Apr 06, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Composite Springs Market.

It was estimated prior to this unanticipated outbreak that the Composite Springs Market is forecasted to grow at an impressive CAGR of >8% over the next five years to reach $74.9 million in 2025. Increasing demand of lightweight components in the automotive industry and increasing penetration of composite springs in the furniture and food industry owing to the advantages of high deflection rate and excellent fatigue & stress resistance are the major growth drivers of the market.

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Composite springs include leaf springs, coil springs, chair springs, and industrial springs which are used in the transportation, furniture and industrial segments. Composite springs offer several benefits over conventional steel springs, such as lightweight, high durability, greater flexibility, better vibration energy absorption, and excellent fatigue resistance. For example, composite leaf spring is five times more durable than that of similar sized steel leaf springs at just 1/7th the weight of a steel leaf spring.

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Segment Analysis

By Spring Type

Composite leaf springs are expected to remain the largest composite spring type during the forecast period. Composite leaf springs are used in the transportation industry, mainly passenger cars and light commercial vehicles. Pick-ups, Vans, and SUVs are the major vehicle types that are using composite leaf springs either on transversal or on longitudinal position depending on requirement, vehicle design type, etc. All major OEMs are evaluating the use of the composite leaf springs in their major Pick-ups, VANs, and SUV models.

By End-Use Industry Type

Transportation is expected to remain the largest user of composite springs during the forecast period. The industry is also expected to experience the fastest growth for the same period. Increasing demand of lightweight parts, including composite leaf springs and coil springs to achieve stringent government regulations, such as CAFÉ standards is the prime driver of the segment. Furniture and industrial segments are also likely to grow at a healthy growth rate over the next five years.

By Manufacturing Type

Compression molding is expected to remain the most dominant manufacturing process in the global composite springs market during the forecast period. High Pressure-Resin Transfer Molding (HP-RTM) is likely to experience the fastest growth for the same period, driven by the shorter parts cycle time.

Regional Insights

Europe is expected to remain the largest market for composite springs in the next five years, driven by increasing use of composite leaf springs in the light commercial vehicles. Asia-Pacific is relatively small composite springs market but is expected to experience the fastest growth for the same period.

Key Players:

Key players operating in the global Composite Springs market are-

  • Liteflex LLC,
  • IFC Composite,
  • Gordon Composites,
  • Composiflex,
  • Benteler-SGL.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Composite Springs analysis report discusses the following heads in great detail:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis
  • COVID-19 Impact Assessment
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
  • Market trend and forecast analysis
  • Market segment trend and forecast
  • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
  • Attractive market segments and associated growth opportunities
  • Emerging trends
  • Strategic growth opportunities for the existing and new players
  • Key success factors

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