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The bolt (fastener) market size is expected to be worth near U.S.$ 43,868.4 M by 2027, says by Acumen Research and Consulting, a global provider of market research studies
Bolts are a form of threaded fastener with an external male thread, these are closely related to screws, but have several practical differences. A bolt is the aggregation of two unthreaded components with the addition of a nut.
Various types available in the market include anchor bolt, arbor bolt, carriage bolt, elevator bolt, hanger bolt, hex bolt, lag bolt, rock bolt, Chicago bolt, shoulder bolt, and u-bolt.
In a recently published report, “Air Filters Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027,” Acumen found that (by type) the half-screw bolt dominated the market with the maximum share in 2019. Half-screw bolt holds force at the threaded end. The segment accounted for the major share i.e. more than 60% share on the basis of type in the global market.
The bolt (fastener) market is segmented on the basis of type, raw material, and application. By type, there are two types, including the half-screw bolt and full-screw bolt. By raw material, plastic and metal fasteners are available in the market. Additionally, it has applications across automotive, aerospace, building and construction, industrial machinery, home appliances, lawn and garden, motors and pumps, furniture, plumbing products, and others.
In 2019, the metal segment has registered maximum market share by raw material in the bolt (fastener) market. The segment particularly accounted for the major share from the heavy-duty application, where metal bolts can provide greater advantage of support. Over the forecast period, some applications of the segment are projected to get replaced with the plastic fasteners particularly in the automotive sector.
Additionally, plastic bolts are anticipated to register the fastest growth over the forecast period. The lightweight and lesser cost associated with the plastic fasteners are anticipated to favor the segmental growth over the forecast timeframe.
The market
Asia Pacific is projected to experience the fastest growth in the global bolt (fastener) market over the estimated timeframe from 2020 to 2027. The region is particularly gaining growth on account of the increasing demand from automotive, home appliances, and furniture among others.
The region is also gaining growth on account of increasing investment by major manufactures in the developing economies of the region including China and India. The advancement in bolts (fastener) market such as hybrid fasteners and miniature fastener is further projected to contribute to the regional market growth.
Key observations
- In 2020, Xingyi fasteners, appointed Harry Duif as the international sales manager for expanding its presence in the European market.
- Makita U.S.A., Inc. has launched XPS, the industry’s new line of bits and fastening accessories in 2020. The unique features include Exact Fitment, Pulse Torsion Rings and Zone, and Unique Steel Blend.
- Würth Industry North America (WINA) has signed a national agreement with Markforged. The agreement is a strategic move to serve the needs of Würth Industry’s customers in the general manufacturing market, as well as heavy equipment, oil & gas, and transportation. Moreover, Markforged is a leading provider of industrial metal and carbon fiber 3D printers.
- In 2020, Hilti has launched connected fasteners, enabling unique identification and digital documentation on the jobsite. Documentation of every anchor, screw, and bolt installed by hand is time-consuming and inefficient for solving the issue Hilti’s technology provides specifiers and contractors a solution that is easy-to-use and more productive. Every fastener is uniquely identifiable and traceable with data matrix code (DMC).
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