The new report of Stratview Research analyses the Composite Springs Market over the trend period from 2010 to 2015 and forecast period from 2016 to 2021. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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The Global Composite Springs Market: Highlights
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 Growth Prognosis & its Drivers
The global 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 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.
Transportation is expected to remain the largest user of composite springs during the forecast period. 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 in the global composite springs market during the forecast period. 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.
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.
Comprehensive Market Coverage
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