Self-locking nut or lock-nut refers to the type of fasteners that resists loosening under vibration and torque. It consists of a metal body with a spring inside that prevents it from loosening. The locking action in the self-locking nuts is caused by the distortion of uppermost threads and the internal spring. It is mostly preferred over the traditional fasteners due to their rust proof, corrosion resistance and critical strength properties. It can be made of various materials such as brass, stainless steel, alloy material, aluminum and others.
COVID-19 scenario analysis:
- The demand for the self-locking nuts is expected to decrease in 2020 due to lockdown imposed by the government and low demand from automotive and aerospace industries.
- COVID-19 pandemic has shut-down the production of various products in the self-locking nuts, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of the self-locking nuts market significantly form last few months, as is likely to continue during 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
- The major demand for equipment and machinery was previously noticed form giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.
Top impacting factors: Market Scenario Analysis, Trends , Drivers and Impact Analysis
The surge in government investment in developing infrastructure and construction activities is expected to fuel the growth of the self-locking nuts market. Rise in demand for advanced fasteners such as self-locking nuts and bolts in the industries like aerospace, construction, marine, automotive, and others act as the growth driver of the self-locking nuts market. Further, the increase in demand from the automobile sector for self-locking nuts owing to its feature such as resistant to loosening under vibration and corrosion resistance is expected to boost the growth of the self-locking nuts market. Moreover, rise in adoption of automation along with the rising awareness of safety in the vehicles is further expected to boost the growth of self-locking nuts market. Asia-Pacific is an emerging region and about to lead the market in near future. The high investments across different infrastructural and technological parts have empowered makers of locking nuts to provide high quality products to the end users and meet the high demand. The increase in demand for the self-locking nuts in the aerospace industries for manufacturing fighter jets, military helicopters and others act as the major growth driver for the self-locking nuts market. However, the framework of self-locking nuts may crack after disassembling which can affect the overall system performance. This factor is anticipated to hamper the growth of the self-locking nuts market.
The global self-locking nuts market trends are:
New product launches to flourish the market
The launch of new generation technologically advanced lock-nuts can boost the growth of the self-locking nuts market. In the past few years, many such products having unique features were launched in the market. On September 2018, one of the global leaders in self-locking nuts market, TR Fastenings, launched a new wedge lock-nut. The wedge lock-nut is assembled with a nut and a washer that uses tension to lock the bolt in place. The TR wedge lock-nut is specifically designed for automotive, construction and rail industries that assures additional safety and security to the system.
High demand from applications :
The self-locking nuts are employed for the various industrial applications such as attachment of anti-frictional bearings, joining of accessories, and joining of box covers and exhaust stacks. Further, in aerospace industry the self-locking nuts are used on the aircraft to tight connections which wouldn't loosen under vibrations and other external forces. Moreover, in the automotive industries it is used to fix the vehicle parts and used in the holding the part tight under severe vibrations. The self-locking nuts are the technologically advanced fixing fasteners used in assembling of thin metal sheets and also in the rail applications where the tracks are required to resist huge amount of vibration and other external forces during the running of train.
Key benefits of the report:
- This study presents the analytical depiction of the self-locking nuts market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the self-locking nuts market share.
- The current market is quantitatively analyzed to highlight the self-locking nuts market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Market analysis based on competitive intensity and how the competition will take shape in coming years.
Self-locking Nut Market Report Highlights
By Distribution Channel
By Industry Vertical
Key Market Players
Penn Engineering, Asiad Steels, Aircraft Locknut Manufacturers Association, Chin Hsing Precision Industry Co.,Ltd, KETAN MANUFACTURING COMPANY, Fastenright Limited, Cheran Rivets, HARD LOCK INDUSTRY CO., LTD., MISUMI Corporation, TAITRA