According to a new market research report published by Credence Research “Metal Springs Market (By Type: Helical Springs, Leaf Springs and Others; By End-use Industry: Automotive & Transportation, Manufacturing, Agriculture, Construction and Others) – Growth, Future Prospects, and Competitive Landscape, 2017-2025”, metal springs market was valued at US$ 20.6 Bn in 2016 and is expected to grow at a CAGR of 5.1 % during the forecast period from 2017 to 2025
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Consistent growth in the different end-use verticals such as automotive, manufacturing, processing and agriculture coupled with new machining methods have resulted in the rising demand for metal springs across the world. Depending on the application, the springs are subjected to aggressive media or constant vibrations. Springs aids in absorbing shocks and ease the vibrations on various machine components. Practically, there is no other device available to replace the utility of metal springs and hence the metal springs are widely accepted across all the industries. Post-recession, consistent growth in the manufacturing and processing and automotive industry has escalated the demand for metal springs. The growth in aforementioned industries is expected to contribute towards a positive growth in the overall metal springs market during the forecast period from 2017 to 2025.
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Springs are available in a wide variety of forms such as tension springs, compression springs, torsion springs, leaf springs and wire forms, among others. These springs are extensively used for a range of applications including manufacturing, automotive and transportation, agriculture and construction, among others. With persistent growth in the aforementioned industries, the metal springs market is expected to demonstrate a continued growth in the following years. However, the prices for the metals and alloys used for manufacturing springs are volatile and consistently fluctuates according to the market conditions. The uncertain material prices can create a negative impact on the overall metal springs market. Manufacturers are trying to overcome this restraint by reducing the cost of production by using modern machining methods for mass production.
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The metal springs market is quite matured market and is characterized by a number of metal springs manufacturers. In order to increase their sales, manufacturers are consistently striving to incorporate better machining processes and upgrade their product quality. Some of the major players in the market include 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, Inc., DoFo Spring Manufacturing Co. LTD., Asco Engineering & Enterprise and S K SPIRING CO.
– Modern machining methods and rising use of non-conventional machining methods
– Use of new metals and alloys for manufacturing heavy duty spring
– Expansion of sales and distribution network by manufacturers for increasing their sales
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