Spring Market Share, Size, Trends, Industry Analysis Report, Product Type, By End-use (Automotive & Transportation, Construction, Agriculture & Forestry, Manufacturing), By Region, And Segment Forecasts, 2024 - 2032
- Published Date:Feb-2024
- Pages: 120
- Format: PDF
- Report ID: PM4224
- Base Year: 2023
- Historical Data: 2019 – 2022
The global spring market was valued at USD 23.91 billion in 2023 and is expected to grow at a CAGR of 4.6% during the forecast period.
The market is poised for growth due to the rising demand for springs in diverse end-use sectors like automotive, manufacturing, agriculture, & forestry. Springs play an irreplaceable role in various applications, making them indispensable across these verticals. Additionally, the market is expected to benefit from the increasing adoption of advanced manufacturing methods, including the transition from manual manufacturing to automated processes and the use of robotic arms.
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Springs play a crucial role in absorbing shocks and reducing the overall mass of assembled structures, making them essential components in automobiles. However, with the expanding application scope of springs, there is a growing demand for various types to meet different requirements. This has led to the manufacturing of specialized springs, including lightweight springs, corrosion-resistant springs, and springs with high fatigue life, tailored to the evolving needs of diverse industries and verticals. Recognizing the need for precision in designing such springs and meeting changing user requirements, spring manufacturers are increasingly adopting advanced, state-of-the-art technology.
Customization of springs to meet the specific requirements of diverse end-use industries and verticals is essential. The precision in manufacturing the springs is crucial, as the selection of improper materials, design flaws, or manufacturing errors can result in spring failures, especially when the springs are unable to withstand desired loads and fatigue. Parameters such as durability, strength-to-weight ratio, load-carrying capability, vibration & shock absorption abilities, & friction resistance must be carefully considered during the design & manufacturing processes.
The initial setup costs for spring manufacturing are low, requiring a moderate capital investment but offering a favorable return on investment due to substantial demand. This has attracted numerous vendors, facilitating easy entry for new players in the market. Additionally, the increasing automation in various industries has significantly elevated machining methods, optimizing production processes to enhance capacity and meet the growing demand for springs. Innovative machining techniques, including the use of Computer-Aided Design (CAD) and Computer-Aided Manufacturing (CAM), now enable the production of springs with intricate geometries from different alloys. These alloy-based springs are not only lighter but also provide an extended lifespan compared to conventional springs.
The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces Spring Market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
Construction and Infrastructure Development
The utilization of lightweight and high-strength metals and alloys in the manufacturing of springs has gained prominence, aiming to reduce weight and enhance strength. This trend has found increased application in the manufacturing of aircraft, satellites, and automobiles. Given the substantial usage of springs in these industries, a reduction in spring weight contributes to an overall decrease in the structure's weight, consequently improving its load-carrying capacity. Springs play integral roles in automotive and aircraft applications, being employed in suspension systems, brake systems, and interior mechanisms for functions like opening and closing doors and armrests. Additionally, springs find application in various critical components such as actuators, engines, and fuel pumps.
The market is primarily segmented based on product type, end use, and region.
By Product Type
By End Use
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By Product Type Analysis
Helical spring segment held the largest share in 2023
The helical spring segment held the largest share. The heightened demand for helical springs can be attributed to their inherent advantages, particularly their coil structure. For instance, a specific type of helical structure is employed in shock absorbers, allowing for energy storage upon compression due to resilient force. Subsequently, this stored energy is released, providing comfort to passengers even on uneven surfaces. The versatility of helical springs is evident in their ability to resist pull forces between objects, making them suitable for various applications such as carburetors and drum brakes. Renowned for their exceptional shock absorption and impact resistance, helical springs play a crucial role in industries like automotive, aerospace, and railways.
The leaf spring segment is projected to grow at the fastest rate. Leaf springs play a crucial role in preserving the vehicle's well-being and ensuring passenger safety by isolating vibrations caused by road disturbances from reaching the driver and passengers. The increasing demand for automobiles in developing nations, coupled with the automotive original equipment manufacturers' heightened focus on enhancing passenger safety and comfort, is expected to propel the growth of this segment. Furthermore, the rising preference for electric vehicles among consumers has resulted in an increased demand for springs from electric vehicle manufacturers, contributing positively to the market dynamics over the forecast period.
By End Use Analysis
Manufacturing segment registered the largest market share in 2023
Manufacturing segment accounted for the largest share. The manufacturing sector has witnessed rapid technological advancements, including the utilization of CNC (computer numerical control) machines, frequent innovations in spring design and materials, and a shift toward customized product manufacturing. Springs, known for their high flexibility, can be tailored to meet specific user requirements, further contributing to the segment's expansion.
The Automotive & transportation segment is expected to grow at the fastest rate. This surge is attributed to the substantial reliance of automobiles on springs to endure varying surface conditions, particularly rough and uneven terrains. Additionally, the growing demand for electric vehicles, driven by the need to address future energy requirements, is contributing to the segment's rapid expansion. Notably, according to the International Energy Agency's 2022 report, global electric vehicle car sales surpassed 10 million units, indicating significant growth from the 6 million units recorded in 2021.
APAC held the largest share of the global market in 2023
APAC dominated the market. The heightened demand for springs in the automobile, transportation, and manufacturing sectors can be attributed to the establishment of manufacturing facilities by industry leaders in this region. Notably, China is expected to initiate operations for the largest production facilities of automobile spare parts, leveraging the easy availability of raw materials and labor in the country.
Europe is projected to grow at a rapid pace. This growth is attributed to the significant presence of well-established manufacturers in the automobile, aerospace, & defense sectors within the region. The increasing demand for electric vehicles in European countries has led to a surge in electric vehicle production, influencing the overall market growth. Furthermore, the expansion of the aerospace and defense sector, particularly in countries like France and the U.K., is expected to further contribute to the market's positive trajectory over the forecast period.
U.K. and France are poised for significant expansion. This growth is fueled by the increasing adoption of advanced machining methods and a rising need for springs to facilitate ongoing automation across diverse industry verticals. The presence of numerous electric vehicle manufacturers in both countries is expected to be a key factor driving market growth. Additionally, the progressive development of the aerospace and defense industry in these countries augurs well for the expansion of the spring market.
Key Market Players & Competitive Insights
Market participants are actively engaged in researching and developing innovative springs characterized by reduced weight and enhanced pressure resistance. This strategic focus aims to contribute to the overall reduction of automobile weight, lower emissions, and improve the efficiency of automotive systems. In May 2021, Hexion & Rassini joined forces to integrate composite leaf springs into Ford's upcoming F-150 pickup. Rassini designed a hybrid rear suspension featuring a composite assist and a parabolic primary steel leaf.
Some of the major players operating in the global market include:
- GALA GROUP
- Ace Wire Spring & Form Company
- Bal Seal Engineering.
- CARL HAAS GmbH
- EBSCO Spring Co.
- FRAUENTHAL HOLDING
- Hendrickson USA
- IFC Composite
- JAMNA AUTO INDUSTRIES LIMITED.
- John Evans’ Sons Inc.
- Muhr and Bender
- In May 2022, DONGFENG MOTOR introduced a new truck model in Russia. The DF6 is a robust pickup truck with a sturdy frame designed for comfort, reliability, and off-road capabilities. Its resilient undercarriage, featuring a rear-dependent leaf spring and a double-wishbone front suspension, is well-suited for navigating the diverse terrain of Russian roads.
Spring Market Report Scope
Market Size Value in 2024
USD 24.73 billion
Revenue Forecast in 2032
USD 35.56 billion
4.6% from 2024 – 2032
2019 – 2022
2024 – 2032
Revenue in USD billion and CAGR from 2024 to 2032
By Product Type, By End Use, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Report customization as per your requirements with respect to countries, region, and segmentation.
Gain profound insights into the 2024 Spring Market with meticulously compiled statistics on market share, size, and revenue growth rate by Polaris Market Research Industry Reports. This thorough analysis not only provides a glimpse into historical trends but also unfolds a roadmap with a market forecast extending to 2032. Immerse yourself in the comprehensive nature of this industry analysis through a complimentary PDF download of the sample report.
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