The global bolt (fastener) market size is expected to reach around US$ 43,868.4 Mn by 2027 and growing at a CAGR of 4.1% during forecast period 2020 to 2027.
A bolt is a mechanical threaded fastener with an external male thread usually used with a nut (female member) for connecting two or more parts. Bolt has a cylindrical body with a head and screw thread along with the portion of its length. The bolted joints are easy to disassemble and reassemble, which makes it a preferred choice. Additionally, it plays an important role in the development of mass-produced articles and steel structures.
The increasing automotive production and rapidly growing construction sector are primarily driving the market value. The growing demand for fasteners in the aerospace industry is further supporting the market value. The increasing demand for hybrid fasteners and miniature fastener in the manufacturing industry is additionally accelerating the market value. Rising automation in the manufacturing processes is further expected to contribute to the market value. Moreover, the internal substitution of metal fasteners by plastic fasteners in automotive and other applications is projected to create potential opportunities over the estimated period.
On the other hand, fluctuating cost of raw material and availability of substitutes such as adhesive and tapes is projected o hamper the growth over the forecast timeframe.
Metal segment accounted for the major share in the market
By raw material, the metal segment leading the market with major share in terms of value. The importance of metal fastener in heavy-duty applications is supporting the segmental value. Apart from this, the plastic fastener is projected to experience the fastest growth over the estimated period from 2020 to 2027 owing to the increasing demand for lightweight substitutes of bolts in automotive and aerospace sectors. Plastic fasteners are manufactured from materials including polyacrylamide (PAM), polycarbonate (PC), polyurethane (PUR and PU), polyvinyl chloride (PVC or Vinyl), polystyrene (PS), polyethylene, and nylon.
The market research study on “Bolt (Fastener) Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Bolt (Fastener) market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Bolt (Fastener) market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Bolt (Fastener) market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The Bolt (Fastener) market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific is projected to experience fastest growth over the estimated period
Asia Pacific region is expected to register the fastest growth over the forecast timeframe from 2020 to 2027. The region is particularly gaining growth on account of its major economies including Japan, China, and India. The rapidly growing economic condition of China and India is supporting the expected major CAGR (%). The ongoing industrialization, increasing construction activities, and rapidly expanding automotive sector owing to the increasing disposable income are some of the important factors driving the regional market value.
The players profiled in the report include Acument Global Technologies, Araymond, Arconic Inc., ATF Inc., CISER, Dokka Fasteners Inc., Illinois Tool Works Incorporated (ITW), Infasco, KAMAX, LISI Group - Link Solutions for Industry, Nippon Industrial Fasteners Company (Nifco), Nucor Fastener, Penn Engineering, Precision Castparts Corporation, Stanley Black & Decker, Inc., and Würth.
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