Press release
Lock Washer Market Worth $1,251.5 Million by 2025 | by Product Type, Application
Lock Washer Market
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Asia-Pacific secured the highest market share in 2017, owing to industrialization and urbanization particularly in the developing nations. In addition, increase in demand for lock washers from various manufacturing industries such as automobile, machinery, and construction is expected to boost the Asia-Pacific market growth. North America and Europe are also expected to register a high growth during the forecasted period.
Key Market Segments
The global lock washer market is segmented based on product type, application, and region. Based on product type, the market is segmented into split, tooth, and others (hi-collar lock washers and wedge lock washers). In 2017, split lock washer segment dominated the market, in terms of revenue, and is expected to maintain this trend in the coming years. On the basis of application, the market is categorized into automotive, aerospace, machinery & equipment, construction, and others. Automotive industry is expected to secure the highest share during the forecast period.
Geographic Review
Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2017, Asia-Pacific accounted for the highest share in the lock washer market and is anticipated to secure the leading position during the forecast period.
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Competition Analysis
The major players operating in the lock washer market include Nord-Lock, Shakeproof, Disc-Lock Inc., Schnorr, Titan Fasteners, Hangzhou spring washer Co., Ltd., Midwest Acorn Nut Co., HEICO-LOCK (HWICO Group), Earnest Machine, and Wrought Washer Manufacturing, Inc.. For instance, companies such as Hangzhou Spring Washer Co.,ltd, and HEICO Befestigungstechnik GmbH have development on high quality lock washers for a multitude of fastening applications, in order to meet meet the fastening requirements of a multitude of industries with flexibility, innovation and quality.
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