts for around 35% share of the global bolts market led by China, India, and Japan. The growing construction activities and automotive sector in the region are major demand drivers. North America is another prominent market growing due to recovery in vehicle manufacturing while Europe follows supported by infrastructure development projects. Key players operating in the bolts market include Fabory, Fastenal Company, Würth Industrie Service GmbH & Co. KG, REYHER, KELLER & KALMBACH GmbH, AB STEEL, Brunner Manufacturing Co., Inc., KD FASTENERS, INC., ckford Fastener, Inc., AMARDEEP STEEL, and Viha Steel & Forging. The players are involved in expansions, new product launches, and partnerships to strengthen their distribution network and presence across regions. Read More: https://www.newsanalyticspro.com/bolts-market-forecast-analysis-and-growth/
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