Growing Need For Replacement of Old Fasteners
Engineers have been utilizing fasteners in engineering structures since a longer period owing to numerous benefits associated with these fasteners. It is through the help of these fasteners only that engineers could assemble and de-assemble complex designs & structures and deploy across areas where large structures would not had been possible to carry. Hence it has been proved over the years how reliable the fasteners and the strength it provides to a structure. But over the years, upon repetitive wear and tear, there is a need for the replacement of the old fasteners for the protection of the engineered structures. The rising need for the replacement of old fasteners amongst engineers is thereby anticipated to drive the growth of the global smart bolts market.
Increasing Concern for Applying Over-Torque on Fasteners
Fasteners are used to join two non-threaded structures. They are also known to carry large amount of loads due to its structure. As a result, it is very important to understand how much amount of torque needs to be applied while tightening a fastener. Lack of expertise in handling fasteners might lead to the breakage or stripping of the thread and thereby damaging the fastener. With the advent in bolt technology and the development of the concept of smart bolts, engineers can now understand the amount of torque needed to tighten a fastener, thereby lowering the chances of damaging a fastener. The rising concern for applying over-torque on fasteners and the need to prevent such issues is thereby anticipated to drive the growth of the global smart bolts market.
The global smart bolts market is thriving on the back of growing need for technological advances in engineering solutions and the rising applications of bolts observed around the globe. Bolts serve a varied range of purposes in engineering science. Bolts are the most reliable form of fasteners and are simple to install and uninstall. Engineers prefer bolted joints for applications where frequent repairing service is required. Moreover, bolts can withstand high loads and in case they become loose over the time, the bolts can be tightened to retain their original strength. Additionally, depending upon the application of bolts, most industries use bolts made up of varied materials, such as steel, aluminum, plastic and others. As a result, these materials are strong, long lasting and resistant to corrosion. Bolts are also 100% recyclable and do not require any special heat treatment during installation or removal. Owing to such properties, bolts are a preferred choice amongst engineers. Furthermore, growing imports and exports of threaded bolts around the globe is also anticipated to promote towards the growth of the global smart bolts market. According to International Trade Centre (ITC), exports of threaded screws and bolts in the world increased from USD 13,816 Mn in the year 2010 to USD 20,289 Mn in the year 2018, and imports increased from USD 14,767 Mn in the year 2010 to USD 20,157 Mn in the year 2018.The global smart bolts market is anticipated to record a robust CAGR throughout the forecast period, i.e. 2020-2028. The market is segmented by build material into nickel alloy, stainless steel, alloy steel, duplex steel, copper, aluminum and others, out of which, stainless steel segment is anticipated to hold the largest market share on the back of several beneficial characteristics of stainless steel fasteners, such as, resistance to corrosion, provides savings in the long term, low maintenance as well as high strength of the alloy. Moreover, stainless steel fasteners possess an exceptional life cycle, are environment friendly and also 100% recyclable, and thus a preferred choice amongst the engineers. CLICK TO DOWNLOAD SAMPLE REPORT
Lack of Awareness and High Price of Smart Bolts
Many engineers around the globe are yet unaware about the benefits associated with the application of smart bolts. Few more lack knowledge on the application of these type of bolts. Additionally, high end-product cost might restrict the sales of smart bolts. Such factors are anticipated to act as a barrier to the growth of the global smart bolts market.
Our in-depth analysis of the global smart bolts market includes the following segments:
By Bolt Type
By Build Material
By End User Industries
By Distribution Channel
On the basis of regional analysis, the global smart bolts market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Europe is anticipated to hold the largest market share on the back of high demand for bolts across end user industries, coupled with increasing production of vehicles, home appliances and other industrial goods. Moreover, constant demand for advanced materials across the defense and manufacturing sector is also anticipated to contribute towards the growth of the smart bolts market in the region during the forecast period.
The global smart bolts market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.