Lock Washer Market is Expected to Reach $1,251.5 Million by 2025 | by Product Type, Application

According to a new report published by Allied Market Research, titled,"Lock Washer Market by Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the 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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Key Benefits for Lock Washer Market:

The report provides an extensive analysis of the current and emerging global lock washer market trends and dynamics in the global lock washer market.

In-depth analysis is conducted by constructing market estimations for the key market segments between 2017 and 2025.

Extensive analysis of the global lock washer market is conducted by following key product positioning and monitoring of the top competitors within the market framework.

A comprehensive analysis of all regions is provided to determine the prevailing opportunities in these geographies.

Key market players within the lock washer market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global lock washer market.

Key Lock Washer Market Segments:

By Product Type

Split
Tooth
Others

BY Application

Automotive
Aerospace
Machinery & Equipment
Construction
Others

By Region

North America
Europe
Asia-Pacific
LAMEA

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