USD 0.95 billion
Global Wave Spring Market Size, Share, Growth Analysis, By Type(Crest-to-Crest Wave Spring, Glass Wave Spring), By Application(Aerospace Electrical Connector, Electronic Tools) - Industry Forecast 2024-2031
Report ID:
SQMIG20C2055 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
71 |
Figures:
75
Global Wave Spring Market Insights
Wave Spring Market size was valued at USD 0.95 billion in 2019 and is poised to grow from USD 0.99 billion in 2023 to USD 1.48 billion by 2031, growing at a CAGR of 4.50% in the forecast period (2024-2031).
The production of wave springs from lightweight, high-strength metals and alloys has increased their use in the manufacture of aircraft, satellites, and automobiles by reducing weight and enhancing strength. The global wave spring market is driven by an increased demand for wave springs across numerous end-use verticals, including automotive, industrial, aerospace, among many others. Since the wave springs are used in automobiles and airplanes, reducing their weight reduces the overall weight of the structure and increase its capacity to support loads. Hence, the need for various wave spring types is being driven by expanding application array of springs; also, these springs are customized to meet the particular needs of various end-use industries and industry verticals
US Wave Spring Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Crest-to-Crest Wave Spring
Fastest Growth
Crest-to-Crest Wave Spring
Growth Rate
4.50% CAGR
Global Wave Spring Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Wave Spring Market Size by Type 2021-2028 ($ Mn)
Global Wave Spring Market by Type 2021-2028 (%)
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Global Wave Spring Market Segmental Analysis
The global wave spring market is segmented based on type, application and region. The market is segmented on the basis of type as crest-to-crest wave spring, glass wave spring, single turn wave spring, nested wave spring, linear springs, and others. The market is segmented on the basis of application as aerospace electrical connector, electronic tools, valve, bearings, face seal, rotary union, vibration isolator, and others. Based on the region the market segmentation spans North America, Europe, Asia-Pacific, South America, and MEA.
Wave Spring Market Analysis by Type
Among the type, the Crest-to-Crest Wave Spring segment dominated the market with more than 50.0% share in 2022. The Crest-to-Crest Wave Spring segmental growth of the market is attributed to the increased demand for the crest-to-crest wave spring from a broad range of industries such as oil and gas, automotive, aerospace and many others. Its uses are typically applications requiring low-medium spring rates and large deflections with low-medium forces. Crest-to-Crest Springs can develop similar forces, yet occupy one-half (1/2) or less the axial space when compared with helical compression springs; which allows for strict space constraints. Its two major types include Crest-to-Crest Wave Spring (C and CM Series) and Crest-to-Crest Wave Spring with Shim Ends (CS and CMS Series).
Wave Spring Market Analysis by Application
Among the application, the Valves segment dominated the market with more than 21.0% share in 2022. Valves are critical components of various industrial equipment. An increased need for connected networks for maintaining and monitoring of industrial equipment, adoption of automation technologies in process industries, along with emphasis on development of smart cities globally are the key factors that encourages the adoption of valves and bearings; which, thereby creates a wide scope for the market growth. Hence, an increased demands for valves and bearings from a various industry such as automotive, aerospace, oil and gas, medical among many others.
Global Wave Spring Market by Type, 2021 (%), 2023 (%)
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Global Wave Spring Market Regional Insights
In 2022, North America is expected to have the biggest market share of 40.0% in the market. In the North American and Asia-Pacific regions, along with the presence of major market players, the region marks a growth in the automotive and aviation industry, which is supporting the market growth.
The US and China are rapidly emerging towards the modernization of the automobiles and airlines, which as a result accounts for the increased demand for modern and compact chassis/ products for eliminating the extra weight and space in the vehicle. Hence, this is likely to drive the regional growth of the market during the forecast period. As of 2022, over 79% of the US population reported having access to their own car, with an additional 29% having access to a company or family car. Similarly, annual vehicle production in China accounted for 42% of global vehicle production. The high motor vehicle demand fuels an active automotive industry, which significantly creates a wide market scope.
Global Wave Spring Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Wave Spring Market Dynamics
Wave Spring Market Driver
Demand for Lightweight and High-performance Products to Improve Market Growth
- Because of their lightweight, high-performance properties, wave springs are becoming increasingly popular in the automotive and aerospace industries.
- Wave springs can optimize assembly space by delivering the same spring force in a smaller space, resulting in a reduction in overall assembly size, weight, production time, and material cost. This is accelerating the wave spring market by increasing demand for wave springs over traditional coil springs.
Wave Spring Market Restraints
Price volatility is expected to impede the market growth
- The raw material procurement for small quantity orders may be a challenge to wave spring manufacturers. Furthermore, the raw material expenses are borne by the consumer. A wave spring is a type of compression springs made of flat wire. If manufacturers already have a stock of flat wire for manufacturing wave springs, they can be produced quickly and cost-effective.
- However, if the flat wire is not accessible and the manufacturer must purchase it in very small quantities, the costs rise and the customer bears the procurement expense.
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Global Wave Spring Market Competitive Landscape
The market is consolidated in nature. The prominent players operating in the market are adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Wave Spring Market Top Players Company Profiles
- Smalley Steel Ring Company
- Rotor Clip Company Inc.
- Bachmann Industries Europe GmbH & Co. KG
- GIFFCO (Global Industrial Fasteners and Supplies Inc.)
- Arcon Ring LLC
- Baumann Springs Ltd.
- Associated Spring Raymond
- Lee Spring Company LLC
- Vulcan Spring & Manufacturing Co.
- Schnorr GmbH
- Huihuang Spring Machinery Co. Ltd.
- John Evans’ Sons Inc.
- Mohawk Spring Corporation
- Norstan Inc.
- Sogefi SpA
- European Springs and Pressings Ltd.
- National Spring & Manufacturing Corporation
- Mubea Inc.
- Tru Wave LLC
- Katcon Global
Wave Spring Market Recent Developments
- In January 2022, European Springs & Pressings which is situated in Cornwall UK a subsidiary company of Lesjöfors formed a new company by rebranding itself and calling as Lesjöfors Heavy Springs UK.
- In March 2021, BAUMANN spring limited released a circular regarding their regular production and no restrictions in their supply chain of the products for their global partners during the pandemic.
Global Wave Spring Key Market Trends
- Demand for Miniature Devices: The growing trend of miniaturization and weight reduction in all industries is driving the demand for smaller, lighter-weight wave springs. This is especially prevalent in the medical device industry. For instance, Wearable technology, which can now track anything from patient blood pressure to walking gait, electrolyte levels, and cardiac rhythms, are an example of rapid innovation.
- Adoption of Innovative Strategies by Companies: Companies are developing new, inventive solutions to assist patient welfare as the usage of digital technology in medical applications increases. When technology becomes more advanced as a result of innovation, design engineers are frequently faced with device size, particularly when combining all mechanical components into a practical size. Traditional coil springs, for example, may be too large for medical technologies that are intended to be compact and lightweight, prompting the usage of wave springs.
Global Wave Spring Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global wave spring market report analysis, based on the type of global wave spring market, the crest-to-crest wave spring segment dominated the market with more than 55.0% share in 2022. Based on the application of global wave spring market, the valves segment dominated the market with more than 26.0% share in 2022. Based on the region, North America dominated the global wave spring market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 0.95 billion |
| Market size value in 2031 | USD 1.48 billion |
| Growth Rate | 4.50% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Wave Spring Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Wave Spring Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Wave Spring Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wave Spring Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Wave Spring Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Wave Spring Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Wave Spring Market Report Snapshots
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