How Has the Machine Shops Turned Product And Screw Nut And Bolt Market Evolved Historically and What is its Current Size?
The machine shops turned product and screw nut and bolt market has seen considerable growth due to a variety of factors.
• In recent times, the market size of the machine shop, turned product, and screw, nut, and bolt sector has demonstrated robust growth. The market is forecasted to develop from $495.52 billion in 2024 to $527.37 billion in 2025, indicating a Compound Annual Growth Rate (CAGR) of 6.4%.
This historical growth can be linked to factors such as industrial production, economic shifts, innovations in technology, infrastructure progression, and global commerce.
What Does Future Hold for The Machine Shops Turned Product And Screw Nut And Bolt Market By 2029?
The machine shops turned product and screw nut and bolt market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for machine shops, along with turned products and screw, nut, and bolt is predicted to witness robust growth in the upcoming years, escalating to $652.34 billion in 2029 at a compound annual growth rate (CAGR) of 5.5%.
The growth during the forecast period can be credited to factors such as Industry 4.0 and automation, sustainable manufacturing, developments in electric vehicles and renewable energy, and aging infrastructure. Key trends that are expected to emerge during the forecast period involve electrification and lightweighting, the use of advanced materials, additive manufacturing, digital connectivity, and growing collaboration and partnerships.
What Are The Primary Growth Drivers In The Machine Shops Turned Product And Screw Nut And Bolt Market?
Anticipations of increased demand for metal products are being driven by rapidly surging urban populations as we head into future years. The mass migration of dwellers from rural to urban areas, on the pursuit of improved living quality, is predicted to enhance the need for residential and infrastructural development. Countries of Asia, like China, India, Vietnam, and the Philippines, are expected to witness a significant surge in infrastructural demands. Furthermore, the World Urbanization Prospects Report by the United Nations suggests that 55% of the global population is urban-based, with estimations of this figure increasing to 68% by 2050. Additionally, the World Bank predicts that the urban populace of South Asia is slated to reach 250 million by 2030.
What Is The Segmentation Of The Global Machine Shops Turned Product And Screw Nut And Bolt Market?
The machine shops, turned product, and screw, nut, and bolt market covered in this report is segmented –
1) By Type: Turned Product, Screw, Nut, and Bolt, Machine Shops
2) By Grade: GR 5.8, GR 8.8, GR 10.9, GR 12.9, Other Grades
3) By Application: Construction, Petrochemical, Heavy Machine Equipment, Automotive, Aerospace, Home Appliances, Motors and Pumps, Furniture, Plumbing Products, Other Applications
Subsegments:
1) By Turned Product: Precision Turned Parts, CNC Turned Parts, Automatic Lathe Turned Parts
2) By Screw, Nut, Bolt: Screws (Machine Screws, Wood Screws, Self-tapping Screws), Nuts (Hex Nuts, Lock Nuts, Wing Nuts), Bolts (Hex Bolts, Carriage Bolts, Shoulder Bolts)
3) By Machine Shops: Custom Machining Services, CNC Machining, Metalworking and Fabrication
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How Are New Trends Impacting The Size Of The Machine Shops Turned Product And Screw Nut And Bolt Market?
Numerous businesses in the machine shop industry, as well as those manufacturing items such as screws, nuts, and bolts, are incorporating robotics and automation to enhance their overall plant efficiency and productivity. They are employing sensors in a range of machinery to gather vital data that aids in boosting performance levels and mitigating the risk of breakdowns. An instance to consider would be the record-breaking surge in factory robot installations witnessed in the UK in 2023. A report published in September 2024 by the International Federation of Robotics (IFR), a Germany-based entity, confirms that industrial robot installations in the UK rose by 51% from the previous year, totaling 3,830 units.
Who Are the Key Players In The Machine Shops Turned Product And Screw Nut And Bolt Market?
Major companies operating in the machine shops
• turned product
• and screw
• nut
• and bolt market include:
• Berkshire Hathaway Inc.
• Illinois Tool Works Inc.
• Stanley Black & Decker Inc.
• Lisi S.A.
• The SFS Group AG
• MISUMI Group Inc.
• Bulten AB
• Arconic Inc.
• Precision Castparts Corp.
• Kennametal Inc.
• Timken Company
• Mueller Industries Inc.
• Carpenter Technology Corporation
• Fastenal Company
• Acme Industrial Company
• SPS Technologies LLC
• Simpson Manufacturing Co. Inc.
• Barksdale Inc.
• Nucor Corporation
• Arconic Inc.
• PennEngineering
• The Olander Company Inc.
• MW Industries Inc.
• Marmon Holdings Inc.
• TriMas Corporation
• MacLean-Fogg Company
• Beacon Fasteners and Components
• Scovill Fasteners
• Alcoa Fastening Systems
• Trifast Plc
• Earnest Machine Products
• Continental-Aero
• EFC International
• SPS Fasteners
• The Hillman Group
• Bastian Solutions
• SureWerx.
What Are The Regional Insights Into The Machine Shops Turned Product And Screw Nut And Bolt Market?
Western Europe was the largest region in the machine shops, turned product, and screw, nut, in 2023. The Asia-Pacific was the second-largest region in the machine shops, turned product, screw, nut, and bolt market. The regions covered in the machine shops, turned product, and screw, nut, market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
