Gas Spring Market is Estimated To Witness High Growth Owing To Increased Industrialization and Automation


The Gas Spring Market is estimated to be valued at US$ 3198 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 Overview:
Gas springs are pressurized gas cylinders that act as shock absorbers and can support heavy loads. They provide a smooth controlled force to resist downward motion or hold objects in position. Gas springs are used as an alternative to ordinary springs in applications that require controlled dampened motion like lifters, automobile seats, liftgates, hatchbacks etc. Advantages of gas springs include consistently predictable results, corrosion resistance, long service life and temperature stability.

Market key trends:
One of the key trends fuelling the gas spring market growth is increased industrialization and automation. Gas springs are extensively used as components in factory automation equipment and precision machinery to enable smooth operation of moving parts. They provide downward force in automated assembly lines, closure mechanisms, positioning applications etc. Furthermore, rising adoption of gas springs in the automotive industry is also propelling market expansion. Gas springs are integral parts of car seats, liftgates, hoods and other adjustable components for user ergonomics and convenience. Rapid urbanization and growing vehicle fleet worldwide are creating sustained demand for car gas springs. Increased usage of gas springs across industrial, automotive and furniture sectors is expected to continue driving the global market during the forecast period.

Porter’s Analysis

Threat of new entrants: Gas Spring industry has moderate threat of new entrants as it requires large initial investments to set up facilities and in R&D for product development. It also requires established distribution networks.

Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes. However, buyers have less influence over prices due to benefits offered by gas springs like durability and performance.

Bargaining power of suppliers: Very few gas spring producers exist globally with Germany and China being the major suppliers. This gives them higher bargaining power over buyers for prices and products.

Threat of new substitutes: Substitute options for gas springs include hydraulic dampers, pneumatic cylinders and mechanical springs. However, gas springs offer better performance making the threat of substitutes low.

Competitive rivalry: The global gas spring market is moderately competitive due to presence of numerous regional and global players. Competition is based on product development, pricing and innovation.

SWOT Analysis

Strengths: Gas springs offer benefits like long service life, corrosion resistance, noiseless operation and adjustable resistance. The market is growing owing to increasing demand from end user industries.

Weaknesses: Initial investments required are high. Reliance on imports of raw materials increases production costs. Fluctuating prices of raw materials affects profits.

Opportunities: Growth in automotive, aerospace and medical industries present opportunities for increased adoption. Developing regions offer untapped growth potential.

Threats: Economic downturns adversely impact demand from end user industries. Stiff competition from regional and global players impacts market share. Substitute options pose competitive threats.

Key Takeaways

The Global Gas Spring Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing adoption in automotive and industrial equipment sectors. Growing demand for adjustable chairs and furniture incorporating gas springs will drive market revenues.

Regional analysis - Asia Pacific dominates the market and is fastest growing region attributable to large manufacturing base in China and India. North America and Europe are also major markets driven by use in automotive and aerospace industries in the US and Germany.

Key players operating in the global gas spring market includes 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, Lesjofor

 

Read More: https://www.rapidwebwire.com/gas-spring-market-demand-growth-and-regional-outlook/

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