Automotive Composite Leaf Springs Market Report, 2017-2024
Growing industrial activity, economic growth and rising disposable income will drive industry growth. Global commercial vehicle industry will grow at over 3% in the forecast time. With increasing transportation through roads has influenced product demand. Trucks, vans and SUV’s are widely used to carry passengers and goods. The product absorbs vertical variation caused by irregularities in the road, its high strength to weight ratio, fatigue resistance and natural frequency has mandated its use in commercial vehicles.
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Increasing demand for SUV’s, higher ground clearance, softer ride, increasing off road capacity and higher seating position will propel product demand. SUV is a blend of car, power and functionality of utility vehicle, offers more space, comfortable seats and attractive appearance.
Bifurcation in automotive composite leaf springs market on the basis of its type includes transversal and longitudinal. It is extensively used in various automobile sectors such as light and heavy commercial vehicles and railways. Light commercial vehicle will account for more market share. Based on spring include mono and multi leaf spring. Manufacturing process involves division into shot peening, and prepreg layup. Its area of application includes vans, trucks, SUV’s and rail carriage.
Europe is highly prosperous region for the product, it manufacturers highest number of trucks in the world. It hosts many big truck manufacturing companies such as Mercedes, Invesco and Grebe. Its main focus in on manufacturing good quality product that are efficient, secure and environment friendly. With increasing demand and manufacturing of trucks, automotive composite leaf springs market will simultaneously growing.
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Prominent players of automotive composite leaf springs market are LiteFlex, IFC, Benteler SGL, Mubea, Flex Form, ARC, Hyper Co, Hendrickson, Rassini and Pontiac Ventura.
In 2017 Benteler SGL partners with Henkel to produce the component for Volvo. The aim of merger was to provide composite and light weight technology for three Volvo models. This cooperation was further facilitated with the opening of Henkel’s lab state of the art test facility in Germany where automobile customers can work with the company experts to develop and test parts and can also optimize production process conditions.
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