DUBLIN--(BUSINESS WIRE)--The "Bolts Market by Type, Material and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global bolts market was valued at $46,854.3 million in 2020, and is projected to reach $81,174.7 million by 2030, registering a CAGR of 5.7% from 2021 to 2030.
Bolts are a type of fastener that consist of a head and a cylindrical body with threads either throughout or along a portion of its length. Bolts are extensively used to secure objects in their position.
Full screw and half screw are the two major types of bolts. Bolts are installed in the precut bolt holes to secure two or more components. Bolts are extensively used for connecting various components in automotive manufacturing, aerospace manufacturing, construction projects and industrial machineries. Increasing investments in construction activities and various government initiatives to boost automotive industry propels the growth of the bolts market.
An increase in construction activities across the globe and growth of aerospace industry creates a demand for bolts. However, fluctuation in raw material prices and increase in energy prices may hamper the market growth. Furthermore, increasing purchasing power of masses in developing countries has boosted the demand for automobiles, thereby fueling the automotive industry and providing lucrative growth opportunities for the bolts market.
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