The global lock washer market size reached US$ 765 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,092 Million by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
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:
IMARC Group 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 2023-2028. Our report has categorized the market based on product, material and application.
Breakup by Product:
- Split Lock Washer
- Tooth Lock Washer
Breakup by Material:
- Stainless Steel
Breakup by Application:
- Machinery and Equipment
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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.
|Base Year of the Analysis
||Product, Material, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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