The machine shops, turned product, and screw, nut, and bolt market consists of sales of machine shop products, turned products, and screw, nut, and bolt products by entities (organizations, sole traders or partnerships) that machine precision turned products or produce metal bolts, nuts, screws, rivets, and other industrial fasteners. Included in this industry are establishments that produce parts for machinery and equipment on a customized basis. The machine shops, turned product, and screw, nut, and bolt market is segmented into machine shops; and turned product and screw, nut, and bolt.

   Western Europe was the largest region in the global machine shops, turned product, and screw, nut, and bolt market, accounting for 30% of the market in 2020. Asia Pacific was the second largest region accounting for 30% of the global machine shops, turned product, and screw, nut, and bolt market. Africa was the smallest region in the global machine shops, turned product, and screw, nut, and bolt market.

   Rapidly growing urban populations are expected to drive the demand for metal products in the forecast period. A large number of people living in rural areas are migrating to urban areas in search of a better life. This is expected to increase the need for housing and infrastructure. Infrastructure demand is expected to increase significantly in Asian countries such as China, India, Vietnam and the Philippines. According to the 2018 World Urbanization Prospects Report by the United Nations, 55% of the world’s population lived in urban areas in 2018, and the rate is expected to rise to 68% by 2050. According to the World Bank, urban population in South Asia grew by 130 million between 2001 and 2011 and is expected to grow to 250 million by 2030.