Lock washer market covering product types:(Split, Tooth, etc.) & applications:(Automotive, Aerospace, etc.) Global analysis, 2025
WILMINGTON, DELAWARE, February 16, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, the lock washer market size accounted for $673.7 million in 2017, and is expected to reach $1,251.5 million by 2025, growing at a CAGR of 8.2% from 2018 to 2025. In 2017, Asia-Pacific dominated the global lock washer market, in terms of revenue, accounting for about 38% share of the global market, followed by North America.
Lock washers are a type of hardware that are used to resist loosening of bolted joints. A lock washer can hold the nut or other threaded fastener in place. These washers, placed under the nut or screw head, prevent fastening or loosening by preventing unscrewing rotation of the fastening device.
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Drivers:
Lock washers are mostly made up of metal. Steel is the most commonly used in the production of washers. Steel washers include carbon steel, spring steel, and stainless steel. Other metals in which washers are available include copper, brass, aluminum, titanium, bronze, zinc, and iron. Split and tooth lock washers are the two most popular lock washer types. Split washers look like a ring with uneven ends.
The benefit of split lock washers lies in the spring-like shape of the washer. When compressed to loads near the proof strength of the bolt, it will twist and flatten. There are different types of tooth lock washers such as internal, external, internal-external, and countersunk external. These washers create a tooth action by biting into the nut or screw head and the surface it contacts.
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Impacting Factors:
The global lock washer market has witnessed a substantial growth over the past few years and expected to record similar growth during the coming years. Increase in demand for lock washers in the automotive, aerospace, machinery, and construction industries is expected to drive the market growth during the forecast year. In addition, increase in industrialization and urbanization, particularly in the emerging markets, further fuels the market growth.
Key Findings of the Lock Washer Market:
• In 2017, the spilt lock washer product segment dominated the global lock washer market in terms of revenue, and is projected to grow at a CAGR of 8.1%
during the forecast period.
• The automobile and machinery & equipment industries are expected to be the largest customers for the lock washer players as the two contributes for
around 49% share of the total lock washer market globally.
• Asia-Pacific is projected as one of the most dominant regions in the lock washer market and is expected to witness a high growth rate of around 8.6%
during the forecast period.
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Top Players:
The major players operating in the lock washer market include Nord-Lock, Shakeproof, Disc-Lock Inc., Schnorr, Titan Fasteners, Hangzhou spring washer Co., Ltd., Midwest Acorn Nut Co., HEICO-LOCK (HWICO Group), Earnest Machine, and Wrought Washer Manufacturing, Inc.
David Correa
Allied Market Research
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