Bolt (Fastener) Market Overview:
The Bolt (Fastener) are devices used to mechanically connect two or more components, devices or surfaces. Commonly used brackets include nails, screws, nuts, bolts, clips, rivets, pins and washers. The basic requirements for wearers are that they must be strong enough to cope with stress and pressure, that they are profitable, easy to handle and resistant to corrosion and aesthetics. You will find applications in a variety of areas such as automotive, construction, electronics, machinery, industry and other everyday applications. Increased demand for cars, especially in countries such as China, Brazil and India, is an important factor that is expected to contribute to the growth of the fastener market in the expected period. However, the introduction and implementation of high anti-dumping duties by the European Union is likely to hinder the worldwide demand.
Bolt (Fastener) Market Size:
Bolt (Fastener) Market was valued at USD xx million in 2015 and estimated to generate revenue of USD xx million by 2023 growing at a healthy CAGR of xx% during 2015 to 2023.
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Bolt (Fastener) Market Drivers and Restraints:
These fasteners are used in a variety of applications, including construction, automotive, consumer goods, industrial and home appliances, as well as other OEM segments. These applications are expected to increase the demand for this market in the coming years. Other factors, such as the increase in construction activity and industrialization, are expected to drive demand for these fasteners. The demand for fasteners in the construction sector is likely to be higher due to increased construction activity in Asia-Pacific. Renovation and restructuring activities in the mature markets of North America and Europe are expected to contribute significantly to the demand for fasteners in the construction industry. Demand for automotive OEM fasteners is expected to be above average due to the increasing demand for automobiles in countries such as China and India because of the increasing disposable income of consumers. In addition, replacement activities are very common in North America and Europe, which are expected to increase global demand for industrial fasteners in the OEM automotive sector over the forecast period.
Bolt (Fastener) Market Geographical Segmentation:
Asia-Pacific represented the largest demand for industrial fasteners, followed by demand in Western Europe. Asia-Pacific accounted for 40% of the total market in the previous years. The rapid industrialization, which has led to an improvement in economic conditions, has led to an increase in the construction of residential and non-residential buildings. In addition, industrialization in this region has led to growth in the OEM machinery market. The favourable economic conditions have led to an increase in disposable income for consumers, which is promoting the demand for durable goods. It is expected that the economic conditions of the countries in the rest of the world, such as Brazil, will increase the demand for fasteners in the near future. On the other hand, increasing construction activity in the Middle East and Africa is expected to further boost demand for fasteners market.
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Key Players of Bolt (Fastener) Market:
Key players in the market include Alcoa Incorporated, Illinois Tool Works Incorporated, LISI Group, NIFCO and Precision Castparts Corporation. Other star performers include Penn Engineering & Manufacturing Corporation, Stanley Black & Decker and ITW.
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