|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 23.91 Billion||USD 33.87 Billion||4.62%||2022|
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.
The report analyzes the global spring market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the spring industry.
Springs are mechanical equipment that is used to store energy and release it when necessary. They are also used to apply force in the opposite direction to an external force. The spring industry deals with the manufacturing and distribution of these mechanical components as they are used in various mechanical systems and machines. There are several forms of springs and each form has special advantages. The industry also deals with the production of customized springs depending on the requirement of the client. During the forecast period, the market is expected to grow at a steady rate as the utility of springs continues to remain irreplaceable across some of the fastest-growing segments such as aerospace, agriculture, and automotive industry.
Growing demand in the aviation sector to propel market growth
The global spring market is expected to witness steady growth owing to the increasing demand in the aviation industry. In this fraternity, springs have wide-scale applications as they are used to produce lightweight and durable components of an aircraft. Some of these components include gear systems, engine components, and control systems. For instance, in gear systems, they are used in the production of functional landing gear set-up.
The springs assist in absorbing and dissipating the energy produced during landing impact, thus reducing the stress on aircraft passengers and the structure. Furthermore, springs are essential components of other airplane parts as well such as control systems and engine components. With the growing population of people preferring to opt for an airway mode of transportation, the aviation sector is currently witnessing tremendous growth fueled by extensive investment. This could lead to higher revenue during the forecast period.
Fluctuating prices of raw materials to restrict the market growth
The constantly changing prices of the essential raw materials required during the production of springs could lead to growth restraints in the global spring market. The most common materials used during the process are steel and alloys which are highly price sensitive since their export values depend on the economic condition of the trading nations along with other factors. Currently, the world is dealing with intense geo-political constraints and this could damage the supply chain of steel and other crucial raw materials.
Growing electric vehicles (EVs) segment to provide growth opportunities
One of the most significant growth opportunities in the spring industry is the tremendous response observed by the EV segment of the automobile industry. The rising awareness amongst consumer groups about the environmental impact of gas-powered vehicles along with a growing global emphasis on switching to a sustainable mode of development such as electric vehicles is expected to drive the demand for efficient spring mechanisms. In the third quarter of 2021, Tesla delivered 241,300 EVs worldwide.
High competition to challenge market growth
The global spring industry is saturated with the presence of several domestic and international suppliers of springs. This has led to the industry becoming highly competitive causing a rise in a price war, especially at the domestic level as companies try to improve their profit share. This has also led to a lack of innovation and collaboration. It acts as a major challenge for the industry to streamline its players which is essential for the overall growth of the market.
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 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.
|Report Attributes||Report Details|
|Report Name||Spring Market Research Report|
|Market Size in 2022||USD 23.91 Billion|
|Market Forecast in 2030||USD 33.87 Billion|
|Growth Rate||CAGR of 4.62%|
|Number of Pages||220|
|Key Companies Covered||Betts Spring Manufacturing, Lee Spring, Acxess Spring, Associated Spring, Katy Spring & Mfg., Inc., Century Spring Corp, Murphy & Read Spring Manufacturing Co., Peterson Spring, Master Spring and Wire Form Co., MW Industries, Inc., Hardware Products Company, Vulcan Spring & Mfg. Co., Custom Spring Corporation, Diamond Wire Spring Company, The Yost Superior Co., North Shore Steel, Duer Carolina Coil, Inc., Springfield Spring Corporation, Ajax Spring & Manufacturing Co., Inc., Myers Spring Co. Inc., W.B. Jones Spring Co. Inc., Coiling Technologies, Inc., Scherdel Sales & Technology, Inc., Michigan Steel Spring Co., and Peterson American Corporation.|
|Segments Covered||By End-User, By Type, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Asia-Pacific to witness massive growth
The global spring market is expected to witness the highest growth in Asia-Pacific as the region has been a dominant force in the last few years. The major reason for regional growth is the presence of a robust manufacturing sector in the growing economies of India and China along with other nations such as Japan and South Korea. The presence of favorable government laws and the availability of skilled labor at a reasonable cost has been crucial to higher growth in the manufacturing sector. These countries are home to some of the largest exporters of spring markets along with a large number of smaller players that contribute to the domestic needs of spring-based products. In addition to this, the government has been laying heavy emphasis on attracting more foreign players to expand its manufacturing sector which could lead to more growth in the coming years.
The global spring market is led by players like:
The industry deals with the manufacturing and distribution springs which are mechanical components and used in various mechanical systems and machines.
The global spring market is expected to witness steady growth owing to the increasing demand in the aviation industry.
According to study, 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.
The CAGR value of the spring market is expected to be around 4.62% during 2023-2030.
The global spring market is expected to witness the highest growth in Asia-Pacific as the region has been a dominant force in the last few years.
The global spring market is led by players like Betts Spring Manufacturing, Lee Spring, Acxess Spring, Associated Spring, Katy Spring & Mfg., Inc., Century Spring Corp, Murphy & Read Spring Manufacturing Co., Peterson Spring, Master Spring and Wire Form Co., MW Industries, Inc., Hardware Products Company, Vulcan Spring & Mfg. Co., Custom Spring Corporation, Diamond Wire Spring Company, The Yost Superior Co., North Shore Steel, Duer Carolina Coil, Inc., Springfield Spring Corporation, Ajax Spring & Manufacturing Co., Inc., Myers Spring Co. Inc., W.B. Jones Spring Co. Inc., Coiling Technologies, Inc., Scherdel Sales & Technology, Inc., Michigan Steel Spring Co., and Peterson American Corporation.