A clip nut is a threaded, low-cost nut designed to provide the desired strength and reliability. It is used instead of the traditional nuts to reduce the labor costs associated with other fasteners. Clip nuts have found many applications in the automotive, aerospace and defense, electronics, and other industries. These nuts are being adopted over other nuts due to their availability in unique geometries and low weight. Clipnuts can be manufactured using various materials such as stainless steel, titanium, and others. Titanium is being widely used, owing to its high temperature resistance and high quality.
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The global clip nut market was valued at US$ 2,760.2 Mn in the year 2018 and is expected to reach a valuation of US$ 3,626.3 Mn by 2023, growing at a 5.6% CAGR during the forecast period. The growing demand for clipnuts in the aerospace and defense sector due to their light weight, is driving the market significantly. The titanium-based clipnut is being primarily used in the aircraft industry as it weighs one third of steel, and has a high tensile strength and high performance. The clipnut market can experience a setback due to the rising and unstable prices of raw materials. The fluctuations in the prices of raw materials are due to economic crisis, fluctuating import export duties, and changing demands. Moreover, the need for lightweight automobile for safety and fuel economy, will drive the market for clipnuts in the future.
The clipnut market is segmented on the basis of design type, material type, and applications. The design type clipnut is categorised as J-nut, square nut, U-nut, G-nut, and S-nut. The square nut holds the largest market share among all other nuts because it tightens easily. Moreover, the U-nut is being widely used in the aerospace and defense and automotive sectors.
The application segment is further segmented as aerospace & defense, automotive, construction, electrical & electronics, and others. Based on the application type, the aerospace & defense sector is holding the largest share and is expected to grow significantly during the forecast period. In the aerospace sector, the cost of the material reduces considerably if it is lightweight and hence, clipnuts are being widely used.
The clipnut market is segmented on the basis of regions as North America, Europe, Asia Pacific, Latin America and Middle East Africa. The Asia-Pacific region dominated the clipnut market, followed by North America and other regions. The rise in the market for clipnut in North America region is due to its increased use in the automotive industry. The global clipnut market is highly fragmented due to the presence of various regional, local, and international vendors. The key market players are Bossard Holding AG, Buckeye Fastener’s., Eldon Enclosures, Hillman, Lisi Aerospace, LISI Automotive SAS.,TR Fastenings Aerospace, and others.
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