(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, May 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global S elf- L ocking N uts M arket was valued at US$ 1.9 Bn in 2022 and is projected to reach us$ 3.1 bn by 2031 , expanding at a CAGR of 5.8% between 2023 and 2031.
Expansion of the aerospace and automotive sectors is driving market development. Self-locking nuts are also used increasingly in industrial equipment, which is predicted to propel revenue-generation opportunities for self-locking nuts industry. Market players are developing novel products in order to capitalize on value-grab opportunities. Companies are focused on manufacturing aircraft nuts with an integrated self-locking mechanism that are also reusable.
Market players are investing in research & development in order to broaden their global footprint. Nylon insert lock nuts are becoming increasingly common due to accessibility and adaptability in different settings. These are frequently employed in both residential and automobile maintenance.
Applications that often experience vibrations employ self-locking nuts. These nuts are intended to offer a solid fix or joint. Self-locking nuts are frequently utilized in the manufacture of automobiles and aeronautical products.
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Market Scope :
| Market Revenue | USD 1.9 Bn |
| Estimated Value | USD 3.1 Bn |
| Growth Rate - CAGR | 5.8% | |
| Forecast Period | 2023 – 2031 |
| No. of Pages | 130 Pages |
| Market Segmentation | By Material, End-use Industry, Distribution Channel |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
Key Findings of Market Report
Self-locking nuts are widely employed in the manufacture of aircraft products. Vibrations can lead to loosening of airplane bolts. Hence, several manufacturers now employ self-locking nuts that are designed to lock into place. Self-locking nuts are essential in the construction and maintenance of airplanes. Therefore, increase in demand for self-locking nuts in the aircraft industry is expected to augment the global market. The future of aviation study released by the International Civil Aviation Organization (ICAO) stated that the aviation industry is expanding quickly.
Global Self-locking Nuts Market: Growth Drivers
The automobile sector has expanded globally as a result of growing automobile demand as well as production. Auto engines and other automotive equipment can benefit from self-locking nuts. Expansion of the automobile industry is driving demand for self-locking nuts
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Global Self-locking Nuts Market: Regional Landscape
North America is projected to account for significant market share between 2023 and 2031 due to expansion of the aerospace industry. Self-locking nuts are mostly used in the U.S. The country is home to the second-largest global air travel market, according to the U.S. Airline Traffic Data. The number of passengers transported by U.S. airlines increased by more than 194 million from 2021 to 2022, or 30%, according to the Bureau of Transportation Statistics. Hence, demand for self-locking nuts is high across the country. Furthermore, rise in consumer concerns about security and safety is expected to fuel demand for self-locking nuts in North America.
Global Self-locking Nuts Market: Key Players
Würth Industrie Service GmbH & Co. KG Chin Hsing Precision Industry Co., Ltd Nord-Lock International AB Hard Lock Industry Co., Ltd. Accu Limited Company National Bolt & Nut Corp
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Global Self-locking Nuts Market: Segmentation
Material
Steel Brass Aluminum Alloy Others
End-use Industry
Automotive Aerospace Construction Oil & Gas Others
Distribution Channel
Regions
North America Europe Asia Pacific Middle East & Africa South America
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