Bolts are threaded fasteners designed to join two or more objects tightly together. They are commonly used in diverse applications such as construction, machinery, transportation, furniture amongst others. Bolts offer stability and structural integrity as they distributes load uniformly across a surface area making them ideal for heavy-duty applications such as joining structural beams, girders, and other load-bearing joints in construction. The global Bolts Market is estimated to be valued at US$ 9.56 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rapid growth in the construction industry worldwide presents a huge opportunity for bolts market players. The industry is growing steadily owing to increasing infrastructure development projects, residential & commercial construction activities especially in developing economies of Asia Pacific and Middle East Africa. As bolts are crucial for structural framing and joining various construction materials, growth in construction output will directly augment the demand for bolts in the coming years. Industry experts estimate the global construction industry to witness a projected growth of over 85% by 2031 thus presenting lucrative prospects for bolts market expansion. Bolts manufacturers can gain a competitive advantage by partnering with major construction firms and prefabricated construction material players to secure a stable supply chain.
Porter’s Analysis
Threat of new entrants: Low capital requirement however established presence of key players makes entry difficult. Key players invest heavily in R&D and brand building.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes however established brand loyalty increases switching cost.
Bargaining power of suppliers: Few large suppliers for raw materials hold moderate bargaining power however, not being unique they cannot dictate prices.
Threat of new substitutes: Threat of substitutes is moderate as bolt industry offers application specific product range. Quality certifications make switching difficult.
Competitive rivalry: Intense competition among key global players to gain market share. Players differentiate through innovation, quality and service.
SWOT Analysis
Strength: Wide range of application in automotive, industrial machinery enhances demand. Established global distribution and supply chain is a strength.
Weakness: Fluctuating raw material prices impacts margins. Lack of skill sets for advanced manufacturing is a challenge.
Opportunity: Growth in construction and infrastructure sector opens new opportunities. Developing regions to drive future demand.
Threats: Stringent regulations regarding product quality and environmental standards increases compliance cost. Energy costs impact profitability.
Key Takeaways
The Global Bolts Market Share is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is US$ 9.56 Bn and is projected to reach over US$ 17 Bn by 2031, growing at a CAGR of 18%.
Regional analysis indicates that Asia Pacific dominates currently with over 40% market share led by China, India, Japan and South Korea. Growth rates are fastest in Central and South America backed by infrastructure development projects.
Key players operating in the bolts market are 3M, Reckitt Benckiser Group PLC, Procter & Gamble, Cantel Medical Corporation, The Clorox Company, Ecolab, SC Johnson Professional, Whiteley Corporation, and Steris PLC. 3M is the global market leader with wide product range and strong distribution network worldwide.
Get More Insights Here
https://www.ukwebwire.com/bolts-market-analysis-share-growth-outlook-2023
Comments
0 comment