Global Composite Springs Market to Reach USD 70 Mln by 2021, Forecasts Stratview Research in Its Report Published at MarketPublishers.com26 Dec 2016 • by Natalie Aster
LONDON – Though being a niche market, the global composite spring sector holds considerable growth potential over the next five years. The sector is set to post a CAGR of 8.5% to amount to a value of USD 70 million by 2021. Surging demand for lightweight components in the automobile sector and rising penetration of composite springs in the furniture and food industries due to the benefits of high deflection rate and superior stress and fatigue resistance are the key drivers of the market growth.
By spring type, the composite leaf springs segment will likely keep on dominating the market in the years to come. Composite leaf springs are used in the transportation industry, mainly light duty and commercial vehicles, such as pick-ups, vans, and SUVs. Transportation is likely to remain the biggest end-user of the product and is also expected to witness the fastest growth.
Europe will likely remain the dominant market for composite springs in the offing, fuelled by an upsurge in the use of composite leaf springs in the light commercial vehicles. APAC is projected to witness the most rapid growth over the years to come.
IFC Composite, Gordon Composites, Liteflex LLC, Benteler-SGL and Composiflex are the leading players in the marketplace.
In-demand publication “Global Composite Springs Market” created by Stratview Research delves deep into the market on a worldwide scale. The report offers an in-depth overview, an analysis of the industry life cycle, and an insightful review of the supply chain. The study canvasses the market growth drivers and constraints, presents Porter’s five forces analysis, and gives a granular SWOT analysis. The report provides an insightful analysis of the market trends and forecasts, offers detailed market segmentation by spring type, end use industry type, manufacturing process type, and by region. The report canvasses the competitive scenario and market dynamics covering market shares, products, product launches, and more. It limelights the most attractive market segments and related growth opportunities, and sheds light on the key success factors.
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