The global lock washer market size reached US$ 810.7 Million in 2023. Looking forward, the market is projected to reach US$ 1.29 billion by 2032, exhibiting a growth rate (CAGR) of 5.34% during 2023-2032.
Lock washers are thin disk-shaped plates with a hole in the middle that distribute the load on fasteners and hold nuts in place. Most lock washers have an outer diameter twice as large as their inner diameter, which varies depending on their design. The shape of a lock washer is beneficial when they are compressed to the load near the bolt's proof strength, thus helping them flatten and twist.
The bolted joint's spring rate is reduced by this process, which maintains a greater force under the same vibration levels, further preventing loosening. Most lock washers are split or toothed and made up of steel. Carbon steel, spring steel, and stainless steel are the different types of materials that are used in the production of washers. Some of the other materials that can be used to make these washers include copper, brass, bronze, zinc, aluminum, titanium, and iron.
Continual product developments, such as the introduction of sustainable, highly efficient and cost-effective lock washer variants to cater to new markets and consumers, are propelling the market. Some of the other factors contributing to the market growth include rapid urbanization and industrialization, the flourishing manufacturing industry, the increasing number of construction projects, inflating disposable income levels and extensive research and development (R&D) activities.
2. What is the expected growth rate of the global lock washer market during 2024-2032?
3. What are the key factors driving the global lock washer market?
4. What has been the impact of COVID-19 on the global lock washer market?
5. What is the breakup of the global lock washer market based on the product?
6. What is the breakup of the global lock washer market based on the application?
7. What are the key regions in the global lock washer market?
8. Who are the key players/companies in the global lock washer market?
Lock washers are thin disk-shaped plates with a hole in the middle that distribute the load on fasteners and hold nuts in place. Most lock washers have an outer diameter twice as large as their inner diameter, which varies depending on their design. The shape of a lock washer is beneficial when they are compressed to the load near the bolt's proof strength, thus helping them flatten and twist.
The bolted joint's spring rate is reduced by this process, which maintains a greater force under the same vibration levels, further preventing loosening. Most lock washers are split or toothed and made up of steel. Carbon steel, spring steel, and stainless steel are the different types of materials that are used in the production of washers. Some of the other materials that can be used to make these washers include copper, brass, bronze, zinc, aluminum, titanium, and iron.
Lock Washer Market Trends
The market is majorly driven by the escalating product demand across numerous end-use industries, such as automotive, heavy machinery, and aerospace. In addition to this, the rapid product utilization in construction, maintenance and repair activities is also providing an impetus to the market. Moreover, the increasing sales of automobiles, along with considerable growth in the transportation sector, is also creating lucrative growth opportunities in the market.Continual product developments, such as the introduction of sustainable, highly efficient and cost-effective lock washer variants to cater to new markets and consumers, are propelling the market. Some of the other factors contributing to the market growth include rapid urbanization and industrialization, the flourishing manufacturing industry, the increasing number of construction projects, inflating disposable income levels and extensive research and development (R&D) activities.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global lock washer market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on product, material and application.Breakup by Product:
- Split Lock Washer
- Tooth Lock Washer
- Others
Breakup by Material:
- Brass
- Bronze
- Zinc
- Aluminum
- Copper
- Stainless Steel
- Others
Breakup by Application:
- Automotive
- Aerospace
- Machinery and Equipment
- Construction
- Others
Breakup by Region:
- 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
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.Key Questions Answered in This Report
1. How big is the global lock washer market?2. What is the expected growth rate of the global lock washer market during 2024-2032?
3. What are the key factors driving the global lock washer market?
4. What has been the impact of COVID-19 on the global lock washer market?
5. What is the breakup of the global lock washer market based on the product?
6. What is the breakup of the global lock washer market based on the application?
7. What are the key regions in the global lock washer market?
8. Who are the key players/companies in the global lock washer market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Lock Washer Market
6 Market Breakup by Product
7 Market Breakup by Material
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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
- Wrought Washer Manufacturing Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 136 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 810.7 Million |
| Forecasted Market Value ( USD | $ 1290 Million |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
