The screw nut market has seen massive growth in the established and emerging markets, and the course is said to continue till the year 2027. Comprehensive market reports and figures suggest that growing need and demand for the different family types of screw nuts would keep a consistent growth due to their immersive usage in the industries like construction, electronics, and automobiles. In the year 2020, the global screw nut market size was USD 13920 million, and it is predictable that it would reach to reach USD 15750 million by the end of 2027, with a CAGR of 1.7% during 2021-2027.
The leading markets in terms of screw nut business share include North America, Europe, and China, with North America taking the leading share of 24%. Markets such as Europe being the second-largest consumer market with a consumption share of 22% and China's consumption share is nearly 21%. The regional growth might differ depending on the type of nuts being used, as the need for each kind of screw nut might vary.
Key and Emerging Market Players
Some of the leading market players such as Zhejiang Lianzhong Fasteners Co.,Ltd are expected to double up their growth rate with a gradual effect in their regions and targeted marketplaces. With the growing need in the industries like an automobile, it can be predicted that the demand and supply would keep a suitable balance, and market players would ensure that they carry the consistency till the year 2027. The former facts and figures suggest that there wouldn't be any drastic surprise as far as the market is concerned as it stands fragmented since the year 2020.
It should be kept in sight that the supply of raw materials like alloys, stainless steel, and carbon steel might dictate the global market share of the screw nuts, although it's expected that the market would sustain and each manufacturer would have enough resources to overcome the potential shortcoming that might erupt in the process continuing the interrupted supplies of various screw nuts.
Future of Screw Nut Market
The market share might depend on the type of each screw nut as the demand for a specific type of nuts. The global analysis indicates an excellent swift in the export and manufacturing of different screw nuts. The subdivided markets like France, Malaysia, and Germany are most likely to have a considerable share at a global scale due to an exponential increase in the industrial structure of these emerging markets.
The global market performance when it comes to screws has been erupting in intervals. The founder industries like construction and automobile have been largely reliant on the supply of screw nuts in the emerging markets as well as the developed portion of the global screw spectrum. The years between 2021 and 2027 would see improvement in the demand and supply, establishing a need balance in the global market share of the screw nuts.