Composite Leaf Springs Market - Global Industry Analysis, Size, Share, Growth, Trends

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Composite Leaf Springs Market: Overview

Leaf springs form an integral and highly functional part of a passenger or commercial vehicle. A variety of leaf springs with various shapes are available. Certain varieties of leaf spring suspensions are referred to as twin circular arcs connected at their tips, as they parabolic or elliptic in shape. Due to pre-induced stresses in these leaf springs, any vibration/bump is absorbed and damped. Leaf spring suspensions are widely employed in heavy commercial vehicles such as vans, SUVs, trucks, and railway carriages. Leaf springs have the advantage of distributing high loads more widely and evenly over the vehicle chassis. On the contrary, coil springs transfer high loads to a single/concentrated point. Leaf springs are usually made from various grades of steel or other ferrous alloys. Though these materials are sturdy, strong, and tensile, they have issues such as corrosion, low natural frequency, and low internal damping. Composites, on the other hand, are highly suitable for use in leaf spring suspensions, due to their properties such as high strength-to-weight ratio, high natural frequency, and high fatigue resistance. Good internal damping offered by composite materials translates into improved absorption of vibration energy within the component, resulting in reduced transmission of generated vibrations and noise to adjacent components. Moreover, composite leaf spring suspensions offer another major advantage of mass reduction over its metal counterparts. Composite leaf springs are five times more durable than steel leaf spring suspensions, which is one of the leading factors driving the demand for composite leaf springs market.

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Composite Leaf Springs Market: Drivers & Restraints

Major automotive manufacturers including General Motors have largely switched from steel leaf springs to composite leaf spring suspensions. Another key driving factor is rise in the demand for composite leaf spring suspensions in industrial & trade activities, economic growth, and rising disposable income of people that has led to substantial rise in automotive sales. The global demand for commercial vehicles is estimated to increase at a rate of over 3% in the next five years, due to rising trade activities and increasing need for transportation through roads. Thus, rising demand for vehicles, both passenger and commercial vehicles, is estimated to propel the composite leaf springs market in the next few years.

Composite Leaf Springs Market: Key Segments

Based on type, the composite leaf springs market can be segmented into transversal and longitudinal. Transversal leaf springs is the most preferred type of composite leaf springs in the automotive industry. Based on manufacturing process, the composite leaf springs market can be divided into compression molding, pre-preg layup, and high-pressure resin transfer molding. Based on application, the composite leaf springs market can be classified into passenger cars, light commercial vehicles, heavy commercial vehicles, locomotives, and others.

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Composite Leaf Springs Market: Regional Outlook

In terms of geography, the global composite leaf springs market can be classified into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Composite leaf springs are largely used in Asia Pacific. Developing countries in the region such as China, India, South Korea, Thailand, Malaysia, and Indonesia have large automotive manufacturing hubs. These countries are anticipated to offer immense opportunities to composite leaf spring market in the near future. Regions such as Europe and North America also offer substantial growth opportunities to the composite leaf springs market, as these regions, especially Western Europe, have presence of a strong automotive manufacturing industry.

Composite Leaf Springs Market: Key Players

Key players operating in the global composite leaf springs market are Liteflex LLC, IFC Composite GmbH, Hendrickson International, Mubea Fahrwerkstechnologien GmbH, HyperCo, and Benteler-SGL. 

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

·         Customer Experience Maps

·         Insights and Tools based on data-driven research

·         Actionable Results to meet all the business priorities

·         Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

·         North America

·         Asia Pacific

·         Europe

·         Latin America

·         The Middle East and Africa

Companies in the Composite Leaf Springs market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.

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