PORTLAND, Oregon, April 10, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Lock Washer Market by Product Type (Split Lock Washer, Tooth Lock Washer, and Others) and Application (Automotive, Aerospace, Machinery & Equipment, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025". According to the report, the global lock washer market generated $673.7 million in 2017 and is projected to reach $1,251.5 million by 2025, registering a CAGR of 8.2% during the forecast period, 2018-2025.
The growth of the global lock washer market is driven by rapid growth in the automotive, aerospace, machinery, and construction industries. Market growth is also supplemented by increased demand for maintenance and repair activities. However, the high possibility of corrosion to lock washers and surging prices of steel restrain market growth. Nonetheless, the rise in demand for ready, sustainable, and better quality washers is set to provide lucrative opportunities to emerging market players in the near future.
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Split Lock Washers to remain the dominant segment through 2025
By type, the split lock washers segment is expected to continue its dominance throughout the forecast period and occupy two-fifths of the global share by 2025, owing to its sturdy design that supports more sustainability across various end-user industries. However, the others segment is poised to grow at the highest CAGR of 8.6% from 2018 to 2025, on account of growing penetration of other types such as wedge lock washers, etc. in construction and industrial applications.
Construction to grow at the fastest CAGR in the future
By industry, the construction segment is projected to register the highest CAGR of 8.6%, due to a surge in demand for lock washers in building & infrastructure activities across emerging economies around the world. Moreover, the automotive segment garnered more than a quarter of the global revenue in 2017 and would continue the trend throughout the forecast period. This is attributed to the strong demand for lock washers in the automotive sector due to high reliability and increased application.
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Asia-Pacific to generate the highest global revenue in the forecast period
Occupying almost two-fifths of the global market, Asia-Pacific is expected to garner the highest revenue throughout the forecast period, owing to high demand from the automotive, aerospace and machinery & tools sectors. However, North America is expected to grow at the highest CAGR of 8.7%, due to increasing local production capabilities and growing demand in several industries.
Key market players
The key players analyzed in the report 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. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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