Lock Washer Market Worth $1,251.5 Million by 2025- Exclusive Research Report by AMR
October 14, 2021
Rise in demand for lock washers in industries such as automotive, aerospace, and machinery, among others drives the market growth.PORTLAND, OR, UNITED STATES, October 14, 2021 /EINPresswire.com/ -- 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.
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.
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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.
Key Market Players
Hangzhou spring washer co., ltd
Midwest Acorn Nut Co.
HEICO-LOCK (HWICO Group)
Wrought Washer Manufacturing, Inc.
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Key Market Segments
By Product Type
Machinery & Equipment
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