The global gas spring market comprises gas springs which utilize compressed gas such as nitrogen or other inert gases to produce a springing force by resisting compression. Gas springs find widespread adoption in several industrial applications such as seating systems, positioning equipment, hatches, liftgates, tool drives, and robotics. Their key advantages include requiring very low maintenance, high corrosion resistance, consistent pressure-extension throughout the lifetime, and ability to sustain heavy loads and severe weather conditions. The growing automotive industry has considerably driven the demand for gas springs as they are used in various automotive applications such as trunk lids, hoods, seat adjustment mechanisms, and decklid openers.
The Global gas spring market is estimated to be valued at US$ 3,000.0 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
Key Takeaways
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. These players are focusing on new product launches and strategic collaborations to gain a competitive edge in the market.
The market provides significant opportunities due to rising applications of gas springs in various industries. Gas springs find increasing usage in applications such as industrial doors, material handling devices, cargo carriers, household furniture and automobile components.
Key players are expanding their global footprint by establishing production facilities in various regions to cater to the rising local demand. For instance, Barnes Group acquired Augsburg Springs, a German producer of gas springs, thereby strengthening its presence across Europe.
Market Drivers
Growing automotive production globally is a major factor augmenting the demand for gas springs. They are integral components used in automotive exterior and interior applications such as trunk lids, hoods, seats and glove compartment doors.
Advantages of gas springs over conventional metal springs such as durability, lower maintenance and ability to sustain heavy loads is impelling their adoption across various industrial sectors.
Market Restraints
Fluctuating raw material prices owing to volatile commodity prices can negatively impact the profit margins of gas spring manufacturers.
Presence of inexpensive alternatives such as hydraulic dampers and metal springs limits the adoption of gas springs globally to a certain extent.
Segment Analysis
The gas spring market is dominated by locking gas spring sub segment. Locking gas springs are gas springs fitted with a locking mechanism which allows adjustments to be made and then locked into position. They are mostly used where a precise positioning is required which makes them very popular for industrial and commercial applications such as office furniture, medical equipment etc.
Global Analysis
Regionally, North America dominates the gas spring market owing to high demand from industrial and commercial sectors. The region is adopting advanced technological solutions at a rapid rate in industries like automotive, electronics, medical etc. This is driving the need for precision equipment which utilizes gas springs. Asia Pacific is the fastest growing market for gas springs due to rising industrial and manufacturing activities in countries like China and India. Growing electronics and automotive industries are majorly contributing to the regional market growth.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
