HS Code:
Spring washers and other lock washers, classified under HS Code 731821, are non-threaded metal fasteners designed to prevent loosening of bolts and nuts due to vibration or other forces. These components are critical in various industries, including automotive, construction, and machinery manufacturing, ensuring the stability and safety of assembled parts. They are typically made from steel, stainless steel, or other alloys to provide durability and corrosion resistance.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 350 million
29.2% of total trade of total trade
Increasing
USD 200 million
16.7% of total trade of total trade
Stable
USD 150 million
12.5% of total trade of total trade
Increasing
USD 120 million
10.0% of total trade of total trade
Stable
USD 80 million
6.7% of total trade of total trade
Increasing
Average Rate
5.3%
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements such as EU-Japan EPA)
Growing demand in automotive sector
Increased production of electric vehicles (EVs) and hybrid vehicles has driven demand for high-quality lock washers to ensure component safety under high-vibration conditions.
2021-2022
Shift towards corrosion-resistant materials
Manufacturers are increasingly using stainless steel and coated washers to meet durability requirements in harsh environments, boosting production costs but improving product longevity.
2020-2022
Automation in manufacturing
Adoption of automated production lines has reduced costs and improved precision, enabling suppliers in developed countries to remain competitive despite higher labor costs.
2019-2022
The European Union extended anti-dumping duties on spring washers imported from China, citing unfair pricing practices that harm domestic producers.
March 2023
This has led to a shift in sourcing to other Asian countries like Taiwan and Vietnam, increasing their market share.
The United States maintained additional tariffs on Chinese lock washers as part of broader trade tensions, affecting import costs for US manufacturers.
September 2022
US importers are diversifying supply chains, with increased imports from Mexico and Canada under USMCA.
Major manufacturers in Europe and North America adopted stricter sustainability standards, focusing on recyclable materials and reduced carbon footprints in washer production.
January 2023
This has increased production costs but opened new markets among environmentally conscious buyers.