Spring Manufacturing Picking Up Pace

Industry Outlook Team

According to Grand View Research, the global spring manufacturing market is going to thrive at a CAGR of 4.5 percent till 2027. The report also states that some of the major factors driving the growth of the market have been the increasing demand for springs across various verticals such as manufacturing, agriculture, and automotive among others. The springs are widely used across all the verticals as there are practically no other components available to replace the utility of springs.

The manufacturing methodology shift from manual manufacturing to automated drive and robotic arm to stay relevant with the advancements in technologies is also expected to drive the market’s growth bandwagon. However, today, with the presence of a large number of domestic and international participants, the market has become highly competitive and susceptible.

The major reason behind vendors being attracted towards investing in the market has been the initial cost of set-up for the manufacturing of springs is not very high. In addition, it only requires moderate capital investment with a good return of investment due to significant demand.

Technology Intervention
As with the technological advancements which have significantly raised the capabilities of modern manufacturing methodologies, various advanced and non-conventional machining methods now comes with the capability to produce springs with complex geometries from different alloys; the improved physical attributes and designs, these springs are extensively being used across various industry verticals such as railways, heavy duty automobiles, heavy industries, to name a few.

“Industry 4.0 will be about effective data analytics for process adherence and identifying the areas where a high degree of consistency is required. Effective data analysis with a focus on creating skill-sets will enable companies to maintain their processes and also get the benefits of India’s demographic dividend,” stated Alok Kishor, Head-International Business, Kirloskar Limited and Managing Director, SPP Pumps Limited, UK.

To reduce weight and to increase the strength, manufacturing of springs from light weight and high strength metals and alloys has also increased the application of springs in aircraft, satellite, and automobile manufacturing, wherein, the reduction in the weight of springs will decrease the overall weight of the structure, thus increasing the structure’s load carrying capacity.

As automobiles are highly dependent on springs to withstand the worst conditions, the automotive and transportation segment is expected to emerge as the fastest growing segment. Furthermore, with the boost in the growth of electric vehicles’ segment, this will further aid the spring manufacturers to grow in today’s market.

The leaf springs segment is expected to be the major revenue contributor in the global composite springs market as it is majorly used in light commercial vehicles and passenger cars. Furthermore, the coil spring segment is said to follow the leaf springs in terms of revenue contribution with the increasing adoption in commercial vehicles. And speaking of mechanical springs, it is being widely applied as they deflect, load and store energy, under absorb, while also releasing equivalent amounts of energy when releasing the load.