The global spring market size was valued at USD 23.6 billion in 2019, thriving at a CAGR of 4.5% from 2020 to 2027. The increasing demand for springs across various end-use verticals such as automotive, manufacturing, agriculture, and forestry will drive the market over the forecast period. Also, practically, there are no other components available to replace the utility of springs and hence the springs are widely used across all the verticals. Furthermore, growing development and adoption of manufacturing methods such as shift from manual manufacturing to automated drive and robotic arm is also expected to support the growth of the market.
Manufacturing of springs from light weight and high strength metals and alloys to reduce weight and to increase the strength has also increased the application of springs in aircraft, satellite, and automobile manufacturing. As a large number of springs are used in automotive and aircraft, reduction in the weight of springs will decrease the overall weight of the structure and increase the structure’s load caring capacity. In automobile and aircraft, springs are also used in the suspension system, brakes system, and interiors to facilitate, the opening and closing of many components such as doors and armrests. Moreover, springs are also used in a wide range of integral components including actuators, engines, and fuel pumps.
The initial cost of set-up for the manufacturing of springs is not very high and requires moderate capital investment with a good return of investment due to significant demand. This has attracted many vendors towards investing in the market, providing easy entry to the new entrants in the market. Also, the rising automation in various industries has significantly raised the machining methods to optimize the production processes.
This is done to increase the production capacity to cater to the ever-increasing demand for spring from the end users. Innovative machining methods (use of Cad and Cam) are now capable of manufacturing springs with complex geometries from different alloys. These alloy springs are lighter in weight and offer longer work life than conventional springs.
The presence of a large number of domestic and international participants in this market has made the market highly competitive. Also, export contributes to substantial share of the market, owing to which, the market is highly susceptible to the growth of other economies as well. Hence, a decline in demand from importing economies can negatively impact exports as well as export-oriented industries.
The helical spring segment captured the highest market share in 2019 and is expected to witness considerable growth during the forecast period. High demand for helical spring is attributed to its advantages such as coil structure. For instance, in shock absorber, a specific type of helical structure is used. These springs enable energy storage when pressed because of resilient force, and then this energy is subsequently released providing comfort to the passenger riding the automobile even on uneven surfaces. Other benefits offered by this type include resisting the pull forces between two or more objects, making it suitable for various applications such as carburetors, drum brakes. Helical springs are known for the excellent absorption of shocks and sudden impacts, which are crucial for the automotive, aerospace, and railways industry.
The leaf spring segment is anticipated to witness considerable growth by 2027 owing to its increasing demand in various end-use industries such as railways and automotive. Leaf spring helps in maintaining good health of the vehicle and safety of the passengers by isolating the vibrations produced due to road disturbances from transferring to the driver and passengers. The escalating demand for automobiles in developing countries coupled with an increasing focus of automobile original equipment manufacturers on improving passenger safety and comfort is anticipated to fuel segment growth. Also, shifting preference of people towards electric vehicle, has led to an increased demand of springs from electric vehicle manufacturers which is expected to positively impact the market over the forecast period.
The manufacturing segment dominated the spring market in 2019 attributed to wide range of applications such as robotics, and automated drives. Rapidly changing manufacturing technology such as use of CNC (computer numerical control) machine, frequent innovation of springs in terms of design and materials, and adoption of customized product manufacturing have accelerated the growth of the segment. Springs offer high flexibility and can be customized to meet user-specific requirements.
The automotive and transportation segment is anticipated to emerge as the fastest growing segment over the forecast period. This is due to the fact that automobiles highly rely on springs to withstand surface conditions (rough, uneven terrain). Also, electric vehicles have been witnessing significant growth due to the growing need to address future energy requirements. In 2018, the global electric vehicle fleet exceeded more than 5.0 million units from 2.0 million in 2017. Being a crucial part of all electric vehicles, spring is expected to register considerable growth over the forecast period.
The Asia Pacific is projected to emerge as a predominant region in terms of value over the forecast period. 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. China is estimated to commence the operations of the largest production facilities of automobile spare parts on account of the easy availability of raw materials and labor in the country.
Europe accounted for over 25.0% of the market in 2019 and is expected to witness the fastest growth rate by 2027 owing to the presence of established automobile, aerospace, and defense manufacturers in the region. Ascending demand for electric vehicles in European countries has boosted the electric vehicle production, impacting the growth of the market in the region. Additionally, growth in the aerospace and defense sector in countries such as France and U.K. is also expected to boost the market over the forecast period.
Key companies include GALA GROUP; Ace Wire Spring and Form Co., Inc.; Bal Seal Engineering, Inc.; Barnes Group Inc. (Associated Spring); CARL HAAS GmbH; EBSCO Spring Co.; Frauenthal Holding AG; Hendrickson Usa L.L.C.; Ifc Composite Gmbh; Jamna Auto Industries Ltd.; John Evans Sons Incorporated; Mubea Tellerfedern GmbH; Rassini SAB de CV; and Sogefi SpA. These players are focusing on the formation of long-term agreements and strategic alliances with other manufacturers as well as OEMs to dilute or eliminate the risks and increased costs associated with the development of new automotive products.
Industry participants are also involved in research and development of new springs with lighter weight and higher-pressure resistant capability to decrease the overall weight of the automobile, to reduce the overall emission, and to increase the efficiency of the automobile. Moreover, there is a high demand for light weight spring in aerospace and defense sector to decrease the overall weight of the aircraft and increase its load carrying capacity.
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Attribute |
Details |
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Base year for estimation |
2019 |
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Actual Estimates/Historical data |
2016 - 2018 |
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Forecast period |
2020 - 2027 |
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Market representation |
Revenue in USD Million and CAGR from 2020 to 2027 |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Country scope |
U.S., Canada, U.K., Germany, France, China, India, Japan, Brazil, Mexico |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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15% free customization scope (equivalent to 5 analyst working days) |
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization. |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends for each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research 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
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa
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