Composite Springs Market report is a study offering actionable insights into the global market opportunities, trends, forecasts, and competitive analysis.
Stratview Research has published a new research report on Composite Springs Market. This extensive report by Stratview Research analyses the growth of Composite Springs Market over the trend period of 2010 to 2015 and forecast period of 2016 to 2021 under the following segments -
- · by Spring Type (Leaf Springs, Coil Springs, Chair Springs and Industrial Springs),
- · by End Use Industry Type (Transportation, Furniture, and Industrial),
- · by Manufacturing Process Type (Prepreg Lay-up Process, Compression Molding Process and Other Processes),and
- · by Region (North America, Europe, Asia-Pacific, and Rest of the World)
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Composite Springs Market: Highlights & Drivers
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.
The composite spring is a niche market but possesses significant growth potential during the forecast period of 2016 to 2021. It is forecasted to grow at an impressive CAGR of 8.5% over the next five years to reach $70.0 million in 2021.
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.
Composite leaf springs are expected to remain the largest composite spring
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,.
All major OEMs are evaluating the use of the composite leaf springs in their major Pick-ups, VANs, and SUV models.
Transportation is expected to remain the largest user of composite springs
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.
Compression molding is expected to remain the most dominant manufacturing process 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.
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.
Top Key Players
The supply chain of this market comprises raw material suppliers, spring manufacturers, OEMs, distributors, and end users. The global composite springs market is a highly consolidated with a dozen players populated worldwide.
The key composite spring manufacturers are Liteflex LLC, IFC Composite, Gordon Composites, Composiflex, and Benteler-SGL. New product development, capacity expansion and process optimization are the key strategies adopted by the key players to gain competitive edge in the market.
Why Stratview Research
Our report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value.
It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Composite Springs Market overview, industry life cycle analysis, supply chain analysis
- Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend (2010 – 2015) and forecast analysis (2016 - 2021) of each segment.
- Competitors’ market share, product portfolio and new launches.
- Growth opportunities in each segment.
- Emerging trends which will decide the future course of development.
- Strategic growth opportunities for the existing and new players
- Key success factors.
Category: Market Research Publishers and RetailersCompany about: Stratview Research is a global market intelligence and strategic research firm offering wide range of services including syndicated market reports, custom research, and procurement intelligence across industries such as Advanced Materials, Composites, Aerospace and Defense, Automotive and Transportation, Construction and Equipment, Energy and Utility, Consumer Goods, Marine, and Oil and Gas.