Global Gas Spring Market was valued at US$ 2,893.17 Million in 2021 and is expected to surpass US$ 5,457.92 Million by 2030, registering a CAGR of 7.5% during the forecast period (2022-2030), according to the Global Gas Spring Market Report, by Type (Lift Gas Spring, Lockable Gas Spring, Swivel Chair Gas Spring, Gas Traction Spring, Gas Spring Damper, Others), by Application (Aerospace, Automotive, Medical, Industrial, Furniture, Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Increasing demand for Gas Springs in the furniture industry is driving growth of the gas spring market. Moreover, increasing number of strategic developments such as acquisitions and partnerships is also expected to contribute to the market growth. Rising demand for gas springs in industries such as medical, automotive, and aerospace is expected to be a major factor facilitating growth of the market. Therefore, gas spring manufacturers are focused on offering a wide variety of gas springs to cater to requirements of end-use industries. Gas springs are also known as mechanical springs that use compressed gas which is enclosed within the cylinder, and sealed by a sliding piston in order to apply external force. Gas springs are widely used in applications in the furniture industry such as in office chairs and are also incorporated in struts of automobiles to handle tailgate smoothly. Industrial gas spring manufacturers are also assisting furniture design companies by providing effective gas spring solutions. Also, manufacturers are focusing on offering customized gas spring solutions for end-use industries in order to expand their customer base. Compression gas springs, tension gas springs, and adjustable locking gas springs are most widely used in the furniture industry. Therefore, rising demand for gas springs from the furniture industry is a major factor driving growth of the global gas spring.
- In February 2021, Industrial Gas Springs, Inc., a company that designs gas springs and damper products announced the launch of the Counterbalance Configurator Tool that builds product recommendations as per the metrics provided by the user to build their application. The tool will provide simulation to build counterbalance applications with multiple gas spring solutions that will optimize product functionality.
Global Gas Spring Market- Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has affected the global gas spring market significantly. Lockdown was imposed across the globe as a precautionary measure by governments of countries. This led to the temporary suspension of all businesses in the automotive sector. Trades across countries were disrupted causing a shortage of raw materials and components required for automotive manufacturing. The automotive sector faced a huge decline in demand for vehicles and gas springs are widely used in vehicles for lids, top openers, adjustable chairs, car hatch doors, and other applications. As the demand for automotive vehicles declined this severely impacted the growth of the global gas spring market during the pandemic and hence witnessed slow growth.
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Key Trends and Analysis of the Global Gas Spring Market:
- Asia Pacific is expected to emerge as the fastest growing market for gas springs, with China and India contributing significantly to the market growth. The Asia Pacific gas spring market is projected to witness the highest growth rate of 6.2% over the forecast period, owing to rising automotive production and technological advancements in gas springs. Rising automotive sales in countries such as China and India is expected to benefit growth of the market in the region. According to statistics published by the International Organization of Motor Vehicle Manufacturers (OICA), automotive sales witnessed a rise of 3.9% in China, and 9.49% in India in 2018, compared to sales figures in 2017. Growth of the Asia Pacific gas spring market is attributed to increasing application of gas springs in automotive applications such as seat adjustment, doors and flaps, and others. Furthermore, China is one of the largest exporters of gas springs. For instance, in 2018, the export volume of gas spring products in China increased by 5.5 times, according to the data from Changzhou Juteng Gas Spring Co., Ltd.
- Europe is expected to witness significant growth over the forecast period owing to the use of gas springs in medical applications. The European countries are leaders in manufacturing medical devices and equipment. Countries such as Sweden, France, and Germany export their products across the globe on a large scale. Gas springs are used in various medical applications such as diagnostic equipment, Electron Microscope, Medical Beds & Ambulance Cots, Dental equipment, Ultrasound machines, MRI machines, and others. The rising demand for medical devices and equipment from the European region across the globe is driving the growth of the gas spring market in the Europe region and is expected to gain traction in the forecast period.
- Among applications, automotive segment accounted for a major market share in 2021 in the global gas spring market. In automobiles, gas spring is used in vehicle interiors, body, doors, and flaps. Major companies in the market offer a variety of standard gas springs for automotive applications. For instance, Stabilus offers a range of products for the automotive industry such as gas springs incorporated with hydraulic compression and extension damping, gas springs with dynamic compression and extension damping, and gas spring struts. The common application of gas springs in the automotive sector is lifting of the car trunk/compartment door. Other auto-lift applications where gas springs are used include lift applications for engine hood/bonnet, roof top ventilators, passenger luggage compartments, commercial vehicle engine flaps, and battery/utility compartments among others.
- Major players operating in the global gas spring market include 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)