It is anticipated that the market for metal springs will expand at a CAGR of 5.56% during the forecast period of 2023 to 2031. It is anticipated that the market for metal springs would reach around $28.3 billion in 2031. The market expansion has been boosted by factors such as the significant rise in demand, the adoption of technology, and the launch of new and customized goods. Because there is no other option available to replace the spring in a variety of devices, it has proven to be the primary factor behind the expansion of the market. Because of its application in a variety of industries, including automotive, aerospace, medical, agriculture, manufacturing, and others, the market volume has increased significantly. As the need for automation continues to rise, it is anticipated that the market for metal springs will expand.
Increasing demand for automobiles from the developing economies of India, China
The demand for springs is being driven by the growing popularity of passenger cars and commercial vehicles in emerging economies. In addition to this, battery electric vehicles make use of components that are activated by springs in order to maintain a balance between the engine propeller and the battery coils. As a result, the increasing market share held by springs in the automotive sector is anticipated to contribute to the expansion of the market over the course of the forthcoming year. As evidenced by the rapid EV adoption in China, which contributed 41% of worldwide EV sales in 2020, the Asian market offers both size and a big consumer base. Hence, automakers and other stakeholders in the Asian ecosystem should utilize these markets to commercialize their inventions, achieve the desired effect, and generate profits. Subsequently, on 1 January 2022, China declared it has relaxed ownership restrictions on automotive firms, allowing foreign investors to create WFOEs in the industry. Also, restrictions preventing foreign investors from establishing more than two joint ventures in China to manufacture the same car product were eliminated. In addition to the FIL, several industries will continue to be covered. They are specified in a document known as the "Negative List." On the other hand, the 'Catalogue of Supported Industries for Foreign Investment also contains a number of industries that are specifically supported. Both lists became operational on July 30, 2019.
The Usage of Plastic and Fiber-Made Products May Restrain the Market
With the usage of plastic and fiber-made products on the rise due to their cheaper cost, the expansion of the mechanical springs market could be restrained in the near-term. The fierce competition that the market for mechanical springs faces from the ever-increasing demand for non-mechanical or non-wire springs, such as plastic products and gas springs, is another important issue that is preventing the market for mechanical springs from expanding.
The increasing cost of raw materials is a challenge
The market expansion can be slowed down if the cost of the raw materials used in making metal products continues to rise. The majority of manufacturers have seen their costs of manufacturing skyrocket as a direct result of increased input costs, notably those of raw materials such as steel. In other industries, like the automotive industry, metal accounts for approximately 70 percent of the total consumption of raw materials. The protracted conflict between Russia and Ukraine has caused supply chains to be disrupted, which has led to a meteoric rise in the prices of raw materials during the period of traditionally strong demand from April to June. Hence, shifts in the prices of raw materials have the potential to have a negative influence on the expansion of the market for metal spring products.
Helical Springs Dominate the Market
The global metal springs market that is segmented by type was dominated by the helical spring category in 2022. There is a wide variety of options available in terms of the shapes, sizes, and materials for helical coil springs that are used in tension and compression applications. These springs find widespread application throughout a variety of industries, including but not limited to manufacturing, agriculture, and construction, as well as automotive and transportation.
In terms of revenue, the leaf spring section was in second place after the helical spring segment as of the year 2022. The most common application for leaf springs is in the suspension of vehicles, which is why they are considered to be one of the earliest types of springs. As a result of their compact construction, leaf springs are capable of withstanding significant vertical loads and are therefore utilized in heavy-duty motor vehicles. These springs offer a substantial amount of support between the axles, chassis, and wheels of the vehicle. As a result of the revitalized expansion in the automotive sector, it is anticipated that the market for leaf springs will continue to expand steadily during the forecast period.
Stainless Steel Segment Dominates the Market by Material
As a consequence of the rise of industrialization and progress in technology, the market for metals is flourishing. As a parent industry, the metal sector has demonstrated steady growth in the market across a variety of areas, and as a direct result, the market for metal springs has also demonstrated expansion. The development of new alloys enables their application in a variety of new industries and gadgets. Stainless steel springs will continue to dominate the market during the forecast period. The copper and Bronze segment are expected to witness the highest CAGR during the forecast period.
APAC Remains as the Global Leader
Countries such as China, Korea, and India are on the cusp of becoming global leaders in automation across a variety of industries. As of the end of 2022, Asia Pacific had the largest share of revenue and the volume of the global market for metal springs. The Asia-Pacific region has been experiencing robust expansion across a variety of sectors, including the automotive industry, and manufacturing, amongst others. Spares and adjacent industries have benefited from the expansion of growing industries in developing countries in the Asia Pacific area, such as India and China, which are contributing to the overall growth of the region's spares and adjacent industries.
Both in terms of income and volume, Europe was a distant second to Asia Pacific in the global market for metal springs. The existence of well-established manufacturing companies as well as economic stability in the region over the past several years has been a driving force behind the expansion of the market for metal springs. It is anticipated that the market for metal springs in North America will also see continuous growth throughout the forecast period of 2023 to 2031.
Competition to Intensify During the Forecast Period
Some of the key market vendors in the metal spring market include Siddal & Hilton Products Ltd, John Evans Sons Inc, M.Coil Spring Mfg Co., Vulcan Spring & Mfg. Co., GALA GROUP, Suhm Spring Works, Patrick Manufacturing, Inc., Mid-West Spring and Stamping, Argo Spring Manufacturing Co. Ltd., National Spring Industries, Wire Product Company, All-Rite Spring Company, and others. The market is highly fragmented due to the presence of large, small, domestic, and global players. This market is characterized by a high level of competition as a result of the participation of a large number of companies across the globe. Lack of product and price differentiation and less scope for innovation further intensifies the level of competition. Additionally, as export makes up a sizeable portion of the industry, it is very susceptible to the expansion of other economies as well. This makes the market extremely competitive. As a result, a drop in demand from economies that are net importers can have a detrimental effect on exports as well as industries that are focused on exporting.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Metal Springs market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2021-2031 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Historical Year | 2021 |
| Unit | USD Million |
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Region Segment (2021-2031; US$ Million)
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Key questions answered in this report
