Lock Washer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Lock Washer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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
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:


How has the global lock washer market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global lock washer market?
What are the key regional markets?
What is the breakup of the market based on the product?
What is the breakup of the market based on the material?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global lock washer market and who are the key players?
What is the degree of competition in the industry?