The global 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 use compressed gas to exert a linear force. They are used in a variety of applications like chairs, lids, doors and others where adjustment and damping is required.
Market key trends:
One of the key trends driving the growth of the gas spring market is the increasing adoption of gas springs in automotive and industrial applications. Gas springs are witnessing increased demand from numerous end-use industries such as automotive, aerospace, marine, furniture, and medical due to their lightweight, durability, reliability, and consistent dampening properties. Furthermore, innovation and development of advanced gas springs such as telescopic gas springs, locking gas springs, and hygienic gas springs are also fueling the growth of this market.
SWOT Analysis
Strength: Gas springs offer benefits such as lightweight, durability, reliability, consistency, and ability to withstand corrosion which makes them suitable for various applications.
Weakness: High initial costs associated with gas springs compared to mechanical springs.
Opportunity: Growing adoption of gas springs across industries such as automotive, aerospace, furniture, healthcare due to their compact size and ability to withstand fatigue over time.
Threats: Availability of substitutes such as mechanical springs and hydraulic/pneumatic cylinders poses threat to gas spring market.
Key Takeaways
The Global Gas Spring Market Size was valued at US$ 3198 Mn in 2023 and is expected to reach US$ 5289 Mn by 2030, exhibiting a CAGR of 6.6% during the forecast period. The growing demand from the automotive industry is expected to drive the growth of the market.
The Asia Pacific region dominated the gas spring market with a share of over 35% in 2023 owing to strong presence of automotive as well as industrial sectors in countries such as China, India, and Japan.
Some of the prominent 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
