Bolts Market Overview: Market Size, Major Drivers And Trends
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The global bolts market is poised for expansion, with expectations to grow from $43.80 billion in 2022 to $46.24 billion in 2023, reflecting a robust Compound Annual Growth Rate (CAGR) of 5.57%. Looking ahead, the market is projected to reach $55.78 billion in 2027, sustaining a steady CAGR of 4.80%. The surge in market size is attributed to various factors, prominently the escalating number of construction activities.
- Growth Trajectory: The bolts market is set on a trajectory of consistent growth, propelled by an array of factors. The expected CAGR underlines the industry’s resilience and potential for sustained expansion.
- Construction Catalyst: A primary driver for the bolts market’s ascent is the upsurge in construction activities. These activities span a broad spectrum, encompassing the construction of buildings, structures, and infrastructure facilities. Bolts, including structural and anchor bolts, play a crucial role in securing various components, such as beams, joists, and foundations.
- Construction Boom: Notably, the U.S. experienced a surge in housing unit starts, with an estimated 15.6% increase in 2021 compared to the previous year. Additionally, the overall construction spending in the United States exhibited a substantial 16.3% growth from November 2020 to November 2022, reaching $1.84 trillion.
Industry Titans: Pioneers Steering Market Dynamics
Leading the charge in the bolts market are major players that wield significant influence, contributing to the industry’s growth and innovation. These players are pivotal in providing solutions that meet the diverse needs of the construction and manufacturing sectors.
- Key Market Players: Nippon Steel, Arconic Corporation, KAMAX Holding GmbH & Co. KG., Acument Intellectual Properties LLC, Keller & Kalmbach GmbH, and an array of other significant players are shaping the landscape of the bolts market.
Technological Winds of Change: Innovations Transforming the Landscape
A key trend sweeping through the bolts market is the infusion of technological advancements. Companies operating in this sector are actively embracing new technologies to stay ahead in a competitive market landscape.
- IoT in Bolts: An exemplary instance of technological innovation is the adoption of IoT technology in bolts. Strainlabs AB, based in Sweden, introduced IoT technology using bolts equipped with built-in sensors. These sensors facilitate the automatic monitoring of equipment and applications, offering a digital approach to industrial maintenance.
- Elongation Evaluation: This cutting-edge technology utilizes LED sensors to evaluate elongation in preloaded bolts. By providing alerts before a malfunction occurs, this approach ensures proactive maintenance, reducing the risk of unplanned production stoppages.
Segmenting Success: Understanding Market Dynamics
To gain a comprehensive understanding of the bolts market, a closer look at its segmentation based on type, material, grade, and end-user is essential. This segmentation provides valuable insights into the diverse applications and solutions catering to specific industry needs.
- By Type:
- Half Screw Bolt
- Full Screw Bolt
- By Material:
- Other Materials
- By Grade:
- Grade 5.8
- Grade 8.8
- Grade 10.9
- Grade 12.9
- Other Grades
- By End-User:
- Industry Machinery
- Other End-Users
Regional Dynamics: Asia-Pacific Leading the Way
In 2022, Asia-Pacific emerged as the largest region in the bolts market, showcasing robust industrial growth and significant construction activities. Looking forward, Asia-Pacific is poised to be the fastest-growing region in the forecast period.
- Regional Leadership: Asia-Pacific’s dominance underscores the region’s pivotal role in driving market trends. The robust industrial landscape and ongoing construction activities contribute to the region’s prominence.
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The Bolts Global Market Report 2023 provides an overview of the bolts market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The bolts market forecast analyzes bolts market size, bolts market share, leading competitor and their market positions.
The Table Of Content For The Bolts Market Include:
1. Bolts Market Executive Summary
2. Bolts Market Segments
3. Bolts Market Size And Bolts Market Growth Rate
4. Key Bolts Market Trends
5. Major Bolts Market Drivers
25. Key Mergers And Acquisitions In The Bolts Market
26. Top Bolts Companies
27. Bolts Market Opportunities And Strategies
28. Bolts Market, Conclusions And Recommendations
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