Sept 29th,2021/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 Gas Spring Market.
Gas Spring Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
COVID-19 Impact on Global Gas Spring Market
The outbreak of coronavirus has adversely affected various industries such as automotive, aerospace, and other industrial sectors. As automotive is a key application segment of gas springs, and declining sales of lightweight and commercial vehicles have directly affected the demand for gas springs demand.
Gas Spring Market is estimated to grow from USD 2.52 billion in 2020 to USD 3.4 billion by 2026 at a healthy CAGR of 5.2% during the forecast period. Gas spring is a particular type of spring that is generally framed with a steel cylinder containing glass that is compressed by a piston to exert the force. The gas spring exhibits better corrosion and wears resistance along with lower frictional attributes. Also, the process of construction of gas springs is eco-friendly and non-toxic.
Significantly growing end-use sectors such as aerospace, medical, automotive, etc. in developed and emerging countries is a key factor propelling the market growth.
- Further, gas spring handles heavy objects with ease as compared to mechanical springs, which gives traction to the product demand.
- These springs use compressed gas which is enclosed within a cylinder and is sealed by a sliding position, in order to apply external force.
- The gas springs are generally corrosion-resistant, but it is not friendly to be used in environments with constant damp load, thus hindering the product consumption.
Based on application, the gas spring market has been categorized into aerospace, automotive, medical, industrial, furniture, and others.
Among these, the automotive segment witnessed the largest market share in 2020. This is mainly attributed to surging demand for gas springs in the automotive and industrial applications to adjust passenger seats and for closing & opening of bonnet and dicky.
The Asia Pacific market held a substantial share which is followed by North America.
- Both the regional markets are likely to witness robust CAGR in the gas spring market owing to strong automotive and industrial sectors in China, India, Japan, and the US.
- The Western Europe market is projected to register a healthy CAGR due to robust automotive base and presence of leading automobile manufacturers in Germany and the UK.
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 Gas Spring Market 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
About Stratview Research
Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. It is a global market intelligence firm providing a wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.
Contact: Stratview Research