Gas springs are mechanical devices that help in absorbing shocks and control the weight or motion of heavy objects through the use of compressed gas. They are commonly used in automotive seats, lifts, office chairs, and other industrial equipment. The automotive industry has been one of the largest end users of gas springs owing to their advantages such as lightweight, high operational precision, noise reduction, corrosion resistance, and durability. They find wide applications in automobile seats, trunk lids, hoods, and pedals. The global gas spring market is estimated to be valued at US$ 3,000.0 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increased demand from the automotive industry has been a key driver of the gas spring market growth. According to the China Association of Automobile Manufacturers, global vehicle production is projected to grow annually by 3% during the forecast period, driving demand for gas springs. Another driver has been the need for lightweight, durable, and precise actuation mechanisms in industrial equipment and furniture. Gas springs offer precise motion control while taking up less space and reducing overall equipment weight compared to other alternatives like coil springs or hydraulic pistons. Increasing demand for service-friendly, ergonomic workplace equipment and rising investments in industries like aerospace and automation have further augmented the market expansion.
Segment Analysis
There are four key segments in the gas spring market: single-tube gas springs, double-tube gas springs, rolling lobe gas springs, and suspension springs. Among these, the double-tube gas spring segment dominates and accounts for over 45% of the market share due to its superior performance in carrying medium to heavy weights and loads over long distances smoothly. It has double tubes providing protection against external impacts while allowing easy adjustment of preload tension through gas filling.
PEST Analysis
Political: There are no significant political risks affecting the gas spring market globally.
Economic: The market is expected to grow at a steady pace driven by economic growth in end-use industries like automotive, aviation, furniture and equipment manufacturing.
Social: Rising standards of living and demand for ergonomic products are positively impacting demand for gas springs across industries.
Technological: Advancements in materials, designs and production techniques are allowing manufacturers to develop more compact, durable and customizable gas springs with higher load capacity.
Key Takeaways
The global gas spring market is expected to witness high growth over the forecast period supported by rising usage across various end-use industries.
Regionally, Asia Pacific accounts for over 35% share and is expected to remain the fastest growing market due to concentration of key manufacturing hubs and growing industrial activities in countries like China, Japan and India.
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. Stabilus GmbH is a prominent player and offers diversified solutions catering to applications across diverse industries globally.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
