The global metal spring market is expected to grow at a CAGR of 5.5 %. Springs are mechanical devices that can store potential energy because of their property of elasticity. The metal spring market in 2029 is expected to reach about US$ 25 billion. Significant rise in demand, adoption of technology, and introduction of new and customized products has accelerated the market growth. There is no alternative solution for the spring in various devices hence it proves to be the key driver for market growth. The application in various sectors such as automobile, construction, medical, government, aerospace, agriculture, and other industrial sectors has led to high volume market revenues. The use of various alloys enables efficient functioning. The metal spring market is expected to grow with the increasing demand for automation.
There is significant growth in various sectors such as manufacturing and processing, automobile industry, agricultural instruments, constructions vehicles and devices, automotive sector, and others. The industrial sectors accounted for the largest share. Springs can be classified as fabricated products, light gauge, and heavy gauge. Spring products are found in various forms such as micro, compression, extension, torsion they are used in heavy machinery and equipment. Springs are also classified based on their size as per application and demand.
The countries such as China, Korea, and India are emerging in automation across various sectors. North America and Europe are dominating other regions in the metal sector as well as metal spring market. The metal market is booming as result of industrialization and technology advancement. The metal sector has a consistent growth in the market across various regions as a parent industry and consequently the metal spring market is also growing. Innovation in alloy ensures application in new sectors and devices.
The pandemic had negative impact on the economy worldwide. The government restrictions on manufacturing and transport also affected the metal spring market. Post pandemic the sales of metal springs are expected to resume across various sectors. Automobile, construction and industrial sector played vital role in ensuring growth in post pandemic period.
Key players in the market include All-Rite Spring Company, Bridon International Ltd, National Spring, Siddal& Hilton Products Ltd, Wire Products Company, 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. The key focus area of the companies includes ensuring growth and sustaining competition.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
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.
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 Spring 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.
Region Segment (2020–2030; US$ Million)
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
Key questions answered in this report