04-May-2023 | Zion Market Research
The global spring market size was worth around USD 23.91 Billion in 2022 and is predicted to grow to around USD 33.87 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.62% between 2023 and 2030.
Springs are mechanical equipment that plays the role of storing and releasing energy. They are used in a variety of applications in which the main goal is to store energy and release it in a rotary of linear motion. This mechanical equipment, as of current times, remains highly in demand and virtually irreplaceable since there are no other mechanical devices that can perform the same task as efficiently as springs. They are made from a variety of materials such as steel, titanium, aluminum, or other metals or from composites and plastic.
The most commonly used springs are compression springs, extension springs, torsion springs, and flat springs with each type performing a specific function thus driving its demand. The spring industry deals with a number of manufacturers and distributors of springs for different end-user vehicles ranging from basic consumer goods to automobiles and other sectors.
The global spring market is projected to grow due to the growing demand in the end-user verticals such as the automotive industry, transportation sector, agriculture, and constriction to name a few. In the agriculture sector, springs have a wide range of applications. They are used in tractor suspensions along with other farming machinery. These springs assist in reducing the impact of rough terrain that farm equipment is usually subjected to. Furthermore, they are used in harvesting equipment to absorb shock during the harvesting process.
As the world is witnessing a surge in the agriculture sector to meet the growing demand of its population, the requirements for efficient springs are projected to surge. In addition to this, one of the largest consumers of several types of springs is the automotive sector where they are crucial components of the suspension system. The growing number of players in the automotive industry, and rising demand from consumer groups for more vehicles including 4-wheelers, 2-wheelers, and larger vehicles could lead to higher revenue in the global industry as well.
During the forecast period, one of the key growth restraints that the spring industry players may come across is the absence of measures to streamline the smaller players in the industry. This can lead to a lack of means to control the quality of the products circulating in the commercial market. Furthermore, the global industry also deals with a lack of proper waste disposal systems and hence is subjected to several environmental concerns over pollution and waste generated in the sector that remains unaccounted for.
The growing electric vehicles (EVs) segment could provide growth opportunities while the high competition may challenge market growth.
The global spring market is segmented based on end-user, type, and region.
Based on end-user, the global market segments are agriculture & forestry, automotive & transportation, manufacturing, construction, and others. In 2022, the industry witnessed the highest growth in the manufacturing segment. Some of the major reasons for segmental growth are the increasing use of advanced manufacturing technology such as computer numerical control (CNC) machines along with frequent innovation in terms of spring material and design. Furthermore, the higher demand for customized versions of springs has added more revenue to the market.
The automotive and transportation sector is a significant market share holder and during the forecast period, the growth in the EV sector is expected to assist in a higher CAGR. India currently has more than 25 EV brands operating in the region.
Based on type, the global spring market segments are helical spring, lead spring, coil spring, and others. The industry is expected to register higher revenue in the helical spring segment by 2030. The spring is generally made of rod or wire which is coiled in the shape of a sphere. It is one of the most commonly used springs as compared to its counterparts. The wire or rod used in the manufacturing process can be made of steel, stainless steel, titanium, or other alloys, and depending on the specific need, the size and shape of the spring can be molded.
The spring converts potential energy into kinetic energy and hence has wide applications. In the first few months of 2021, as per the claims of the World Steel Association, more than 1,315.4 million metric tons of steel were produced globally.
The global spring market is expected to witness the highest growth in Asia-Pacific mainly driven due to the high demand in the end-user verticals of economies such as China, India, Japan, South Korea, and other nations. These regions are home to some of the largest manufacturing plants in the world and are key exporters of steel-based springs. In 2020, India produced more than 99.6 million tonnes of crude steel and remained the second-largest exporter of steel in the same year. In addition to this, the rising demand in the automotive sector due to growing disposable income, the presence of players offering automobiles across price boards, and rising financial assistance provided to first-time buyers are key aspects of regional growth. In North America, the steady CAGR can be attributed to the growing automotive and transportation sector along with increasing demand for other consumer goods.
Browse the full “Spring Market By End-User (Agriculture & Forestry, Automotive & Transportation, Manufacturing, Construction, and Others), By Type (Helical Spring, Leaf Spring, Coil Spring, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030.” Report at https://www.zionmarketresearch.com/report/spring-market
The global spring market is led by players like:
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