Spring And Wire Products Market Growth, Growth Drivers, Forecast To 2033

The spring and wire products market size has grown strongly in recent years. It will grow from $58.77 billion in 2023 to $62.18 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to industrial machinery manufacturing, consumer electronics manufacturing, construction and infrastructure development, medical devices manufacturing, consumer goods manufacturing.

The spring and wire products market size is expected to see strong growth in the next few years. It will grow to $76.64 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to growing demand for electric vehicles, rise of industry 4.0 and automation, miniaturization in electronics, medical advancements, smart manufacturing and iot integration. Major trends in the forecast period include high-strength alloys for springs, miniaturization and lightweight design, customization and tailored solution, advanced coating technologies, digitalization and industry 4.0 integration.

Market Overview -

Spring and wire products are goods made from steel springs by forming, such as cutting, bending, and heat-winding metal rod or strip stock, and/or making wire springs and fabricated wire products from wire drawn elsewhere (except watch and clock springs) to manufacture stable, durable, and strong products.

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Electric Vehicle Surge Sparks Growth In The Spring And Wire Products Market
An increase in the sale of electric vehicles is expected to propel the growth of the spring and wire products market going forward. An electric vehicle (EV) is a vehicle that is entirely or partially powered by electricity. Electric vehicles rely heavily on various components, including springs and wires, for their operation. These components are used in various parts of an EV, such as suspension systems, brake systems, battery connections, and wiring harnesses. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% between 2020 and 2021. The number of new light-duty plug-in electric vehicle sales, which includes both electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV) sales, nearly doubled from 308,000 in 2020 to 608,000 in 2021. Therefore, the growing demand for electric vehicles (EVs) is driving the growth of the spring and wire products market going forward.

Competitive Landscape -

Major companies operating in the spring and wire products market report are Mitsubishi Steel Mfg. Co. Ltd., Usha Martin Limited, Optimum Spring Manufacturing, Voestalpine AG, NHK Spring Co. Ltd., MISUMI Group Inc., Finolex Cables Ltd., Peterson Spring, Associated Spring Inc., John Evans' Sons Inc., Lee Spring Company LLC, Vulcan Spring & Mfg. Co., Hoosier Spring Co. Inc., Hardware Products Company, All-Rite Spring Company, Jackson Spring & Mfg. Company Inc., Myers Spring Co. Inc., Katy Spring & Mfg. Inc., Argo Spring Manufacturing Co. Inc., Master Spring & Wire Form Co., Gilbert Spring Co., Murphy & Read Spring Mfg. Co. Inc., Gardner Spring Inc., Badger Precision Spring Inc., Acxess Spring, W.B. Jones Spring Co. Inc., C & J Metal Products Inc., Royal Coil Inc., Diversified Spring Technologies Inc.

Development Of Products To Drive The Revenues Of The Spring And Wire Products Market

Major companies operating in the spring wire products market are developing innovative products such as barbed wire joiners to meet larger customer bases, more sales, and increase revenue. A barbed wire joiner is a device used to join two pieces of barbed wire together. For instance, in April 2023, Gripple, a UK-based manufacturer of wire joining and tensioning systems, launched High Tensile joiner, for use with barbed wire that has a high tension. Due to the proprietary corrosion-resistant ceramic wedge technology developed by Gripple, this product's unique feature is that it is 16 percent stronger than using a regular wire knot, ensuring that barbed wire joints withstand the whole lifespan of the fence. The new barbed range from Gripple, which consists of a Mild Steel joiner and a High Tensile joiner, has been created with the sole purpose of gripping the distinctive shape of barbed wire and ensuring long-lasting joins for installation or repair.

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Key Segments -

The spring and wire products market covered in this report is segmented -

1) By Type: Springs, Other Fabricated Wire Products
2) By Application: Heavy Machinery and Construction Equipment, Electronic Products, Military Equipment, Commercial Appliances, Other Applications
3) By End User Industry: Automotive, Aerospace, Medical and Healthcare, Commerical and Industrial, Other End User Industries

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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