Press release
Global Clip Nut Market Size 2019 - Industry Forecast Report 2023
Clip Nut Market
A clip nut is also known as a speed nut or sheet metal nut and it is a type of nut that is designed to get clipped to the sheet metal. It is primarily used in the aerospace, electronics, defence, and other industries, owing to its reliability and high performance. The clipnut is being widely used in aerospace applications due to its light weight that increases the efficiency of the aircraft.
There are various materials used in the manufacturing of clipnuts such as titanium, steel, alloy, and others. Titanium is mostly used in the manufacturing process due to its corrosion-resistant properties, high strength-to-weight ratio, high temperature resistance, and light weight.
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The global clip nut market was valued at US$ 2,760.2 Mn in the year 2018 and is expected to reach a valuation of US$ 3,626.3 Mn by 2023, growing at a 5.6% CAGR during the forecast period. The use of clipnuts over other nuts and bolts has increased due to its use in end-use industries such as automotive, aerospace, and others. In addition to these, it is being used due to its ability to be manufactured in unique geometries. A clipnut can be designed according to the requirements of the industry where it is being used.
The global clip nut market is segmented on the basis of material type, design, and applications. The application segment is further categorised as aerospace & defense, automotive, construction, electrical & electronics, and others. The use of clipnuts in aerospace and defense accounts for the largest market share and it is expected to show a significant growth during the forecast period.
The clipnut market is segmented on the basis of regions as North America, Europe, Asia Pacific, Latin America and Middle East Africa. The Asia Pacific region is dominating the clipnut market and the North America region is expected to witness significant growth during the forecast period. The increasing number of automotive manufacturers in North America is driving the demand for clipnuts in the region.
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