Portland, May 08, 2019 (GLOBE NEWSWIRE) -- According to the report, global lock washer market accounted for $673.7 million in 2017 and is expected to reach $1.25 billion by 2025, registering a CAGR of 8.2% during the forecast period, 2018-2025.
The global lock washer market is segmented on the basis of product type, application, and geography. Based on product type, the market is divided into split lock washer, tooth lock washer, and others. The split lock washers segment held the largest share in 2017 and is projected to garner around two-fifths of the total market by 2025, owing to its sturdy design that supports more sustainability across various end-user. However, the other segment is expected to grow at the fastest CAGR of 8.6% during the study period, owing to growing penetration of other types such as wedge lock washers in construction and industrial applications.
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On the basis of application, the market is divided into automotive, aerospace, machinery & equipment, construction, and others. The construction segment is projected to register the fastest CAGR of 8.6% during the forecast period, owing to a rise in demand for lock washers in building & infrastructure activities across emerging economies across the globe. However, the automotive segment held more than a quarter of the total market revenue in 2017 and is expected to continue the trend throughout the forecast period, owing to the high demand for lock washers in the automotive sector.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region held the largest share, occupying around one-fifth of the total market, owing to high demand from the automotive, aerospace. However, the North America region is estimated to manifest the fastest CAGR of 8.7% during the forecast period.
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The major market players that are analyzed in the report include Shakeproof, Nord-Lock, Schnorr, Disc-Lock Inc., Hangzhou spring washer Co., Ltd., Titan Fasteners, HEICO-LOCK (HWICO Group), Midwest Acorn Nut Co., Wrought Washer Manufacturing, Inc., and Earnest Machine. 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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