The retaining rings are used in various end-use industries, such as automotive, construction, agriculture, and general industrial. The global retaining rings market is growing with a rapid speed promising better future ahead.
The global retaining rings market was worth US$2610 mn in 2018 and the report suggests that it will reach US$3750 mn by 2025, moving at a CAGR of 5.3% during the period of 2018 and 2025. QY Research discusses the future of the market in its latest report, titled “Global Retaining Rings Market Report, History and Forecast 2014-2025, Breakdown Data by Manufacturers, Key Regions, Types and Application.”
Global Retaining Rings Market: Drivers
Retaining rings are used on shafts or in bores. The ring installs through a groove, to accurately position and retain other components in an assembly. The ease of accurately assembling and positioning parts with retaining rings as compared to traditional fasteners are the two most prominent reasons the market’s growth. The low cost of manufacturing has also helped to maintain the continuous growth of the market. The retaining rings only need a groove but the traditional fasteners require threaded components, access holes, and making threaded holes. This better system than the traditional fasteners has boosted the global retaining rings market. The easy technicalities such as the functioning with a minimal amount of surface requirement to build the shaft have helped the market to escalate rapidly.
Global Retaining Rings Market: Segment Analysis
The global retaining rings market is segmented by type and application. In terms of type, the market is segmented into external retaining rings and internal retaining rings. In terms of applications, the market is segmented into automotive, energy, industrial, consumer products, and others.
Global Retaining Rings Market: Regional Analysis
On the basis of region, the global retaining rings market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific region is the largest consumer of global retaining rings which is growing demand. Europe is also escalating through the market demand for the consumption of retaining rings market.
Global Retaining Rings Market: The Key Players
The key players studied in the global retaining rings market are Barnes Group, Hugo Benzing, Rotor Clip, Würth, Smalley, American Ring, Cirteq Limited, Beneri, Ochiai Co, IWATA DENKO, Garlock, Star Circlips, and MW Industries. This market has a promising future. The report analysts state that the global retaining rings market will witness intensifying competition during the forecast period.
Full Report Overview@ https://www.qyresearch.com/index/detail/1076336/global-retaining-rings-market