Impact Analysis of Covid-19
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Gas spring Market - Insights
Global gas spring market generated revenue of US$ 2,487.4 million in 2017. By 2027, the gas spring market is expected to be valued at US$ 4,191.6 million with a CAGR of 5.6% over the forecast period. Gas spring damper segment in the market is expected to exhibit the highest growth during the forecast period. This segment was valued at US$ 603.3 Mn in 2018, and is expected to grow at the CAGR of 6.1% during the forecast period of 2019-2027.
Europe held the dominant position in the global gas spring market in 2017, and is projected to retain its dominance throughout the forecast period. The Asia Pacific gas spring market is expected to register the highest CAGR of 6.2% over the forecast period.
Lift gas spring segment held the dominant position in the market in 2017
Among types, the lift gas spring segment dominated the gas spring market in 2017, and is projected to retain its dominance throughout the forecast period. Lift gas springs are energy storage and non-lockable elements, and have hydro-pneumatic rams which can be charged under pressure with inert gases such as nitrogen. The high pressure nitrogen gas exerts equal pressure on surfaces having different cross-sectional piston areas, which in turn, produces a force in the moving direction. The generated force is directly proportional to the charging pressure and piston rod diameter. The lift gas spring makes opening or lifting operations very convenient, thereby eliminating the actual weight of the object to zero or negligible.
Moreover, lift gas springs are used in various applications which include industrial & agricultural equipment, adjustable chairs, photo copier covers, lids & access panel covers, travel and cargo trailers, and automotive hood props. Hence, key players are focusing on offering new gas springs to expand their product portfolio. For instance, in September 2017, Meusburger Georg GmbH & Co KG, an Austria-based company, announced the 'E 6350 Gas' spring-force in order to expand its range of gas springs. The E 6350 is characterized by high initial forces and a compact design. These factors are contributing to increasing demand for lift gas springs in the global gas springs market.
Figure. Global Gas Spring Market Share (%), by Region, 2017
Source: CMI, 2018/19
Europe held dominant position in the gas spring market in 2017
Europe gas spring market generated revenue of US$ 1,068.7 Mn in 2018. By 2027, the market is projected to reach US$ 1,705.4 Mn with a CAGR of 5.5% over the forecast period.
Europe is one of the leading regions in the global gas spring market, and is expected to show positive growth in the near future owing to technological advancements such as dynamic damping that was introduced for automotive applications. For instance, in May 2017, Stabilus S.A. introduced advanced technology and innovation in dampers, electro-mechanical drives, and gas springs for motion control in various end-use industries.
According to the European Automobile Manufacturers Association, in 2018, 19.2 million motor vehicles were produced in the European Union. The growth of the gas spring market is attributed to increasing application of gas springs in the automobile industry such as suspension, hoods, doors, and others. Furthermore, demand for gas springs is also increasing owing to rising application in the furniture industry, owing to increasing focus by gas spring manufacturers on expanding their product portfolio. For instance, in August 2017, SUSPA GmbH introduced Tipup and TMove gas spring bed fittings.
The key players in Europe are engaged in adopting strategies such as mergers and acquisitions, in order to increase their revenue and market share. For instance, in January 2019, Stabilus S.A. acquired General Aerospace and CLEVERS, to strengthen and develop its industrial business further.
Figure. Europe Gas Spring Market Share Analysis, by Country, 2018 & 2027 (%)
Source: CMI, 2018/19
Global Gas Spring Market: Key Players
Major players operating in the global gas spring industry include Stabilus, HAHN Gasfedern GmbH (Stabilus GmbH), ACE Controls Inc. (Stabilus GmbH), 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, Barnes Group, Camloc Motion Control Limited, Metrol Springs Limited, and Lesjofors AB (Beijer Alma).
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