Gas Spring Market Report

Market Analysis

The Global Gas Spring Market is estimated to grow from USD 2.65 Billion in 2021 to USD 3.79 billion by 2028 at a healthy CAGR of 5.17% during the forecast period.

Market Dynamics

Significantly growing end-use sectors such as aerospace, medical, automotive, etc. in developed and emerging countries is a key factor propelling the market growth.

• Further, gas spring handles heavy objects with ease as compared to mechanical springs, which gives traction to the product demand.
• These springs use compressed gas which is enclosed within a cylinder and is sealed by a sliding position, in order to apply external force.
• The gas springs are generally corrosion-resistant, but it is not friendly to be used in environments with constant damp load, thus hindering the product consumption.

What is a Gas Spring?

Gas spring is a particular type of spring that is generally framed with a steel cylinder containing glass that is compressed by a piston to exert the force. The gas spring exhibits better corrosion and wears resistance along with lower frictional attributes. Also, the process of construction of gas springs is eco-friendly and non-toxic.

Key Players

Key players operating in the market are-

• Stabilus (Luxembourg),
• HAHN Gasfedern GmbH (Germany),
• ACE Controls Inc. (The U.S.),
• Suspa GmbH (Germany),
• LANTAN gas spring Co., Ltd. (China),
• WAN DER FUL CO., LTD. (China),
• BANSBACH EASYLIFT (Germany),
• DICTATOR Technik GmbH (Germany),
• Changzhou JuTeng Gas Spring Co., Ltd. (China),
• VAPSINT s.r.l. (Italy),
• Shunde Huayang Gas Spring Co.,Ltd. (China), and
• AVM INDUSTRIES (The U.S.).

Segmentation

Application Trends

The gas spring market has been categorized into aerospace, automotive, medical, industrial, furniture, and others.

Among these, the automotive segment witnessed the largest market share in 2021. This is mainly attributed to surging demand for gas springs in the automotive and industrial applications to adjust passenger seats and for closing & opening of bonnet and dicky.

Regional Trends

The Asia Pacific market held a substantial share which is followed by North America.

• Both the regional markets are likely to witness robust CAGR in the gas spring market owing to strong automotive and industrial sectors in China, India, Japan, and the US.
• The Western Europe market is projected to register a healthy CAGR due to robust automotive base and presence of leading automobile manufacturers in Germany and the UK.

COVID-19 Impact on Global Gas Spring Market

The outbreak of coronavirus has adversely affected various industries such as automotive, aerospace, and other industrial sectors. As automotive is a key application segment of gas springs, and declining sales of lightweight and commercial vehicles have directly affected the demand for gas springs demand.

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Target Audience

Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert -

• Gas spring vendors
• Gas spring retailers
• Automotive companies
• Aerospace companies
• Furniture companies
• Industrial sector retailers
• Transportation companies

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