Bolts Market Size was valued at USD 40.6 Billion in 2023. The Bolts Market industry is projected to grow from USD 42.6 Billion in 2024 to USD 59.98 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2024 - 2032). The Increasing demand for commercial and residential housing developments and government infrastructure investment are expected to be significant market drivers for the Bolts Market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for Bolts is driven by the growth of the construction sector and technological advancements. The incredible demand for the bolts market is boosted by the construction of new infrastructure bases, which include buildings, bridges, roads, and so on, since bolts are an essential component of construction. Construction starts in the U.S. came up to $912 billion last year, having increased 16.7 % as compared to 2021. A megaproject record value (projects valued over $1 Billion) was reached in 2022, with 31 megaprojects put into effect for a total value of $105.3 billion. Non-residential building starts increased by 36.7% directly from new factory buildings entering the market. Construction starts of new buildings jumped up to $912 billion from the previous year at a 16.7% rate of growth. As per Statistics Canada (February 2023), the construction investment in the building industry saw a month-on increment of 1%, which was equal to $20.6 billion. On the other hand, capital investment in non-residential construction, which is equivalent to $208,780.5 million, increased by 3.8% from the year before.
Technology progresses further and new materials, as well as production methods, are becoming available that can increase the strength, durability, and performance of bolts. This will make it possible to design or create new bolts that are more effective and energy-saving. Such bolts or products can be beneficial to both consumers and manufacturers. For example, 3D printing applications successfully produce bolts with complicated shapes, which is considered impossible with traditional prototyping methods. This gives the bolts a competitive advantage regarding strength, weight, and efficiency, which latter happen to be better than their traditional counterparts. Furthermore, bolts are plated with different materials; zinc is among those used to increase their durability against corrosion, rust, and other detrimental effects. Connected smart bolts with in-built sensors are on the market these days, and they are used to figure out alterations in temperature, pressure, and other metrics. As a result, it is anticipated that throughout the projection period, demand for the Bolts Market will increase due to the growth of the construction sector and Technological advancements. Thus, driving the Bolts Market revenue.
The Bolts Market segmentation, based on Product, includes M6, M8, M10, M12, M14, and Others. The M6 segment dominated the market, accounting for 58% of market revenue. M6 is one of the most common fasteners used in applications where small bolts are required, but they have to provide sufficient strength and durability. Innovations in technology and engineering have led plenty of industries to find even the most inventive uses of M6 bolts, which has consequently led to a rise in demand.
The Bolts Market segmentation, based on Application, includes Construction, Petrochemical, Heavy Machine Equipment, Automotive, Aerospace, and Others. The Construction segment dominated the market, accounting for 58% of market revenue. Bolts are needed to interconnect various elements of the structure, for example, beams, columns, and trusses. The reason for this is that bolts represent a connection that holds a strong and sure strength. This attribute introduced equilibrium and safety. It can be used to anchor heavy gear to concrete or other aids. The requirement arises to see that the machine remains stable and does not move in the applications that may get risky. It has also proved to be useful for the repair of the existing infrastructure. For instance, a bolt can be employed to bind a steel plate to the affected portion of a crack, thus, practically repairing the beam.
The Bolts Market segmentation, based on Grade, includes GR 5.8, GR 8.8, GR 10.9, GR 12.9, and Others. The GR 8.8 segment dominated the market, accounting for 60% of market revenue. GR 8.8 is likely to expand significantly as a result of an extensive range of upstream projects such as high pressure pumps, masts, substructures, cranes, and engines. Therefore, the increasing consumption of the product during mid-stream development, including flange and valve bolting in pipelines and construction of storage facilities, is likely to furnish the rise of the GR 8.8 bolts segment.
Figure 1: Bolts Market, by Grade, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The anticipated expansion of the Endoscopic Ultrasound needle market in North America can be attributed to several key factors. The development of diverse industries like automotive, aerospace, etc., are the major contributors to the consumption of bolts in the market. The thriving manufacturing industry of the United States and the huge infrastructure projects carried out by the country are also major reasons for such demand. The federal government spent $ 44.8 Billion on infrastructure and transferred $81.5 Billion to the states by 2023. FEMA has issued over $210.0 million for the restoration and reconstruction of infrastructure damaged by the hurricanes, tornadoes, and flooding that happened in 2023.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: BOLTS MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Bolts Market accounts for the second-largest market share as Bolts are irreplaceable elements that tightly fix all parts from engine to chassis and body panels on a conveyor belt. With the changing competence in the automotive sector, which is now focused on the use of electric vehicles (EV) and lightweight materials for extreme fuel efficiency and better performance, demand has increased for bolts that can be fitted into these requirements. Driven by the positive sales of 2017, the growth of new car sales worldwide almost reach 10% in 2022. The year 2021 saw vehicle sales increase by approximately 14% within the EU, with nearly 10.5 million vehicles sold. Globally, car production reached 76 million units, which represents a record of nearly 10.2% growth. The EU became the second-largest global car producer after exports of 12.1 million units, which showed an increase of 11%. Further, the German Bolts Market held the largest market share, and the UK Bolts Market was the fastest-growing market in the European region.
The Asia-Pacific Bolts Market is expected to grow at the fastest CAGR from 2024 to 2032. The Asia Pacific area also functions as a highly important exporter of bolts, with several of the large producers there supporting their development and contributing to the region's overall economic growth. The urbanization and infrastructure development in the region are accompanied by a rapid tempo. So, bolts will be in demand in building applications such as structural steelwork, scaffolding, and concrete reinforcement. India's urban population is reportedly approximately 508,368,361 in 2022, a 2.05% increase compared to the 2021 figure of 498,179,071, which also shows a 2.15% rise between 2020 and 2021. The population share in mid-year by 2035 for urban dwellers will be 43.2%, according to a report by the UN. Moreover, China’s Bolts Market held the largest market share, and the Indian Bolts Market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Bolts market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Bolt's industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Bolts industry to benefit clients and increase the market sector. In recent years, the Bolts industry has offered some of the most significant advantages to the construction, manufacturing, automotive, and infrastructure sectors. Major players in the Bolts Market, including Fabory, Fastenal Company, Würth Industrie Service GmbH & Co. KG, REYHER, AB Steel Inc., Brunner Manufacturing Co., Inc., KD FASTENERS, INC., KELLER & KALMBACH GmbH, Rockford Fastener, Inc., Viha Steel & Forging are attempting to increase market demand by investing in research and development operations.
A.B. Steel, the ironworking union company, is owned by Jennifer Abraham and is located in Allentown, Pennsylvania. The company provides installation of reinforcing steel, which comes with comprehensive 24-hour mill maintenance and emergency operations. Similarly, construction services comprise the installation of factory-built structures and steel erection. A.B. Steel, Inc. provides a talent pool of well-trained, responsible personnel with a desire and commitment to perform for every contract and project that comes their way. Pipes and Tubes with the most precise characteristics are fully lined up with the strictest standards. A & B Steel Company manufactures Stainless Steel Pipes, Tubes, Fittings, Flanges, Sheets, Plates, Coils, Rods, Wires, and alike.
Brunner started its journey in Elroy, Wisconsin, in 1963 and was officially incorporated as Brunner Drilling and Manufacturing Company Inc. in 1966. The Company was established as a small-scale manufacturing company with few employees who focused their activities mainly on drilling parts. Over the period, as the Company continued growing, its product lines increased from pins and fastening products to bolts. In the process, the Company also offered its customers more products combined with more value-added services, as in the case of distribution. The Company increased its geographical spread in 1990 with the commencement of an outlet in Greenwood, South Carolina. Moreover, with the demand for Original Equipment Manufacturing (OEM) products rising in the southeast, Brunner added the Greenwood site to support its customer base in the southeast.
June 2023: Lubrinox introduced bolts, nuts, and fasteners featuring an advanced lubricating coating designed to prevent the fusion of inner and outer threads in stainless-steel connections.
August 2022: Dokka Fasteners produced top-tier, high-tensile fasteners tailored for rigorous industrial uses. Their market encompasses heavy machinery like cranes and steel structures, offshore sectors such as oil and gas, as well as wind turbines supplying foundations, towers, nacelles, and blades.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 40.6 Billion |
| Market Size 2024 | USD 42.6 Billion |
| Market Size 2032 | USD 59.98 Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, Grade, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Fabory, Fastenal Company, Würth Industrie Service GmbH & Co. KG, REYHER, AB Steel Inc., Brunner Manufacturing Co., Inc., KD FASTENERS, INC., KELLER & KALMBACH GmbH, Rockford Fastener, Inc., Viha Steel & Forging |
| Key Market Opportunities | · Growing demand for eco-friendly bolts made from materials such as recycled steel or biodegradable plastics |
| Key Market Dynamics | · Increased rate of urbanization and industrialization |
Frequently Asked Questions (FAQ) :
The Bolts Market size was valued at USD 40.6 Billion in 2023.
The global Endoscopic Ultrasound needle market is projected to grow at a CAGR of 5.00% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are Fabory, Fastenal Company, Würth Industrie Service GmbH & Co. KG, REYHER, AB Steel Inc., Brunner Manufacturing Co., Inc., KD FASTENERS, INC., KELLER & KALMBACH GmbH, Rockford Fastener, Inc., Viha Steel & Forging.
The M6 segment dominated the market in 2023.
The Construction segment had the largest share in the global market.
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