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Self-locking Nuts Market, By Material, End-user, Sales Channel, and Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
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REPORT HIGHLIGHT

The market for Self-locking Nuts was projected to reach USD 1,912.6 million in 2023 and expand at a CAGR of 6.00% between 2024 - 2032.

Lock nuts, also known as self-locking nuts, are fasteners that don't come loose when subjected to torque and vibration. It has a metal body and an internal spring to keep it from loosening. The internal spring and the deformation of the highest threads force the self-locking nuts to lock. Because of its crucial strength qualities, resistance to corrosion, and rustproof nature, it is generally chosen over conventional fasteners. It is constructed from a variety of materials, including aluminum, brass, stainless steel, and others.

Self-locking Nuts Market- Market Dynamics

Rise in Automotive Sector

The automotive sector has expanded globally as a result of rising car production and demand. This element is having a favorable effect on the market for self-locking nuts. Automotive engines and other equipment benefit from the use of self-locking nuts. The European Union's car production rose by 7.1% in 2022, according to data published by the European Automobile Manufacturers Association. North America's automotive sector grew by 10.3% in 2022 to reach 10.4 million units, mostly as a result of the country's high car demand. According to China Association of Automobile Manufacturers (CAAM), car production and sales volumes they reached 2.5 million and 2.4 million units, respectively, in March 2023, increasing by 15.3% and 9.7% year over year (y/y). In 2022, over 68 million passenger automobiles were produced globally, a 7.9% increase from the previous year (2021) due to strong domestic demand and customer confidence.

Self-locking Nuts Market- Key Insights

According to our research analyst's analysis, the global market is projected to expand at a CAGR of approximately 6.00% during the forecast period of 2024-2032.

On the basis of material, the alloy category was projected to have the largest market share in 2023.

On the basis of sales channel, the direct equipment category emerged as the top segment in 2023.

North America held the largest revenue share by region in 2023.

Self-locking Nuts Market- Segmentation Analysis:

The Global Self-locking Nuts Market is segmented into Material, End-user, Sales Channel, and Region.

Based on material, the market is segmented into Aluminum, Steel, Brass, Alloy, and Others. Over the forecast period, the alloy material category is anticipated to develop at the highest CAGR due to its high-strength properties and variety of industry applications. The demand for this market sector is rising quickly as a result. In contrast, aluminum is less resilient to impact, deterioration, and the environment.

Based on end-user, the market is divided into Automotive, Construction, Aerospace, Oil & Gas, and Others. The growth of the automotive & aerospace industries propels market developments. It is anticipated that the sector will have more options to generate money as self-locking nuts become more prevalent in industrial equipment. Players in the market are creating new items to seize possibilities that present themselves as values. Companies are concentrating on aircraft nuts with integrated self-locking mechanisms that are also reusable. Market participants are spending money on R&D to increase their worldwide footprint. Nylon insert lock nuts are becoming more widely used since they are easily accessible and versatile in a variety of environments. They are frequently utilized in both home and auto maintenance.

Self-locking Nuts Market- Geographical Insights

The self-locking nut market is widely distributed geographically in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. These areas are further separated based on the countries that provide business.

The rise of the aerospace sector is expected to cause North America to account for a significant portion of the worldwide industry during the projection period. The United States is the main market for self-locking nuts. The US has the second-largest air travel market in the world, according to US Airline Traffic Data. The number of passengers carried by US airlines increased by 30% year over year to over 194 million in 2022, according to the Bureau of Transportation Statistics. As a result, self-locking nuts are in high demand throughout the nation. Furthermore, the growing apprehension among consumers regarding safety and security is a factor in the growth of the self-locking nut market in North America.

By 2030, the Asia Pacific region will hold the greatest share of the worldwide self-locking nuts market due to sustained growth in end-use industries like agriculture and automotive. India & China are anticipated to grow at a controlled rate within the region as a result of rising car sales and population growth. This region is extremely advantageous for the advancement of the self-locking nuts market since several of its economies are emerging and increasing faster than in previous years, and their industries are also growing significantly. The APAC self-locking nut market is anticipated to be dominated by China in the next years. Self-locking nuts are expected to increase significantly in this region due to the growing vehicle industry.

Self-locking Nuts Market- Competitive Landscape:

The majority of the market share for self-locking nuts is controlled by a number of global and regional companies, making the global market extremely competitive and stagnant. Developing new products is a key tactic used by elite competitors. To take advantage of new prospects, industry leaders are concentrating on R&D spending, product expansion, and mergers and acquisitions. The top companies in the self-locking nuts market are Accu Limited Company, Huyett, National Bolt & Nut Corp, Nord-Lock International AB, and Penn Engineering, among others. To increase their worldwide presence, manufacturers in the sector are keeping up with the latest developments in the self-locking nut market.

Recent Developments:

August 2022: With the groundbreaking ceremony, Wurth Industrie Service GmbH & Co. KG announced that it would be expanding its cutting-edge logistics center for industrial supplies in Europe. The digging necessary to construct a brand-new automated high-bay warehouse with an extra 59,000 storage spaces across more than 4,000 square meters.

September 2019: Using cutting-edge Nord-Lock wedge-locking technology, Nord-Lock International AB expanded its wheel nut range to six sizes (M16-M24). By using this technology, the wheel nuts won't come loose. Increased safety is available for a variety of on- and off-road vehicles with these wheel nuts. Standard hand tools can be used to install and remove Nord-Lock wheel nuts, which are reusable. The mining and construction sectors might employ these wheel nuts.

SCOPE OF THE REPORT

The scope of this report covers the Self-locking Nuts market by its major segments, which include as follows:

GLOBAL SELF-LOCKING NUTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS

GLOBAL SELF-LOCKING NUTS MARKET, BY MATERIAL- MARKET ANALYSIS, 2019 - 2032

GLOBAL SELF-LOCKING NUTS MARKET, BY END-USER- MARKET ANALYSIS, 2019 - 2032

GLOBAL SELF-LOCKING NUTS MARKET, BY SALES CHANNEL MARKET ANALYSIS, 2019 - 2032

GLOBAL SELF-LOCKING NUTS MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032

Table of Contents

1. Self-locking Nuts Market Overview

2. Executive Summary

3. Self-locking Nuts Key Market Trends

4. Self-locking Nuts Industry Study

5. Self-locking Nuts Market: COVID-19 Impact Analysis

6. Self-locking Nuts Market Landscape

7. Self-locking Nuts Market - By Material

8. Self-locking Nuts Market - By End-user

9. Self-locking Nuts Market - By Sales Channel

10. Self-locking Nuts Market- By Geography

11. Key Vendor Analysis- Self-locking Nuts Industry

12. 360 Degree Analyst View

13. Appendix

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