Lock Washers Market refers to the industry involved in the production, distribution, and sales of lock washers. Lock washers are a type of mechanical fastener used to prevent nuts and bolts from loosening due to vibration or other external forces. They are designed to increase the friction between the nut and bolt, providing a locking mechanism that helps keep the assembly secure and tight.
Lock washers are commonly used in various industries, including construction, automotive, aerospace, machinery, and manufacturing. They are essential in applications where maintaining a secure connection is crucial to the safety and functionality of the equipment or structure.
Lock washers find applications in various industries, including automotive, aerospace, construction, machinery, electronics, and more. They are commonly used in applications where vibrations or dynamic loads can cause traditional nuts and bolts to loosen over time.
lock washer market size accounted for $673.7 million in 2017, and is expected to reach $1,251.5 million by 2025, growing at a CAGR of 8.2% from 2018 to 2025. In 2017, Asia-Pacific dominated the global lock washer market, in terms of revenue, accounting for about 38% share of the global market, followed by North America.
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Lock washers are a type of hardware that are used to resist loosening of bolted joints. A lock washer can hold the nut or other threaded fastener in place. These washers, placed under the nut or screw head, prevent fastening or loosening by preventing unscrewing rotation of the fastening device. Lock washers are mostly made up of metal. Steel is the most commonly used in the production of washers. Steel washers include carbon steel, spring steel, and stainless steel. Other metals in which washers are available include copper, brass, aluminum, titanium, bronze, zinc, and iron. Split and tooth lock washers are the two most popular lock washer types. Split washers look like a ring with uneven ends. The benefit of split lock washers lies in the spring-like shape of the washer. When compressed to loads near the proof strength of the bolt, it will twist and flatten. There are different types of tooth lock washers such as internal, external, internal-external, and countersunk external. These washers create a tooth action by biting into the nut or screw head and the surface it contacts.
The global lock washer market has witnessed a substantial growth over the past few years and expected to record similar growth during the coming years. Increase in demand for lock washers in the automotive, aerospace, machinery, and construction industries is expected to drive the market growth during the forecast year. In addition, increase in industrialization and urbanization, particularly in the emerging markets, further fuels the market growth. However, corrosion to these washers, rise in cost of steel, and fluctuating foreign exchange are anticipated to hinder the market growth. Furthermore, rise in demand for automotive in developing countries, availability of low-cost and efficient manufacturing particularly in Asia-Pacific region, and increase in demands for machineries provide lucrative growth opportunities for the lock washer market.
The automotive industry secured the highest share of about 31.1% in the global lock washer market in 2017 and is expected to grow at a CAGR of 8.4% during the forecast period. In terms of product types, split lock washers are expected to account for the highest market share in the coming years.
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