Global Steel Washers Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Steel Washers Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Washers, parts of machines used with screw fasteners such as bolts and nuts, typically to keep screws from loosening or to distribute loads from nuts or bolt heads over a larger area. Steel Washers refers to washers made of steel.

Market Overview:

The latest research study on the global Steel Washers market finds that the global Steel Washers market reached a value of USD 1953.97 million in 2022. It’s expected that the market will achieve USD 2472.94 million by 2028, exhibiting a CAGR of 4.0% during the forecast period.

Influence of COVID-19 Outbreak on Steel Washers Industry Development

More than 5.9 million people have died from COVID-19 since the outbreak began, and the death toll continues to rise. At present, the global economy continues to recover, but due to supply chain disruptions, the uncertainty of the epidemic has increased, the uncertainty of global economic recovery has increased, and the recovery momentum has weakened. It's the worst global recession in decades, despite huge efforts by governments to fight it, backed by fiscal and monetary policy. But in the longer term, a severe recession triggered by the pandemic is expected to lead to a prolonged downturn in the economy by reducing investment. The recession could get worse if the COVID-19 outbreak continues, if restrictions on liquidity are extended or reintroduced, or if economic activity is disrupted for a prolonged period. Businesses may struggle to service debt, increased risk aversion could lead to higher borrowing costs, and bankruptcies and defaults could lead to financial crises in many countries.

The outbreak has had a complex impact on the Steel Washers industry. First of all, for the Steel Washers industry, the epidemic has had an impact on the production plans of companies in the Steel Washers industry. Due to the COVID-19 outbreak, steel mill operations have been affected and steel production has been limited. This could lead to disruptions in the supply of raw materials for the Steel Washers industry, affecting the company's production plans. On the other hand, due to the impact of the new crown pneumonia epidemic, in order to prevent the further spread of the epidemic, the government issued restrictions on personnel travel and related isolation policies, which reduced the management efficiency of enterprises in the industry and affected the company's production plan. At the same time, due to the disruption of the global supply chain caused by the epidemic, most of the world's manufacturing industries have been affected, such as machinery and equipment manufacturing, home appliance manufacturing, and automobile manufacturing. Steel Washers are one of the parts required to manufacture automobiles, appliances, mechanical equipment. These manufacturing companies have reduced production activities, thus reducing demand for Steel Washers.

In terms of logistics, affected by the epidemic, many countries have imposed controls on domestic transportation and the movement of people, and imposed restrictions on import and export commodities. This resulted in varying degrees of logistical disruptions, stockpiling and shipping delays for Steel Washers during the sale. At present, the logistics industry in various countries is gradually resuming operations according to different national policies.

Steel Washers Drivers

Washers are the parts that are placed between the connected piece and the nut. Steel washers can be widely used in Automotive, Machinery & Equipment, Railway, Structural Applications and other industries. At the same time, Steel Washers also have different functions according to different design shapes.

For example, Flat Washers are the most commonly used type of gasket. Flat washers can basically be used in general bolt or screw connections, mainly to improve the stress condition of the connected parts and protect the surface state of the connected parts. It can play a protective role by increasing the contact area and reducing the pressure between the nut and the device. Spring washers are widely used in the load-bearing and non-load-bearing structures of general mechanical products. They are characterized by low cost and easy installation. They are suitable for parts with frequent assembly and disassembly. The spring washer can prevent loosening and increase the preload. Tooth washer is a type of fastener that acts as a connection and is generally used in the construction field. The spherical washer has a backstop function. When tightening, there is stress in the axial direction of the bolt, which increases the friction between the threads. Such a configuration will make the fastened object less likely to loosen. With the continuous development of automobile, machinery and equipment manufacturing, the market has increased the demand for different kinds of Steel Washers. Overall, the versatility of Steel Washers is beneficial to the industry development.

Region Overview:

From 2023-2028, Europe is estimated to witness robust growth prospects.

Company Overview:

Nord-Lock is one of the major players operating in the Steel Washers market, holding a share of 3.53% in 2022.

Nord-Lock Group is an expert in bolting solutions. Developed in Sweden in 1982, Nord-Lock prevents bolted joints from loosening even under the most severe vibrations and dynamic loads. With its unique wedge locking technology and high-quality steel, Nord-Lock Original washers are one of the safest and most reliable bolting solutions in the world.

Schnorr is a Washers manufacturing company. The company was established in 1908. In the early 1960s, Schnorrs developed its own Original SCHNORR® Safety Washer, which began its success story as a more effective product than traditional bolt-on locking devices. Currently, Schnorr's products include disc springs, serrated safety washers, and more.

Segmentation Overview:

Among different product types, Stainless Steel Washers segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Automotive segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Steel Washers market covered in Chapter 3:

Willie Washer
Midwest Acorn Nut
Hodell-Natco
The Hillman Group
Solon Manufacturing Co.
Growermetal
Accurate Mfg Products
ITW Shakeproof Group
Phoenix Specialty Mfg. Co.
Wrought Washer Manufacturing
Shanghai Top Gasket Co., Ltd.
Schnorr
Earnest
Tianjin JiuRi Manufacture& Trading Co., LTD
Nord-Lock
Superior Washer

In Chapter 4 and Chapter 14.2, on the basis of types, the Steel Washers market from 2018 to 2029 is primarily split into:

Carbon Steel Washers
Low Carbon Steel
Medium Carbon Steel
High Carbon Steel
Alloy Steel Washers
Stainless Steel Washers
304 Stainless Steel
316 Stainless Steel
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Steel Washers market from 2018 to 2029 covers:

Automotive
Machinery & Equipment
Aerospace
Home Appliance
Railway
Energy
Structural Applications

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)