Future bolt demand generation
We’ve talked and written a lot about the challenges that are affecting the market and no doubt will continue to do so, but sometimes it doesn’t hurt to step back and look at the broader picture and long term positives.
While there is a fair bit of inventory in the market lingering on the shelves of wholesalers, distributors and manufacturers in the tail end of 2023, it’s incredibly likely it will all be swallowed up in the not too distant future because demand is increasing.
The global bolts market is expected to hit a value of $11.44 billion by 2030, a substantial rise on 2023’s value – $8.29 billion, according to ResearchAndMarkets.com. That represents as Compound Annual Growth Rate (CAGR) of 4.7% in the forecast period.
OK, these market research predictions rarely tell you that a sector is set to contract, I guess that doesn’t help anyone sell reports, but nevertheless the study makes some interesting points about demand generation.
Infrastructure projects, like transportation (nobody mention HS2), renewable energy installations and even smart cities are among the areas thirsty for bolts. The report also mentions how demand for sustainable and eco-friendly bolts through recycled materials and energy efficient processes is also likely to generate demand. It’s certainly an area to watch.
Another interesting one is ‘smart bolts’ – bolts with monitoring capabilities and sensor integration in smart cities and infrastructure projects. We’ve seen quite a bit of innovation in this area, through the likes of Nord-Lock and its Superbolt Load-Sensing Tensioner (LST), among others.
Later in this magazine, in an opinion piece about the tools market, our guest writer notes that smart devices are found throughout our lives, from smartphones to smart homes, smart kettles… therefore it’s only natural that the tools market will see the introduction of more smart products.
Can we then expect more smart product in the fastener market? Dubious? It probably seemed a bit far-fetched 10 years ago that there would be bolts in wind turbines that warn you if they are loosening.
Another broader point here is that innovation itself can lead to demand generation, that being the conjecture of this report. Arguably, the fastener industry has seen a lot of innovation around the product – in manufacturing processes, in handling the product in warehouses, Q/A labs, logistics, etc – but innovation in the product itself has sometimes been under estimated. The screw design dates back to the time of Archimedes, after all, but incremental efficiencies and improvements can provide a competitive edge and yes, generate new demand.
Jonathon Harker
Editor
