Gas Spring Market Projected to Witness High Growth Owing to Wide Industrial Applications
The gas spring market houses a wide range of products such as hydraulic, piston, spring and gas-filled springs that are used as a restoring force in supporting and lifting heavy weights. Gas springs find applications across a variety of industries such as automotive, aerospace, marine, furniture and machinery. They provide advantages such as shock absorption, resistance to wear and tear and corrosion as compared to mechanical springs. Due to the growing demand from industrial applications requiring motion control and vibration damping, the use of gas springs is increasing.
Global Gas Spring market is estimated to be valued at US$ 4,988.2 Mn by 2030.
Key Takeaways
Key players operating in the gas spring market are Stabilus GmbH, HAHN Gasfedern GmbH, ACE Controls Inc., Suspa GmbH., LANTAN gas spring Co., Ltd., WAN DER FUL CO., LTD., Bansbach Easylift, Dictator Technik GmbH., Changzhou JuTeng Gas Spring Co., Ltd., Vapsint S.R.L., Shunde Huayang Gas Spring Co., Ltd., AVM Industries, Gemini Gas Springs Inc., Alrose Industrial Technologies Pvt. Ltd, Barnes Group, Camloc Motion Control Limited., and Metrol Springs Limited.
The Gas Spring Market Demand provides opportunities in industries such as aerospace, furniture and automotive where ergonomic workplace design with adjustable height tables and chairs is growing. Companies are also exploring opportunities in developing economies through partnerships and joint ventures.
Key players are focusing on global expansion plans by strengthening their distribution networks across North America, Europe, Asia Pacific and other regions. For instance, Stabilus GmbH has established manufacturing facilities and sales offices worldwide to provide local sales and application engineering support globally.
Market Drivers
Growing need for motion control damping and lifting applications across industries such as aerospace, automotive and manufacturing is driving the demand for gas springs. In the aerospace industry, they are used in landing gears, passenger seats and cargo hold components. Their shock absorbing properties make them suitable for industrial machinery requiring ergonomic adjustments.
Market Restraints
Presence of cheap alternatives such as mechanical springs and hydraulic cylinders poses a threat to the growth of gas spring market. In addition, the high cost of advanced gas springs limits their use in price sensitive applications. Stringent regulations pertaining to the use of pressurized gas also act as a restraint for the market.
Segment Analysis
The gas spring market is dominated by the industrial segment which accounts for over 50% share. Gas springs are widely used in various industrial applications such as construction machinery, agricultural equipments, office furniture and others due to their vibration damping properties and load holding capabilities. They are integrated into lifting applications, positioning mechanics and opening and closing mechanisms used in industrial equipment and machinery. Within the industrial segment, material handling sub-segment holds the largest share as gas springs are critical components used in load holding mechanisms of heavy lifting equipment, conveyor belts, warehouse shelves and dock levelers among others.
Global Analysis
On the basis of region, Asia Pacific is projected to be the fastest growing as well as the largest gas spring market during the forecast period. Countries such as China, India, Japan and South Korea are witnessing rapid industrialization which is driving the demand for industrial machinery, material handling equipment and construction vehicles where gas springs have wide range of applications.
China dominates the Asia Pacific gas spring market owing to presence of vast manufacturing infrastructure of industrial goods and strong automotive sector in the country. North America is also anticipated to expand significantly owing to rising usage of gas springs in medical equipment and commercial vehicles industries in US and Canada. Recovery of capital intensive industries is fueling the demand of gas springs in the region.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)