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A retaining ring is a fastener that holds components or assemblies onto a shaft or in a housing/bore when installed - typically in a groove - for one time use only. Once installed, the exposed portion acts as a shoulder which retains the specific component or assembly. Circlips are a type of retaining ring.
Circular push-on retaining rings may be installed in applications where there is no groove.
Retaining rings are typically made from carbon steel, stainless steel or beryllium copper and may feature a variety of finishes for aesthetics and corrosion protection depending on the type of environment in which they are used.