The bolt (fastener) market is anticipated to grow at a CAGR of 4.1% in terms of revenue during the forecast period 2020 to 2027

LOS ANGELES, May 18, 2020 /PRNewswire/ -- The bolt (fastener) market size is expected to be worth around US$ 43,868.4 Mn by 2027, says by Acumen Research and Consulting.

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "Air Filters Market (By Type: Cartridge Filter, Dust Collector, HEPA Filter, Baghouse Filter; By Application: HVAC, Automotive, Bag House, Cleanroom, Gas Turbine; By End Use: Automotive, Commercial, Residential, Pharmaceutical, Semiconductor, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027".

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.

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The bolt (fastener) market is segmented on the basis of type, raw material, and application. By type, there are two types including 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 & construction, industrial machinery, home appliances, lawn & 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.

By type, half screw bolt dominated the bolt 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.

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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.

Some of the leading competitors are 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. Bolt (fastener) companies have announced mergers and acquisitions to strengthen their position in the bolt (fastener) industry. Major players are also moving into new regions and advanced technologies for the expansion of market share. For instance, a Newtown Company, Hafren Security Fasteners has launched a new purpose-built storage facility adjacent to its head office in 2020.

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