Machine Shops, Turned Product, And Screw, Nut, And Bolt Global Market Report 2024

The machine shops, turned product, and screw, nut, and bolt market size has grown strongly in recent years. It will grow from $461.86 billion in 2023 to $490.05 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historical period was driven by factors such as industrial production, economic cycles, technological advancements, infrastructure development, and global trade.

The machine shops, turned product, and screw, nut, and bolt market size is expected to see strong growth in the next few years. It will grow to $611.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period is expected to be driven by factors such as industry 4.0 and automation, sustainable manufacturing, electric vehicles and renewable energy, and the need to address aging infrastructure. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, as well as collaboration and partnerships.

The increasing growth of urban populations is expected to drive the demand for metal products in the upcoming years. A significant number of individuals from rural areas are relocating to urban centers in pursuit of improved living conditions. This trend is projected to boost the demand for housing and infrastructure. Particularly, the need for infrastructure is anticipated to surge notably in Asian countries like China, India, Vietnam, and the Philippines. According to the United Nations' World Urbanization Prospects Report, 55% of the global population resided in urban areas, with this proportion expected to rise to 68% by 2050. The World Bank predicts that the urban population in South Asia will increase to 250 million by 2030.

The main categories in this industry include machine shops, turned products, screws, nuts, bolts. Machine shops are facilities where various materials, including metals, are cut and shaped using machine tools. The different grades of products in this industry include GR 5.8, GR 8.8, GR 10.9, GR 12.9, and other grades. These products find applications in diverse industries such as construction, petrochemicals, heavy machinery, automotive, aerospace, home appliances, motors and pumps, furniture, plumbing products, and more.

The machine shops, turned product, and screw, nut, and bolt market research report is one of a series of new reports that provides machine shops, turned product, and screw, nut, and bolt market statistics, including machine shops, turned product, and screw, nut, and bolt industry global market size, regional shares, competitors with a machine shops, turned product, and screw, nut, and bolt market share, detailed machine shops, turned product, and screw, nut, and bolt market segments, market trends and opportunities, and any further data you may need to thrive in the machine shops, turned product, and screw, nut, and bolt industry. This machine shops, turned product, and screw, nut, and bolt market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The machine shops, turned product, and screw, nut, and bolt manufacturing industry face constraints due to the escalating power tariffs. Globally, there is a growing movement toward the adoption of alternative sources of electric power, such as solar, wind, and nuclear energy. Initiatives led by non-governmental organizations (NGOs), multilateral organizations, and various governments, aimed at boosting the production and utilization of alternative power sources, coupled with other economic factors, contribute to the rise in overall power tariffs. This increase in power tariffs subsequently elevates production costs, impacting the machine shops, turned product, and screw, nut, and bolt manufacturing market.

In response to these challenges, numerous companies within the machine shops, turned products, and screw, nut, and bolt manufacturing sector are embracing robotics and automation to enhance plant efficiency and productivity. Sensors are being integrated into various machines to gather valuable data, leading to efficiency improvements and a reduction in potential breakdowns. For example, as reported by the Association for Advancing Automation in November 2021, the demand for automation became evident even before the COVID-19 pandemic. In the second quarter of 2021, there was a 67% increase in orders for robots, with businesses in North America placing orders for 9,853 robots valued at $501 million. Companies like FANUC, KUKA, ABB, and Motoman are among the providers of industrial robots to metal-related businesses.

Major companies operating in the machine shops, turned product, and screw, nut, and bolt market are actively developing new products, such as compression screw systems, to cater to a broader customer base, increase sales, and boost revenue. Compression screw systems are a type of medical device employed in orthopedic surgery to stabilize bone fractures or fusion sites. For instance, in August 2023, Acumed, a U.S.-based manufacturing company, introduced the Acutrak 3 headless compression screw systems. With the release of Acutrak 3, the existing Micro, Mini, and Standard screws now include a new 2.0 mm diameter Nano screw. These additional size options expand the range of surgical alternatives available for the authorized indications of Acutrak. Acutrak compression headless screws are known for their simplicity, versatility, and effectiveness in fracture fixation. Acutrak 3 enhances surgical performance by introducing an innovative thread pitch design while building on the successful track record of Acutrak 2.

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.

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.

The countries covered in the machine shops, turned product, and screw, nut, and bolt market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The machine shops turned product, screw, nut, and bolt market consists of sales of fabricated metal parts and fasteners. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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