Lock Washer Market to Witness Huge Growth by 2027

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.

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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

North America
Asia Pacific
Europe
Latin America
The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?