Bolts Market Size Worth $55.3 Billion By 2028 | CAGR: 4.3%

July 2023 | Report Format: Electronic (PDF)

Bolts Market Growth & Trends

The global bolts market size is expected to reach USD 55.3 billion by 2028, progressing at a CAGR of 4.3% from 2020 to 2028, according to a new report by Grand View Research, Inc. The rapid growth of building & construction industry, primarily in China and India, is expected to drive the demand for bolts over the forecast period.

Asia Pacific is expected to be a preferred market for manufacturers of bolts owing to the extensive use of conventional construction practices that account for a high demand for traditional fasteners including nuts and bolts. High demand for carbon and alloy steel bolts on account of superior strength exhibited by the materials is expected to benefit the industry growth. Growth in car production, primarily in Asia Pacific, coupled with high demand for bolts in aftermarket applications has translated into increased product demand in automotive sector.

Fluctuating raw material prices often lead to variations in the prices of bolts, thus, affecting the profit margins of companies across the value chain. The product cost heavily depends on the aggregate volume of raw materials produced and minimum lot sizes, which leads to a high variation in the procurement cost of the product for use in various applications. The price also depends on the purchase volume and duration of contract of product manufacturers with OEMs.

Bolts are manufactured strictly in line with the performance characteristics mandated for consumer industries, primarily for niche applications in automotive and aerospace industries. Most of the manufacturers in the market use similar technologies and methods to manufacture bolts, which may lead to low level of product differentiation. In addition, the coating of bolts with high-strength protective materials to prolong the functioning lifetime of the product is expected to emerge as a major trend in the industry.

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Bolts Market Report Highlights

M8 was the largest product segment in 2018, in terms of revenue, and is expected to generate a revenue of USD 9.5 billion by 2028, on account of its wide application scope in industrial and construction segments
GR 8.8 segment is expected to progress at a CAGR of 4.8%, in terms of revenue, from 2020 to 2028, owing to its extensive use in railroad equipment, motors, processing equipment, and engines
North America market was valued at USD 9.4 billion in 2018 owing to the presence of notable aerospace and automotive manufacturing companies coupled with the revival of construction renovation sector
The bolts market is dominated by the presence of large players operating through multiple sales channels such as direct and distributor-based supply, which aids them in grabbing a high market share.