Spring Market Size, Share, Growth Report 2032

Industry Prospective:

The global spring market size was worth around USD 23.91 Billion in 2022 and is predicted to grow to around USD 33.87 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.62% between 2023 and 2030.

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The report analyzes the global spring market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the spring industry.

Spring Market: Overview

Springs are mechanical equipment that is used to store energy and release it when necessary. They are also used to apply force in the opposite direction to an external force. The spring industry deals with the manufacturing and distribution of these mechanical components as they are used in various mechanical systems and machines. There are several forms of springs and each form has special advantages. The industry also deals with the production of customized springs depending on the requirement of the client. During the forecast period, the market is expected to grow at a steady rate as the utility of springs continues to remain irreplaceable across some of the fastest-growing segments such as aerospace, agriculture, and automotive industry.

Key Insights: 

• As per the analysis shared by our research analyst, the global spring market is estimated to grow annually at a CAGR of around 4.62% over the forecast period (2023-2030)
• In terms of revenue, the global spring market size was valued at around USD 23.91 Billion in 2022 and is projected to reach USD 33.87 Billion, by 2030.
• The spring market is projected to grow at a significant rate due to the growing demand in the aviation sector
• Based on type segmentation, leaf spring was predicted to show maximum market share in the year 2022
• Based on end-user segmentation, automotive & transportation was the leading user n 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Spring Market: Growth Drivers

Growing demand in the aviation sector to propel market growth

The global spring market is expected to witness steady growth owing to the increasing demand in the aviation industry. In this fraternity, springs have wide-scale applications as they are used to produce lightweight and durable components of an aircraft. Some of these components include gear systems, engine components, and control systems. For instance, in gear systems, they are used in the production of functional landing gear set-up.

The springs assist in absorbing and dissipating the energy produced during landing impact, thus reducing the stress on aircraft passengers and the structure. Furthermore, springs are essential components of other airplane parts as well such as control systems and engine components. With the growing population of people preferring to opt for an airway mode of transportation, the aviation sector is currently witnessing tremendous growth fueled by extensive investment. This could lead to higher revenue during the forecast period.

Spring Market: Restraints

Fluctuating prices of raw materials to restrict the market growth

The constantly changing prices of the essential raw materials required during the production of springs could lead to growth restraints in the global spring market. The most common materials used during the process are steel and alloys which are highly price sensitive since their export values depend on the economic condition of the trading nations along with other factors. Currently, the world is dealing with intense geo-political constraints and this could damage the supply chain of steel and other crucial raw materials.

Spring Market: Opportunities

Growing electric vehicles (EVs) segment to provide growth opportunities

One of the most significant growth opportunities in the spring industry is the tremendous response observed by the EV segment of the automobile industry. The rising awareness amongst consumer groups about the environmental impact of gas-powered vehicles along with a growing global emphasis on switching to a sustainable mode of development such as electric vehicles is expected to drive the demand for efficient spring mechanisms. In the third quarter of 2021, Tesla delivered 241,300 EVs worldwide.

Spring Market: Challenges

High competition to challenge market growth

The global spring industry is saturated with the presence of several domestic and international suppliers of springs. This has led to the industry becoming highly competitive causing a rise in a price war, especially at the domestic level as companies try to improve their profit share. This has also led to a lack of innovation and collaboration. It acts as a major challenge for the industry to streamline its players which is essential for the overall growth of the market.

Spring Market: Segmentation

The global spring market is segmented based on end-user, type, and region.

Based on end-user, the global market segments are agriculture & forestry, automotive & transportation, manufacturing, construction, and others. In 2022, the industry witnessed the highest growth in the manufacturing segment. Some of the major reasons for segmental growth are the increasing use of advanced manufacturing technology such as computer numerical control (CNC) machines along with frequent innovation in terms of spring material and design. Furthermore, the higher demand for customized versions of springs has added more revenue to the market.

The automotive and transportation sector is a significant market share holder and during the forecast period, the growth in the EV sector is expected to assist in a higher CAGR. India currently has more than 25 EV brands operating in the region.

Based on type, the global market segments are helical spring, lead spring, coil spring, and others. The industry is expected to register higher revenue in the helical spring segment by 2030. The spring is generally made of rod or wire which is coiled in the shape of a sphere. It is one of the most commonly used springs as compared to its counterparts. The wire or rod used in the manufacturing process can be made of steel, stainless steel, titanium, or other alloys, and depending on the specific need, the size and shape of the spring can be molded.

The spring converts potential energy into kinetic energy and hence has wide applications. In the first few months of 2021, as per the claims of the World Steel Association, more than 1,315.4 million metric tons of steel were produced globally.

Recent Developments:

• In January 2022, Nindiya, an Indian player providing world-class sleeping mattresses, announced the launch of a new range of products called the Spring Foam Mattresses. The new addition is equipped with independent cell technology which means that the movement of one partner on the bed will not impact the other partner. The company aims to provide its customers with a mixture of the bouncy properties of a spring mattress along with the comfort of a foam mattress
• In October 2022, Boeing India announced its collaboration with Mishra Dhatu Nigam Limited (MIDHANI) for developing and sourcing raw materials required in the manufacturing of standard airplane parts in the Indian regions. Boeing India intends to strengthen its supply base with this move and increase its raw material sourcing options in the country

Spring Market: Report Scope

Spring Market: Regional Analysis

Asia-Pacific to witness massive growth

The global spring market is expected to witness the highest growth in Asia-Pacific as the region has been a dominant force in the last few years. The major reason for regional growth is the presence of a robust manufacturing sector in the growing economies of India and China along with other nations such as Japan and South Korea. The presence of favorable government laws and the availability of skilled labor at a reasonable cost has been crucial to higher growth in the manufacturing sector. These countries are home to some of the largest exporters of spring markets along with a large number of smaller players that contribute to the domestic needs of spring-based products. In addition to this, the government has been laying heavy emphasis on attracting more foreign players to expand its manufacturing sector which could lead to more growth in the coming years.

Spring Market: Competitive Analysis

The global spring market is led by players like:

• Betts Spring Manufacturing
• Lee Spring
• Acxess Spring
• Associated Spring
• Katy Spring & Mfg. Inc.
• Century Spring Corp
• Murphy & Read Spring Manufacturing Co.
• Peterson Spring
• Master Spring and Wire Form Co.
• MW Industries Inc.
• Hardware Products Company
• Vulcan Spring & Mfg. Co.
• Custom Spring Corporation
• Diamond Wire Spring Company
• The Yost Superior Co.
• North Shore Steel
• Duer Carolina Coil Inc.
• Springfield Spring Corporation
• Ajax Spring & Manufacturing Co. Inc.
• Myers Spring Co. Inc.
• W.B. Jones Spring Co. Inc.
• Coiling Technologies Inc.
• Scherdel Sales & Technology Inc.
• Michigan Steel Spring Co.
• Peterson American Corporation.

The global spring market is segmented as follows:

By End-User

• Agriculture & Forestry
• Automotive & Transportation
• Manufacturing
• Construction
• Others

By Type

• Helical Spring
• Leaf Spring
• Coil Spring
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa