Rise in infrastructure investments in the U.S., growth in the industrial machinery manufacturing sector, and advantages of bolts manufactured with cold headed process drive the growth of the U.S. cold headed large bolts market.
PORTLAND, Ore., June 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "U.S. Cold Headed Large Bolts Market by Size (1 Inch, 1-1/8 Inch, and 1-1/4 Inch) and Application (Automotive, Aerospace, Construction, Industrial Machinery, and Others): Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the U.S. cold headed large bolts industry generated $75.3 million in 2020, and is anticipated to generate $120.4 million by 2030, witnessing a CAGR of 4.8% from 2021 to 2030.
Prime determinants of growth
Rise in infrastructure investments in the U.S., growth in the industrial machinery manufacturing sector, and advantages of bolts manufactured with cold headed process drive the growth of the U.S. cold headed large bolts market. However, fluctuating costs of raw materials hinder the market growth. On the other hand, increase in demand from the automotive industry in the U.S. presents new opportunities in the coming years.
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The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the U.S. cold headed large bolts market.
The pandemic had halted the production facilities of the bolt industry and disrupted the supply chain, owing to the implementation of lockdown.
However, the market is going to recover soon in 2022 as bolt manufacturers are focusing on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.
The 1 inch segment to maintain its leadership status throughout the forecast period
Based on size, the 1 inch segment held the highest market share in 2020, accounting for nearly two-fifths of the U.S. cold headed large bolts market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 5.5% from 2021 to 2030. The 25.4 mm or 1-inch bolts made with cold headed process are extensively used in automotive applications, such as interior and exterior trim, body, and assembly systems, which in turn, boost the growth of the segment.
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The automotive segment to maintain its lead position during the forecast period
Based on application, the automotive segment accounted for the largest share in 2020, contributing to more than one-fourth of the U.S. cold headed large bolts market, and is projected to maintain its lead position during the forecast period. The demand for private and public transportation vehicles in the U.S. has expanded drastically as the population of the country has increased, which is sequentially driving the segment. However, the construction segment is expected to portray the largest CAGR of 6.3% from 2021 to 2030, owing to rise in the global population, rapid urbanization, and growth of the manufacturing sector.
Leading Market Players
Chase Fasteners Inc.,
Birmingham Fastener and Supply Inc.
Brunner Manufacturing Co., Inc.
Byora U.S.A. Corporation
Elgin Fastener Group
Fastco Industries, Inc.
Grandeur Fasteners, Inc.
Universal Rivet Inc.
Valley Fastener Group, LLC
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