Lock Washer Market: Introduction
- Generally, a lock washer is shaped as a thin disk with a hole in the middle. The lock washer is primarily used for distribution of the tension of a threaded fastener. In most cases, a lock washer has an outer diameter that is double in size as compared to its inner diameter. This may vary as per different designs. Steel is the commonly used metal for the production of the lock washers. Various types of steels are used for the production of lock washers such as stainless steel, spring steel, and carbon steel. These lock washers are also manufactured using other metals. The lock washer market is projected to expand during the forecast period.
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Key Drivers and Opportunities of the Global Lock Washer Market
- Applications of lock washer in a wide spectrum of industries such as machinery, aerospace, and automotive have been increasing for the last few years. This has been fueling the global lock washer market for the last few years.
- Shifting focus of manufacturers on the development of highly efficient and cost-effective lock washers is another important factor that is boosting the global lock washer market. Furthermore, this is also creating an opportunity for manufacturers to cater new markets and consumers.
- Increasing demand for efficient and sustainable lock washers from emerging economies such as India, Indonesia, and China is also a key factor that is projected to drive the global market during the forecast period
- Lock washers are corrosive in nature, and a rise in the prices of steel, continuous fluctuations of foreign currency exchange rates and the impact of COVID-19 pandemic on various industries are expected to hinder the market for lock washers during the forecast period
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Asia Pacific to Hold Major Share of Global Lock Washer Market
- In terms of geography, the global lock washer market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- The market in Asia Pacific is projected to expand significantly during the forecast period primarily due to the rising demand for lock washers for construction, maintenance, and repairs coupled with expansion of the automotive industry
Key Players Operating in Global Lock Washer Market
- Disc-Lock Europe Limited
- Earnest Machine Products Company
- Hangzhou Spring Washer Co. Ltd.
- HEICO Befestigungstechnik GmbH
- ITW Shakeproof Industrial Products
- Midwest Acorn Nut Company
- NORD-LOCK Inc.
- Sherex Fastening Solutions LLC
- Titan Fastener Products Inc.
- Wrought Washer Manufacturing Inc.
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Global Lock Washer Market: Research Scope
Global Lock Washer Market, by Type
- Split Lock Washer
- Tooth Lock Washer
- Flat Lock Washer
- Others (C Lock Washer, etc.)
Global Lock Washer Market, by Material
- Stainless Steel
- Others (Iron, etc.)
Global Lock Washer Market, by End Use Industry
- Oil and Gas
- Others (Machinery, etc.)
Global Lock Washer Market, by Price
Global Lock Washer Market, by Distribution Channel
Global Lock Washer Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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