What is Retaining Rings Market?
A retaining ring is the type of ring that is used to hold together components and it is necessary for a machine to function properly. It is also known as snap rings, wire rings, circlips, lock rings, and others. Retaining rings are typically made from carbon steel, stainless steel, beryllium copper and others. There are different types of rings are available to solve issues such as tolerance take-up, rpm capacity, groove-less push-on fastening, radial installation, impact loading, clearance diameter, thrust load capacity, flexible installation, non-removable lock-rings, among others. It is used in various applications such as aerospace, automotive, ventilation & air conditioning, computer, and office products and industrial controls.
The market study is being classified by Type (Axially Assembled Retaining Rings {Inverted Retaining Rings, Beveled Retaining Rings, Bowed Retaining Rings}, Radially assembled Retaining Rings, Constant Section Retaining Rings, Spiral Retaining Rings and Others), by Application (Aerospace, Automotive, Ventilation & Air Conditioning, Computer and Office Products and Industrial Controls) and major geographies with country level break-up.
Rotor Clip (United States), Smalley (United States), The Würth Group (Germany), Cirteq Limited (United Kingdom), American Ring (United States), Ochiai Co (Japan), Beneri Spa (Italy), Iwata Denko Co., Ltd. (Japan), Star Circlips (India), Garlock Sealing Technologies (United States) and MW Industries, Inc. (United States) are some of the key players profiled in the study.
The global retaining rings market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Retaining Rings market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Retaining Rings market by Type, Application and Region.
On the basis of geography, the market of Retaining Rings has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Retaining rings is widely used in the automotive industry, due to requirement of hold together components that are necessary for a machine. For instance, According to India Brand Equity Foundation, the Indian automotive industry is expected to reach USD 251.4-282.8 billion by 2026. Hence, the increase in the automobile industry will affect the growth of the market.
Market Trend
- Growing Demand of Carbon Steel Retaining Rings
Restraints
- Stringent Guidelines regarding Standard Retaining Ring Designs
Opportunities
- Increasing Demand from Aerospace and Automotive Industry
Challenges
- Risk of Retaining Ring Failure
In 2013, TFC Company has introduced new metric hoopster retaining rings. Hence, this product launch enabled the company to strengthen its portfolio.
Key Target Audience
Retaining Rings Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others