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 Composite Springs Market.
It was estimated prior to this unanticipated outbreak that the Composite Springs Market was expected to grow at a CAGR of 8.5%. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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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.
Composite leaf springs are expected to remain the largest composite spring type during the forecast period. 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, etc. All major OEMs are evaluating the use of the composite leaf springs in their major Pick-ups, VANs, and SUV models.
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Compression molding is expected to remain the most dominant manufacturing process in the global composite springs market during the forecast period. High Pressure-Resin Transfer Molding (HP-RTM) is likely to experience fast 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.
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.