January 11, 2022
According to the research report titled ‘Global Spring Market Size study, by Type (Leaf Spring, Helical Spring, Others) by End Use (Automotive and Transportation, Construction, Agriculture and forestry, Manufacturing and others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global spring market was valued at USD 24.66 billion in 2020 and is expected to grow at a healthy growth rate of 4.5% over the next six years, reaching a valuation of USD 33.56 billion by 2027.
Absence of material alternatives for springs, surging development & adoption of new manufacturing methods, and rising automation across various sectors are primarily driving the growth of global spring market.
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Moreover, increasing focus towards manufacturing of springs using high strength, light weight alloys & metals to reduce weight & increase capacity is resulting in wide usage of springs in applications such as satellites, automobile manufacturing, and aircraft, which is in turn boosting the market remuneration scope.
Furthermore, the expanding defense, aerospace, and automotive industries, as well as utilization in components such as engines, fuel pumps, and actuators, are creating lucrative opportunities for businesses in this domain.
Despite the positive outlook, high volatility in raw material prices is likely to impede industry development in the forthcoming years.
Based on end-use spectrum, worldwide spring industry is categorized into construction, manufacturing, automotive & transportation, agriculture & forestry, and others. By product type, the business vertical comprises, helical spring, leaf spring and others.
From a regional standpoint, the market spans across North America (U.S., Canada), Latin America (Mexico, Brazil), Europe (France, Spain, Italy, Germany, U.K.), and Asia Pacific (South Korea, India, China, Japan, Australia). Among these, Asia Pacific market presently holds a substantial share in the overall industry, due to increasing demand for manufacturing facilities by various corporations in this region.
Additionally, Europe market is poised to exhibit a notable CAGR over the predicted timeline, owing to presence of the prominent aerospace, automobile, and defense sectors in the region.
The competitive landscape of global spring industry is defined by companies such as Jamna Auto Industries Ltd., GALA Group, Bal Seal Engineering Inc., EBSCO Spring Co., Barnes Group Inc., Frauenthal Holding AG, Ace Wire Spring & Form Co. Inc., Carl Haas GmbH, Hendrickson, USA LLC., and IFC Composite GmbH, among others.