The global gas spring market is estimated to be valued at US$ 3,000.0 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030. Gas springs are devices that use compressed gas to absorb shock, reduce impact, control motion, and store and release energy to raise or lower loads at a controlled rate. They are used in diverse applications including automation equipment, office furniture, medical equipment, farm equipment and rescue stretchers due to their lightweight, durable, compact and high load-bearing capabilities. The use of gas springs has seen tremendous rise in automotive and furniture industries where it aids components like vehicle seats, tailgates, doors, bonnets, lift supports, and adjustable tables or shelves to move smoothly.
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., Metrol Springs Limited, Lesjofors AB (Beijer Alma), and Others.
The gas spring market offers opportunities for players to focus on product innovation and development of customized gas springs as per end-use requirements. Growing demand from automotive, medical, and furniture industry is prompting manufacturers to invest in R&D to develop advanced gas springs with high strength, load capacity and durability.
Technological advancements in material science have led to development of composite gas springs fabricated using high strength plastics and lightweight alloys. These composite gas springs exhibit properties like corrosion resistance, high strength-to-weight ratio and flexibility.
Market Drivers
The primary driver boosting the global gas spring market is rapid growth of the automotive industry worldwide. A majority of new vehicles now incorporate gas springs in different parts like tailgates, bonnets, seats and doors for assisted opening and closing. Additionally, growing demand for ergonomic and adjustable office furniture integrated with gas springs is propelling the market growth. Wide applications of gas springs in medical equipment, appliances, construction, agriculture and industrial equipment are also augmenting the market expansion. Rising construction activities and focus toward workplace safety have further strengthened the business outlook of gas spring market over the coming years.
Current challenges in the gas spring market
The gas spring market is facing challenges related to high costs of production and short product life cycles. Manufacturing gas springs involves precision processes and high-quality raw materials which increase costs. Also, constant wear and tear during operation leads to early failure of gas springs, reducing their usable lifetime. Customers expect longer lasting and affordable products, placing pressure on manufacturers.
SWOT Analysis
Strength: Precision manufacturing processes allow production of gas springs with tight tolerances. Weakness: High costs associated with manufacturing and short product life. Opportunity: Developing low-cost and durable materials can expand the addressable market segment. Threats: Stiff competition from substitute lifting solutions like hydraulic systems.
Geographical regions with high market concentration
North America and Europe currently hold the major share of the global gas spring market in terms of value. This can be attributed to high demand from automotive and industrial equipment manufacturing industries in these regions.
Fastest growing region
The Asia Pacific region is projected to witness the fastest growth during the forecast period. Countries like China, India, and Japan are increasingly adopting gas springs across various end-use industries like furniture, automobile, semiconductor fabrication equipments etc. Rising industrial and construction activities along with growing middle-class population will drive the APAC gas spring market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
