The global Spring Market size is expected to reach USD 37.5 billion by 2030, registering a CAGR of 5.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to gain prominence over the forecast period owing consistent growth in the demand of springs from the different end-use verticals such as automotive and transportation, agriculture and forestry, and construction. Also, the adoption of heavy industrial machinery in developing countries to optimize the manufacturing process is also expected to drive the market over the forecast period.
Industrialization
and trade have strengthened each other. Trade has provided access to critical
industrial inputs such as raw material and updated technologies such as
robotics and Computer-aided manufacturing (CAM) for countries which are
incapable of producing them. Increased demand for exports has spurred
technological development and industrial production. In turn, the introduction
of new industrial technologies such as use of 3D printers in manufacturing has
shaped the pattern of manufacturing sector and hence increasing the demand for
springs from robotics as well as from manufactured products.
Europe
accounted for more than 25.0% of the global revenue generated in the market in
the year 2019. Rising government investments to boost electric vehicle
production/sales is anticipated to promote regional growth over the coming
years. In Asia Pacific, the market is expected to witness the fastest growth
over the forecast period, owing to substantial growth of manufacturing sector
in countries such as China and India.
However,
the market is depended on demand from its end users such as automotive and
manufacturing. Therefore, the onset of financial crisis is expected to
adversely impact market growth. Also, prices of raw materials such as metal and
alloy have rapidly fluctuated, hampering market growth. Furthermore, the
presence of a large number of domestic and international market participants
has made the market highly competitive. The competitive environment in the
market has forced the vendors to sell the products at low prices. This has
deeply impacted the profit margins of the market players and has also
restricted further research and development in the market. However, frequent
adoption of new manufacturing methods, and adoption of customized products is
expected to accelerate the growth of the spring market over the coming years.
List
of Key Players of Spring Market
- GALA GROUP
- Ace Wire
Spring & Form Company
- Bal Seal
Engineering.
- Barnes
- CARL HAAS
GmbH
- EBSCO Spring
Co.
- FRAUENTHAL
HOLDING
- Hendrickson
USA, L.L.C.
- Ifc Composite
Gmbh
- JAMNA AUTO
INDUSTRIES LIMITED.
- John Evans’
Sons Inc.
- Muhr and
Bender KG
- Rassini.
- Sogefi SpA
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a free sample copy or view report summary: Spring Market Report
Spring
Market Report Highlights
- The helical
spring segment accounted for the largest revenue share of 52.7% in 2022
and is expected to grow at the fastest CAGR during the forecast period. The
high demand for helical springs is attributed to their advantages, such as
coil structure.
- The leaf
spring segment is expected to witness a significant CAGR during the
forecast period owing to its increasing demand in various end-use
industries such as railways and automotive.
- Manufacturing
accounted for the largest revenue share of 31.6% in 2022, owing to a wide
range of applications such as robotics and automated drives.
- The
automotive and transportation segment is expected to grow at the fastest
CAGR of 5.9% during the forecast period. This is due to the fact that
automobiles highly rely on springs to withstand surface conditions (rough,
uneven terrain).
- Asia Pacific
dominated the market and accounted for the largest revenue share of 38.0%
in 2022. Increased demand for spring from the automobile, transportation,
and manufacturing sectors is owing to the development of manufacturing
facilities by industry leaders in this region.
- Europe is
expected to grow at the fastest CAGR of 5.6% during the forecast period,
owing to the presence of established automobile, aerospace, and defense
manufacturers in the region.
Spring
Market Segmentation
Grand
View Research has segmented the global spring market on the basis of type, end
use, and region:
Spring Product
Type Outlook (Revenue, USD Million, 2017 - 2030)
- Leaf Spring
- Helical
Spring
- Others
Spring End-use
Outlook (Revenue, USD Million, 2017 - 2030)
- Automotive
and Transportation
- Construction
- Agriculture
& Forestry
- Manufacturing
- Others
Spring Regional
Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East
and Africa
- Saudi Arabia
- South Africa
- UAE
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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