- Smart bolts are tension indicating threaded fasteners that are used to bind two or more unthreaded structures. Improper amount of torque applied to the bolts might break or strip the thread of the bolts.
- With the help of the indicators present in smart bolts, mechanics can understand the amount of torque that needs to be provided to the bolts.
- However, concerns for high price of product along with lack of awareness about the proper utilization of smart bolts among mechanics are some of the factors expected to act as a barrier to market growth.
Smart bolts are tension-indicating threaded fasteners used to bind two or more parts to threaded structures. An improper amount of torque applied to the bolts might break or strip the thread of the bolts. Over the years, engineers had the concern to withstand damage of bolts as it was not possible to understand how much torque was necessary to apply while wrenching the bolts.
With the help of the indicators present in smart bolts, mechanics can understand the amount of torque that needs to be provided to the bolts. The increasing concern for the damage caused by applying over-torque on fasteners, coupled with the need to replace old fasteners in engineering structures are some of the factors anticipated to drive the growth of the global smart bolts market.
Moreover, a growing need for technological advances in engineering solutions and the increasing application of bolts in end user industries along with rising imports and exports of threaded bolts around the globe are some of the factors that are also anticipated to promote growth of the global smart bolts market.
Research Nester has released a report titled “Smart Bolts Market – Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The International Trade Centre (ITC), in one of its statistics stated that exports of threaded screws and bolts in the world peaked to $20,289 Mn in the year 2018 from $13,816 Mn in the year 2010. Furthermore, imports for the product peaked to $20,157 Mn in the year 2018 from $14,767 Mn in the year 2010.
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The global smart bolts market is anticipated to record a robust CAGR during 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. Among these segments, stainless steel segment is anticipated to hold the largest market share on account of the alloy’s resistance to corrosion, along with low maintenance of stainless-steel bolts and high strength provided by the bolts to the engineered structure.
Geographically, the global smart bolts market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, Europe is anticipated to hold the largest market share on account of presence of industries that demand greater use of bolts, along with the increasing production of vehicles, home appliances and other industrial goods. Moreover, increasing demand from defense and manufacturing sector for advanced materials is also anticipated to promote towards the growth of the market in the region in the upcoming years.
However, concerns for high price of product along with lack of awareness about the proper utilization of smart bolts among mechanics are some of the factors expected to act as a barrier to growth of the global smart bolts market.
This report also studies existing competitive scenario of some of the key players of the global smart bolts market, which includes profiling of Industrial Indicators, Rimco Overseas, Surecon Fastening & Engineering Pvt. Ltd., McMaster-Carr Supply Company, Bertfelt Teknik AB, TurnaSure LLC, Valley Forge & Bolt Mfg. Co., and Applied Bolting Technology Products.