Spring Market Analysis Report By Type, By End Use, By Region And Segment Forecasts From 2020 To 2027

Industry Insights

The global spring market size was accounted for USD 23.6 billion in 2019. It is anticipated to register a CAGR of 4.5% over the forecast period, 2020-2027. The wide application of springs across various end-use industries including manufacturing, agriculture & forestry, automotive, and transportation is driving the product demand. Moreover, spring and its utility are irreplaceable, thus, its dominance is projected to propel market growth. Further, rising automation and robotics across the manufacturing sector is anticipated to contribute to the market growth over the forecast period.

Springs are generally used to reduce the weight of the overall structure of machinery and parts of aircraft. Therefore, springs are widely used to design certain automotive parts and aircraft structures. Moreover, it improves the carrying capacity of the structure. In addition, certain automotive systems such as brakes systems, armrests, and doors systems, and suspension systems are designed using springs. These factors are projected to fuel the market growth.

For manufacturing different types of springs, low to moderate initial investment is required. Thus, manufacturers are getting a high return on investment is the demand for springs is high in the market. Moreover, there are low entry barriers for new entrants to enter the market. Further, increasing automation across several verticals has boosted the optimization of manufacturing processes. Therefore, manufacturers can balance the demand and supply rates of springs. This factor is projected to significantly impact the market growth in the forthcoming years

AutoCAD is one of the major machining methods used to design complex springs from various alloys. These complex springs are lightweight and more durable than traditional springs. Furthermore, the market is highly competitive in nature owing to the presence of international and domestic players across the globe. Moreover, many economies are highly dependent on the exports of springs for their growth. Thus, dropping import levels can adversely affect the industries in these economies.

Type Insights

In 2019, the segment of helical springs held the largest share across the global spring market. These springs are widely in automobiles for providing comfort while traveling on uneven roads. Its coil structure help in storing the energy when pressure is applied and it smoothly releases the energy by providing convenience to the passengers. Moreover, these springs are widely used in brakes and carburetors which is expected to boost its demand across the automotive industry. These types of springs are excellent shock absorbers, thereby, major components of aircraft, railways, and automobiles.

The segment of leaf spring is projected to attain a notable growth rate over the forecast period due to its wide application across several end-use verticals like the automotive and railways sectors. These types of springs ensure the safety of drivers and passengers by disengaging the vibrations occurring due to uneven surfaces. Moreover, rising concerns of automobile OEM regarding safety and convenience of passengers and increasing demand for vehicles and other automobiles in emerging economies are expected to propel the growth of the segment. In addition, the rising popularity of electric vehicles among the large consumer groups is expected to propel the demand for leaf springs among the manufacturers of electric vehicles and automobiles.

End-use Insights

In 2019, the manufacturing end-use segment held the largest market share across the global market. Factors such as rising automation and robotics across the manufacturing sector, the presence of technologically advanced machines such as CNC machines, and the rising rate of customization are anticipated to propel the growth of the segment. Moreover, manufacturers are designing customized products owing to the high flexibility of the springs to fulfill specific requirements of consumers. This is projected to further boost the market growth over the forecast period.

The end-user segment of automotive and transportation is projected to grow at the fastest CAGR from 2020 to 2027 owing to the reliance on automobiles on springs to absorbs shocks and provide comfort to the passengers. Moreover, the rising popularity of electric vehicles and springs being the key component of electric vehicles are the factors projected to fuel the segment’s growth in the forthcoming years.

Regional Insights

In 2019, Europe held a market share of over 25.0% across the global spring market. It is anticipated to grow at the fastest CAGR over the forecast period. This growth is attributed to the existence of deeply rooted manufacturers across the defense, automobile, and aerospace sectors. Moreover, the increasing production of electric vehicles in the region due to the huge demand for electric vehicles is driving the growth of the regional market. In addition, growing sectors of defense and aerospace in the U.K. and France are anticipated to further drive the regional market growth from 2020 to 2027.

The Asia Pacific is expected to attain significant growth from 2020 to 2027 owing to rising demand for springs across various industries such as manufacturing, transportation, and automotive in the region. Moreover, the presence of better and cheap manufacturing facilities in countries such as China owing to the abundance of raw materials and the presence of cheap labor is anticipated to drive the market growth in this region in the forthcoming years.

Spring Market Share Insights

Leading players operating in this industry include Ace Wire Spring and Form Co., Inc.; GALA GROUP; Bal Seal Engineering, Inc.; CARL HAAS GmbH; EBSCO Spring Co.; Barnes Group Inc. (Associated Spring); Frauenthal Holding AG; Ifc Composite Gmbh; Hendrickson Usa L.L.C.; Jamna Auto Industries Ltd.; Mubea Tellerfedern GmbH; John Evans Sons Incorporated; Sogefi SpA; and Rassini SAB de CV. These companies are concentrating on strategic initiatives such as mergers and acquisitions, collaborations, and strategic partnerships to maximize their earnings and reduce the cost of production. Moreover, they are investing in R&D to develop highly efficient springs that are lightweight and can sustain high pressure to reduce the weight and emission levels of automobiles.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights has segmented the global spring market report on the basis of type, end-use, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2027)
    • Leaf Spring
    • Helical Spring
    • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2027)
    • Automotive and Transportation
    • Construction
    • Agriculture & Forestry
    • Manufacturing
    • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
    • the Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa