The global spring steel market size was robust in 2021 and is expected to register a significant CAGR over the forecast period. Increasing use of the product in transportation industry for applications including suspension mechanisms and shock absorbers is likely to stimulate market demand. Benefits associated with the product including superior strength, and ability to withstand twisting or bending forces without any distortions is expected to drive market revenue. Additionally, its use in production of antennas and lock picks due to its high yield strength is also projected to boost market demand.
Spring steel is a term used to describe various types of steel used in the production of blades, coils, antenna, vehicle and aircraft parts. It is an alloy of iron, carbon, manganese and is differentiated into three types, namely, low-alloy, medium carbon and high carbon. The product is manufactured by two processes. The work hardening process is used to manufacture in the form of sheets and rods. The heat hardening process produces it in the form of flat strips. The heat hardening treatment optimizes the properties of the product. The product is widely used in the transportation industry, the food and catering sector as well as defence. Its usage is preferred for suspension mechanisms in land transport vehicles as well as the landing gear of aircrafts owing to its impact resistant properties. Furthermore, it is used to produce knives since it retains it sharpness due to the carbon content.
Top Companies Operating in the Global Spring Steel Market:
- Nippon Steel Corporation (Japan)
- Nippon Steel Nisshin Steel Co. Ltd. (Japan)
- Shougang corporation (China)
- Schneider Steel Ltd. (U.S.)
- Tata Steel (India)
- JFE Holdings Inc. (Japan)
- Thyssenkrupp A.G. (Germany)
- Severstal (Russia)
- POSCO (South Korea)
- ArcelorMittal S.A. (Luxembourg)
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Major Factors Contributing to the Global Materials and Chemicals Market Revenue Growth
The increasing adoption of the product in aerospace and automotive and transportation industry is anticipated to influence market growth. High carbon grade of spring steel is widely used in the aviation sector to manufacture aircraft landing gear. It has the capacity to withstand high impact as well as good heat resistance. As the aviation industry develops, its implication on demand for this product is positive. The aviation industry is on a rise with the government supporting production and innovation of aircrafts. For instance, in 2021, the U.S. Transportation department funded commercial aviation companies with USD 482.3 million to promote aircraft manufacturing. Furthermore, the aviation sector is undergoing innovations to become environmentally sustainable which is also bringing in massive funding from government agencies. For instance, the European Union Aviation Safety Agency is working to encourage environmentally sound aviation and countries like India are also collaborating with companies like Blade to encourage aviation innovation. Hence, growth of the aviation and transportation industry is a key factor driving the market growth.
Table of Contents:
- Report Overview
1.1 Research Scope
1.2 Key Spring Steel market segments
1.3 Major players
1.4 Market analysis by product type
1.5 Market analysis by application
1.6 Report timeline - Global Growth Trends
2.1 Global Spring Steel market size
2.2 Latest regional market trends
2.3 Emerging growth trends - Competitive Outlook
3.1 Global Spring Steel market key players
3.2 Global Spring Steel size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Spring Steel market
3.5 Mergers, acquisitions, joint ventures, and other strategic alliances
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Spring Steel Market Segmentation
Form (Revenue, USD Billion; 2019-2030)
- Coiled spring steel
- Leaf spring steel
Application/ End Use Outlook (Revenue, USD Billion; 2019-2030)
- Heavy vehicles industry
- Industrial equipment sector
- Others
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