Global Composite Springs Market to Reach USD 70 Mln in 2021, Forecasts Stratview Research in Its New Report Recently Published at MarketPublishers.com
21 Oct 2016 • by Natalie Aster
LONDON – Though being a niche market, the world’s composite spring market demonstrates strong growth potential. This market is likely to follow an upward trend, posting a significant 8.5% CAGR during 2016-2021. In the year 2021, the composite spring market value is expected to climb to USD 70 million.
Due to numerous advantages composite springs enjoy a substantial demand in a range of industries. Rising demand for lightweight components in the automotive industry together with the increasing adoption of composite springs in the food and furniture industries are amid the major forces driving the world composite springs market growth.
Through 2021, composite leaf springs are expected to account for the highest share of the total market. The highest demand for composite leaf springs is registered in the transportation industry, majorly from the light commercial vehicles and passenger cars sectors. Furthermore, the transportation industry will likely hold the position of the top end-use industry for composite strings through 2021.
When it comes to the regions, Europe dominates the world composite market and is slated to keep on holding the leading position in the next 5 years, boosted by the rising usage of composite leaf springs in the light commercial vehicles sector. Meantime, the highest growth rates are anticipated to be seen in the APAC market for composite springs.
The dominat participants in the world’s composite spring market comprise Liteflex LLC, Composiflex, IFC Composite, Benteler-SGL and Gordon Composites.
New Stratview Research publication “Global Composite Springs Market by Spring Type, by End Use Industry Type, by Manufacturing Process, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2016 – 2021” delves deep into the global market for composite springs. The cutting-edge report gives a detailed review of the market performance over the period 2010-2015, describes the current scenario and also outlines growth and development prospects up to 2021.
The report covers the market dynamics in detail and presents a detailed analysis of the major market growth driving forces, restraints, opportunities and challenges.
This new study offers insights into the market structure, industry life cycle and supply chain; provides Porter’s five forces and SWOT analyses; casts light on the market competitive scenario; explores strategic growth opportunities for the existing and new players; highlights the recent product launches, etc.
Besides, the research study identifies attractive market segments and associated growth opportunities and key success factors. It also comprises a five-year future outlook for the composite springs market.
Many other comprehensive research reports by Stratview Research are available in this Market Publishers' catalogue.