Metal Springs Market By Type (Helical Springs, Leaf Springs), By End-Use Industry (Automotive And Transportation, Manufacturing, Agriculture, Construction) - Growth, Share, Opportunities & Competitive Analysis, 2017 – 2025

A spring is a simple object that stores mechanical energy and can be twisted, pulled, or stretched by an external force. The springs have virtually no alternative and therefore are extensively used in several end-use industries depending upon their applications, types, shapes, sizes, stiffness, and other mechanical properties. Most of the machines and equipment used in different industries cannot be designed or operated without the application of appropriate springs. With no practical replacement and almost endless end-use applications, the demand for metal springs is expected to witness continued growth throughout the forecast period of 2017 to 2025.

Continued growth in industry verticals such as industrial manufacturing and processing, automobiles, agricultural instruments, construction vehicles and devices, and so on has resulted in an increase in demand for equipment replacement and maintenance parts. Metal springs are extensively used in virtually all the aforementioned industry verticals for different applications. Therefore, the metal springs market is expected to showcase consistent growth along with the aforementioned industries.

In addition, rising technology has significantly raised the capabilities of modern machining methods. Advanced and non-conventional machining methods are now capable of producing springs with complex geometries from different alloys. Such springs perform better and provide a longer service life than conventional springs. With improved design and physical attributes, these springs are extensively used for applications such as railways, heavy industries, heavy-duty automobiles, and earthmovers, among others. Therefore, advanced machining methods are one of the key factors for the positive growth in the metal springs market over the past few years.

The report titled "Metal Springs Market: Growth, Future Prospects, and Competitive Landscape, 2017–2025" offers strategic insights into the global metal springs market with a focus on the market's size and estimates for the period 2015–2025. The said research study covers an in-depth analysis of market segments based on type, end-use industry, and a cross-sectional study across different geographies. The study covers the comparative analysis of each sub-segment for the years 2016–2025. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities.

In order to help strategic decision-makers, the report also includes competitive profiling of the leading metal spring manufacturers, their strategies, market positioning, and key developments. Some of the major players profiled in the report include Mid-West Spring and Stamping, Gala Group, Argo Spring Manufacturing Co., Inc., Patrick Manufacturing, Inc., Vulcan Spring & Mfg. Co., M.coil Spring Mfg. Co., Schnorr, SUHM Spring Works, Inc., DoFo Spring Manufacturing Co., LTD., Asco Engineering & Enterprise, and S K SPIRING CO.

Other in-depth analysis provided in the report includes:

  • Current and future market trends to justify the forthcoming attractive markets within the metal spring industry.
  • Market fuelers, market impediments, and their impact on market growth
  • Market inclination insights and key trend analysis for the metal springs market
  • in-depth competitive environment analysis
  • Trailing 2-year market size data (2015–2016)

Overall, the research study provides a holistic view of the global metal springs market, offering market size and estimates for the period from 2017 to 2025, keeping in mind the above-mentioned factors.

The global metal springs market is segmented, based on type, into the following categories:

  • Helical Springs
  • Leaf Springs
  • Others (Torsion Springs, Wire Forms, etc.)

In 2016, the helical spring segment led the global metal springs market by type. Helical coil springs for both tension and compression applications are available in different shapes, sizes, and materials. These springs are extensively used in industries including manufacturing, automotive and transportation, agriculture, and construction, among others. Consequently, the segment is expected to show consistent growth along with the growth in the aforementioned industries throughout the forecast period from 2017 to 2025.

As of 2016, the leaf spring segment trailed the helical spring segment in terms of revenue. Leaf springs represent one of the oldest forms of springs and are primarily used for suspension in automotive applications. Because of their close-knit structure, leaf springs can withstand heavy vertical loads and thus find use in heavy-duty vehicles. These springs provide ample support between the wheels, chassis, and axles. With revived growth in the automobile industry, the market for leaf springs is expected to grow consistently in the following years.

The global metal springs market is segmented, based on the end-use industry, into the following categories:

  • Automotive and Transportation
  • Manufacturing
  • Agriculture
  • Construction
  • Others (mining, consumer goods, etc.)

As of 2016, the manufacturing industry held the largest share of the overall metal springs market in terms of revenue. After an economic slowdown in the late 2000s, the manufacturing industry has significantly revived in recent years. Manufacturing industries in developing nations, including China, India, and Brazil, among others, are flourishing at a brisk rate. With consistent growth in the manufacturing industry, the demand for numerous spring components used in the manufacturing industry is expected to rise during the forecast period.

As of 2016, the automotive and transportation segments trailed the manufacturing industry segment in terms of revenue. Reviving the automotive industry is a significant factor responsible for the growth of the metal springs market. In addition, continued demand from the railway and roadway applications is expected to further drive the demand for metal springs in this segment. This, in turn, is expected to have a positive impact on the demand for various types of springs, especially leaf springs, in the following years.

The global metal springs market has been segmented on the basis of geographical regions, as per the following regions and countries:

  • North America
  • U.S.
  • rest of North America
  • Europe
  • U.K.
  • Germany
  • France
  • Rest of Europe
  • Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
  • Rest of the World (RoW)
  • The Middle East and Africa
  • Latin America

As of 2016, Asia Pacific dominated the overall metal spring market in terms of revenue as well as volume. Asia Pacific has been witnessing strong growth in industries including processing, automotive, and manufacturing, among others. Growing industries across the developing countries in the Asia Pacific region, such as India and China, have boosted the growth of spares and adjacent industries across the region. Metal springs are one of the most important spares required across different industry verticals. Consequently, the demand for the metal spring is expected to remain high in this region throughout the forecast period from 2017 to 2025.

Europe trailed Asia Pacific in the overall metal spring market in terms of revenue and volume. The presence of established manufacturing industries and economic stability in recent years has encouraged the growth of the metal spring market in this region. The metal springs market in North America is also expected to show consistent growth during the forecast period from 2017 to 2025.

Frequently Asked Questions:

The market for Metal Springs is expected to reach US$ 20.6 Bn in 2025.

The Metal Springs market is expected to see significant CAGR growth over the coming years,at 5.1%.

The report is forecasted from 2017-2025.

The base year of this report is 2016.

Mid-West Spring and Stamping,GALA GROUP,Argo Spring Manufacturing Co.Inc.,Patrick Manufacturing, Inc.,Vulcan Spring & Mfg.Co.are some of the major players in the global market.

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Published Date:  Aug 2017
Category:  Automotive & Transportation
Report ID:   58623
Report Format:   PDF
Pages:   120
Rating:    4.7 (60)
Delivery Time: 24 Hours to 48 Hours   
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