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Allied Market Research

Precision Spring Market- Global Opportunity Analysis and Industry Forecast, 2020–2027

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Aug 2021 | 327 Views
   
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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A precision spring is an elastic mechanical object that stores mechanical energy. Generally, a precision spring is shaped in the form a coil. The precision spring is used in such places where a load is applied to the spring resulting in the decreasing in size of the spring. An extension spring is also a type of compression spring. When an extension spring is used in an application, then if we apply the load on object then, where the load applied results in the stretching of the spring. Hence the name extension spring is given. A torsion spring is used when a torque load is applied to a spring resulting a torque rotation of the spring.

 Market scope and structure analysis:

                       Report Metric

                                       Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units  

Value (USD Millions)

  Segments covered

  Type, Material, End-user industry, and Region

  Geographies covered

North America (US and Canada), Europe (Germany, UK, France, Italy, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, and the Rest of Asia Pacific), LAMEA (Latin America, Middle East, and Africa)

  Companies covered

 

  • Precision Coil Spring
  • Unisteel
  • Precision Global Springs
  • Badger Precision Spring
  • Xiamen Xinshunyan Industry
  • Precision Spring Products
  • Atlantic Precision Spring
  • HardwareProducts
  • Jackson Spring
  • American Precision Spring
  • Reell
  • Ace Wire Spring
  • Newcomb Spring

 

Covid -19 impact on industry -

COVID-19 pandemic has shut-down the production of various products in the precision spring market industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of precision spring market significantly from last few months, as is likely to continue during 2020.

COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.

The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.

Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.

Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The demand is high for precision spring market due to their use high use in machines, lightweight springs. Their use in aerospace, health industry are making it useful and high in demand. 

Rise in demand due to light weight of the precision spring   

There is huge growth in demand of these precise springs as they have irreplaceable use in machines of industry. The Increase in penetration of light-weight, thermally insulated carbon composite springs made from carbon fiber reinforced polymer (CFRP) is increasing the demand for precision springs across the globe. There is always need for innovative, lightweight precision springs among engineers that is increasing the demand for precision springs across the globe. Also, carbon composite springs are about 60% lighter than traditional springs.

Perhaps the biggest advantage of composites is their high strength-to-weight ratio. Carbon fiber weighs about 25% as much as steel and 70% as much as aluminum, and is much stronger and stiffer than both materials per weight .other factor for considering Composites spring is that it   never rust, regardless of their environment as they are prone to corrosion when bonded to metal parts but still Composites have less fracture toughness than metals but more than most polymers. Due to their high dimensional stability allows them to maintain their shape, whether hot or cold, wet or dry, due to this reason ,it makes them a popular material for outdoor structures like wind turbine blades. Engineers prefers composites over traditional materials to reduce maintenance costs and ensure long-term stability, major benefits for structures that are designed to last decades.

Also, composites give design options that is not possible with traditional materials. Composites allow for part consolidation that is a single composite part can replace a full assembly of metal parts. Over 90% of recreational boat hulls are made from composites, in part because fiberglass can be molded into a wide range of boat shapes. These benefits of composite over spring saves production time and reduces the maintenance costs in the long run.  Composites spring are also considered easier to produce.

Increase in usage of precision spring

Compression springs are extensively employed in aerospace, automotive, general industrial, and healthcare sectors. Extension springs are used in oil rigs, landing gears in an aircraft, and heavy trucks. Expansion of automotive, aerospace and other end-use industries is boosting the demand for precision springs

Sales of automobiles and aircrafts have increased across the globe. Compression springs are extensively employed in aerospace, automotive, general industrial, and healthcare sectors. Extension springs are utilized in oil rigs, landing gears in an aircraft, and heavy trucks. Expansion of automotive, aerospace and other end-use industries is boosting the demand for precision springs.

Key segments covered:

              Segments

                         Sub-segments

  Product type

  • Torsion spring
  • Compression spring
  • Extension spring
  • Others

  Materials

  • Carbon steel
  • Stainless steel
  • Spring steel
  • Beryllium Copper
  • Bronze
  • Brass
  • Alloy Steel
  • Others (Chrome silicone, Copper, Titanium, etc.)


 

  End user

  • Automotive
  • Aerospace
  • Power and Energy
  • Transportation
  • Agriculture
  • Electronics & Communication

  Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA


 

 

Key benefits of the report:

  • This study presents the analytical depiction of the precision spring along with the current trends and future estimations to determine the future of the market 
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the precision spring market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
 
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