he latest research study by IMARC Group, “Lock Washer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global lock washer market price. The market size reached US$ 714.61 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,038.03 Million by 2027, exhibiting a growth rate (CAGR) of 6.25% during 2022-2027.
Lock washer refer to thin disk-shaped plates with a hole in the middle that effectively distributes the load on fasteners to hold nuts in place. They are available in split and tooth variants which are built using brass, bronze, zinc, aluminum, stainless steel, copper, etc.
These lock washer categories have an outer diameter twice as large as the inner diameter. They work by preventing the bolt from rotating and provide extra security against torque and vibration by locking the bolt firmly in place. Consequently, lock washer devices find extensive applications across numerous sectors, such as automotive, aerospace, construction, heavy machinery, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Lock Washer Market Trends and Drivers:
The increasing product utilization in new construction projects and repair and maintenance activities across the globe is among the key factors driving the lock washer market. In addition to this, the expanding transportation sector and the growing sales of automobiles, especially in developing countries, are further stimulating the market growth. Apart from this, the rising focus among the leading manufacturers on new product innovations and the introduction of cost-effective, market-ready, sustainable, and highly efficient lock washers that can cater to new markets are acting as significant growth-inducing factors.
Furthermore, the inflating investments in research and development (R&D) activities and the elevating product need from the aerospace and manufacturing segment to protect the bolts from loosening when exposed to severe vibrations and ensure enhanced safety are also positively influencing the global market. Besides this, the emerging trend among the competitor companies of developing their dealer network across the globe for business expansion is expected to propel the lock washer market in the coming years.
Lock Washer Market Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Product:
- Split Lock Washer
- Tooth Lock Washer
Breakup by Material:
- Stainless Steel
- Machinery and Equipment
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Disc-Lock Europe Limited (Tension Control Bolts Limited), F.W. Webb Company, Hangzhou Spring Washer Co. Ltd., HEICO Befestigungstechnik GmbH, Illinois Tool Works Inc., International Industrial Springs, KD Fasteners, NORD-LOCK Inc. (Nord-Lock International AB), Phoenix Specialty, Schnorr GmbH and Wrought Washer Manufacturing Inc.
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