Global Lock Washer Market: Overview
Generally, a lock washer is shaped as a thin disk with a hole in the middle. The lock washer is primarily used for distributing the tension of a threaded fastener. In most cases, 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 most commonly used metal for the production of the lock washers. There are different types of steels used for the production of lock washers such as stainless steel, spring steel, and carbon steel. These lock washers are also produced with the help of other metals such as bronze, zinc, aluminum, iron, brass, and copper.
Global Lock Washer Market: Notable Developments
Some of the key developments in the global lock washer market are given below:
- In February 2019, Heico-Lock® announced that its HLK series of washer have been approved the General Building Supervisory Authority (DIBt). The company stated that this approval will now allow manufacturers to use HKL washers to secure HV sets as per the DIN EN 14399-1 standards.
- In 2016, New York based company, Sherex Fastening Solutions announced that it has taken over DISK LOCK Inc. The acquisition was carried out with a motive to offer more value to the new as well as the existing customers. Sherex Fasting Solutions believe that with this takeover, they well be able to enhance their existing portfolio and provide better and more efficient fastening solutions with cutting edge technology. The takeover has also helped the company to scale up its applications, sales coverage, and has helped in consolidating its supply chain.
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Some of the other companies in the global lock washer market include names such as Midwest Acorn Nut Co., Hangzhou Spring Washer Co. Ltd., Nord Lock, Disc Lock Inc., Titan Fasteners Inc., and Schnorr among others.
Global Lock Washer Market: Drivers and Restraints
Given below are some of the key driving factors for the growth of the global lock washer market:
- Rising applications: There has been a considerable rise in the number of application of lock washer in a wide spectrum of industries such as machinery, aerospace, and automotive among others. This has led to fueling the growth of the global market in the recent years.
- Shifting industry focus: Another important factor that is positively influencing the global lock washer market is the shifting focus of the manufacturers. The producers are now trying to develop highly efficient and cost effective lock washers. This is also helping to drive the global market.
- Demand from emerging economies: An important reason behind the recent surge of the global lock washer market is increasing demand for efficient and sustainable lock washers from the emerging economies such as India, Indonesia, and China among others.
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Global Lock Washer Market: Geographical Outlook
The global lock washer market is segmented into key geographical regions such as North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific. The size of the lock washer market in Europe and the US is not high. On the other hand, Asia Pacific is projected to witness a huge growth potential over the course of the given forecast period of 2019 to 2027. This growth of the Asia Pacific market is mainly attributed to rising demand for the activities of construction, maintenance, and repairs coupled with the growth of the automotive industry.
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