Global Composite Springs Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Composite Springs Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz. The global artificial intelligence chip market report has been segmented on the basis of spring type, end-use industry, manufacturing process type, and region.
Global Composite Springs Market: Introduction
Composite springs are used in the furniture, transportation and industrial applications. These type springs have several benefits such as high durability, lightweight, better vibration energy absorption, greater flexibility, and excellent fatigue resistance. Composite springs include leaf springs, coil springs, chair springs, and industrial springs. Composite leaf springs are durable than conventional steel springs.
Global Composite Springs Market: Market Dynamics
Increasing automotive production in developing region owing to rapid urbanization and increasing spending power of consumer is expected to drive revenue growth of target market. Rising demand for composite springs in automotive industry owing to its lightweight property is a major factor expected to drive revenue growth of the target market over the forecast period. In addition, increasing demand for composite springs in the furniture industry is other major factor expected to drive growth of the global market to a certain extent. Adoption of composite spring as an integrated component in automobiles such as Pick-ups, VANs, and SUV vehicles is expected to support revenue growth of market.
Global Composite Springs Market: Segment Analysis
Among the spring type segment, the leaf springs segment is expected to account major revenue contribution in the global composite springs market. In transportation industry, the composite leaf springs are majorly used in light commercial vehicles and passenger cars. The coil spring segment is expected to follow the leaf springs in terms of revenue contribution, owing to increasing adoption in commercial vehicles.
Among the manufacturing process type segment, the compression molding process is accurate, cost effective, and high quality process as compared to other manufacturing process types, which in turn is expected to drive the revenue growth of this segment.
Global Composite Springs Market: Regional Analysis
North America market is estimated to account for major share in terms of revenue in the global composite spring market. This can be attributed to presence of major manufacturers and increasing investments for R&D activities, increasing number of car registration in the countries such as US and Canada in the region. Rising demand for commercial vehicles in the region owing to rapidly growing manufacturing industries us expected to support revenue growth of North America composite springs market. Europe market is expected to follow North America market in terms of revenue share in the global composite spring market.
Asia Pacific market is expected to grow at a higher growth rate over the forecast period, owing to increasing production of light commercial vehicles and medium & heavy duty vehicles in countries such as China and India. The markets in Middle East & Africa and Latin America are anticipated to account for moderate revenue share in the global composite spring market.
Global Composite Springs Market Segmentation:
Segmentation by Spring Type:
- Leaf Springs
- Coil Springs
- Chair Springs
- Industrial Springs
Segmentation End-use Industry:
Segmentation by Manufacturing Process Type:
- Prepreg Lay-up Process
- Compression Molding Process
- Other Processes
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- iRobot Corporation
- Liteflex LLC
- IFC Composite
- Gordon Composites
- Daimler AG
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