Composite Springs Market to experience an impressive growth of 8.5% during 2016-2021

Addressing the most sought-after questions that occupy the minds of entrepreneurs and decision makers, the new report of "Stratview Research" on the Composite Springs Market, answers all the important questions.

Getting to the bare bones of the issues and factors which are sculpturing the market, Stratview Research brings out the best actionable market intelligence for the global Composite Springs Market.

The analysts have scrupulously studied the trend and cautiously forecasted the future market developments for 2016-2021.
The important questions the report answers are:
1. What will be the market growth rate in the near future?
2. What are the major developments in the market wrt regulations, acquisitions and innovations?
3. What are the growth drivers as well as the constraints?
4. What are the regional growth hotspots?
5. What are the segmental growth forecasts?

These questions and many more, big and small, are all discussed in the report in great detail.

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 strategic Market dissection
The dissection of the market is done to enlighten the aspects which are of interest to firms across the value chain.

Dissection by Segments
• by Spring Type : Leaf Springs, Coil Springs and Others
• by End Use Industry Type : Transportation, Furniture and Others
• by Manufacturing Process Type : Prepreg Lay-up Process, Compression Molding Process and Others
• by Region : North America, Europe, Asia-Pacific, and RoW

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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.

Market Segments
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.

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.

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This release was published on openPR.