The automotive composite leaf springs market is expected to grow from US$ 71.56 million in 2021 to US$ 115.24 million by 2028; it is estimated to grow at a CAGR of 7.0% during 2021–2028.
The use of composite materials is gaining major traction from the automotive industry, especially for the manufacturing of lightweight components. The increasing focus of vehicle manufacturers toward lightweight vehicles to improve their performance and fuel-efficiency bolsters the adoption of composite material-based products. The benefits of composite leaf springs over the conventional leaf springs are driving their adoption in the automotive industry. They are ~70% lighter than steel springs, thinner and compact in size, and durable and stress-resistant; moreover, they facilitate better flexibility in design and exhibit excellent driving qualities. Composite leaf springs also deliver improved shock absorber performance in vehicles, which is driving their adoption among vehicle manufacturers focusing on effective load-balancing solutions. For instance, Hexcel developed advanced composites materials-based leaf springs that help pickup trucks in managing the load effectively. The new composite leaf springs offered by the company are contributing to the reduction of the total vehicle weight of pickup trucks by ~45 pounds per vehicle. Therefore, the inherent properties of composite material and advancement in lightweight component market is driving the growth of automotive composite leaf spring market.
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Automotive Composite Leaf Springs Market: Strategic Insights
Market Size Value in US$ 71.56 million in 2021 Market Size Value by US$ 115.24 million by 2028 Growth rate CAGR of 7.0% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Automotive Composite Leaf Springs Market: Strategic Insights
| Market Size Value in | US$ 71.56 million in 2021 |
| Market Size Value by | US$ 115.24 million by 2028 |
| Growth rate | CAGR of 7.0% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Automotive Composite Leaf Springs Market
The emergence and rapid spread of SARS-CoV-2 paralyzed numerous countries. A continuous surge in the count of COVID-19 patients is threatening several industries worldwide. The COVID-19 pandemic affected economies and industries in various countries as they had to enact due to lockdowns, travel bans, and business shutdowns in 2020 to contain the spread. Since a majority of countries are exercising lockdowns, the demand for automotive composite leaf spring decreased at a prominent rate. This is due to the fact that the key automotive composite leaf spring purchasing countries have been restricting their investment in these components so that they can utilize a fair percentage of budget to combat the economic consequences of the pandemic. The temporary shutdown of manufacturing facilities also hindered the automotive composite leaf spring market growth in 2020. The continued spread of the novel coronavirus has majorly disrupted the business of the automotive composite leaf spring market players in 2021.
The automotive industry requires a significant number of human laborers. However, with the ongoing successful implementation of vaccination programs, the global automotive industry has started reopening its operations and the demand for automotive composite leaf springs is gradually rising. Thus, the overall declining trajectory in the automotive sector due to the COVID-19 pandemic is restraining the growth of the automotive composite leaf spring market. On the other hand, in current scenario, composite leaf springs are getting deployed in the premium vehicles for better performance. The development of the composite leaf spring for medium and heavy-duty vehicles is also increasing, which would create a positive outlook for the automotive composite leaf springs market in the coming years.
Lucrative Regions for Automotive Composite Leaf Spring Manufacturers
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Automotive Composite Leaf Springs Market Insights
Continuous Improvements in Composite Materials
Continuous Improvements in Composite Materials
The automotive industry is preferably adopting technologies that contribute to the reduction of vehicle weight and improvement of vehicle fuel-efficiency. According to the article of Composites World, every reduction of 100 pounds of mass from the car increases the fuel efficiency by 2–3%. Thus, the composite leaf springs market is experiencing strong research and development activities from leading manufacturers, which is likely to create substantial growth opportunities for them during the forecasted period. In July 2021, Hexcel developed the HexPly M901, a high-Tg epoxy resin prepreg system suitable for harsh thermal and environmental conditions. Similarly, in December 2020, Fraunhofer ICT introduced new resin transfer molding (RTM) process-based thermoplastic composites suitable for automotive leaf spring manufacturing. These newly developed thermoplastic composite fibers are ~50% cheaper than epoxy resins. Further, developments made in composite leaf springs with a major focus on heavy-duty vehicles are likely to propel the market growth during the forecasted period. For instance, Kordsa, a supplier of composite materials technologies, has joined forces with Ford Otosan for developing a weight reduction technology for heavy trucks. The company has developed heavy-duty composite leaf spring materials that assist in the reduction of CO2 emissions, thereby contributing to improved fuel efficiency.
Installation Type-Based Market Insights
Based on installation type, the automotive composite leaf springs market is bifurcated into transversal and longitudinal. The transversal segment led the market in 2020. The market growth for the segment is attributed to the increasing demand from the passenger vehicles manufacturers to reduce the noise, vibration, and harshness of vehicle.
Automotive Composite Leaf Springs Market, by Installation Type, 2020 and 2028 (%)
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Location Type-Based Market Insights
Based on location type, the automotive composite leaf springs market is bifurcated into front leaf spring and rear leaf spring. The rear leaf spring segment led the market with a share of more than 80% in 2020.
Players operating in the automotive composite leaf springs market adopt various strategies, such as mergers, acquisitions, and market initiatives. A few developments by key players are listed below:
In October 2021, The Red Dot Design Award, 2nd place in the Industry of Things World Award 2021, and 5th position in the Champions of Digital Transformation benchmarking study for 2021. All three honors are remarkable accomplishments in digital services and mechanical engineering.
In October 2019, Hendrickson has completed the acquisition of Dayton, Ohio-based Liteflex Composite Springs. Under the name Hendrickson Composites, the Company will operate as a branch of Hendrickson. Hendrickson's product folio is bolstered with more composite spring technology.
The automotive composite leaf spring market is segmented on the basis of vehicle type, installation type, process type, location type, and geography. Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and medium- and heavy-duty vehicles. The market for the passenger cars segment is growing significantly, and the segment is anticipated to register the highest CAGR of 6.6% from 2021 to 2028. By installation type, the market is bifurcated into transversal and longitudinal. In 2020, the transversal segment held a larger market share. In terms of process type, the automotive composite leaf spring market is segmented into high-pressure resin transfer molding, prepreg layup, and others. In 2020, high-pressure resin transfer molding held the largest share in automotive composite leaf spring market. Based on location, the market is bifurcated into front leaf spring and rear leaf spring. In 2020, rear leaf spring segment accounted for the largest share in automotive composite leaf springs market.
Geographically, the automotive composite leaf spring market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). The market in North America is sub segmented into the US, Canada, and Mexico. The European market is further segmented into France, Italy, Russia, the UK, Germany, and the Rest of Europe. Furthermore, the automotive composite leaf spring market in APAC is sub segmented into India, China, Japan, South Korea, Australia, and the Rest of APAC. The market in MEA is sub segmented into South Africa, the UAE, Saudi Arabia, and the Rest of the MEA. Moreover, the SAM market is further segmented into Brazil, Argentina, and the Rest of the SAM.
ARC Suspension; FLEX-FORM.; Heathcote Industrial Plastics; Hendrickson Holding LLC; KraussMaffei; M.W. Industries, Inc.; Muhr und Bender KG; OlgunCelik San. Tic. A.S; SGL Carbon; and Shandong Beiqi Haihua Automobile Parts Co., Ltd; and Arup are among the prominent automotive composite leaf spring market players profiled in the research study.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Installation Type, Location Type, Process Type, and Vehicle Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The use of composite materials is gaining major traction from the automotive industry, especially for the manufacturing of lightweight components. The increasing focus of vehicle manufacturers toward lightweight vehicles to improve their performance and fuel-efficiency bolsters the adoption of composite material-based products. The benefits of composite leaf springs over the conventional leaf springs are driving their adoption in the automotive industry.
The automotive industry is preferably adopting technologies that contribute to the reduction of vehicle weight and improvement of vehicle fuel-efficiency. According to the article of Composites World, every reduction of 100 pounds of mass from the car increases the fuel efficiency by 2–3%. Thus, the composite leaf springs market is experiencing strong research and development activities from leading manufacturers, which is likely to create substantial growth opportunities for them during the forecasted period. In July 2021, Hexcel developed the HexPly M901, a high-Tg epoxy resin prepreg system suitable for harsh thermal and environmental conditions. Similarly, in December 2020, Fraunhofer ICT introduced new resin transfer molding (RTM) process-based thermoplastic composites suitable for automotive leaf spring manufacturing. These newly developed thermoplastic composite fibers are ~50% cheaper than epoxy resins.
Based on installation type, the automotive composite leaf springs market categorized into transversal, and longitudinal. The transversal segment led the automotive composite leaf springs market with a market share ~ 70.0% in 2020.
Based on process type, the automotive composite leaf springs market categorized into high-pressure resin transfer molding process, prepreg layup process, and others. The high-pressure resin transfer molding segment led the automotive composite leaf springs market. The technique includes resin transfer molding (RTM), and a polyurethane matrix resin system has been devised for quick automotive high-pressure RTM (HP-RTM)
Electric vehicles account for an emerging trend in the automotive industry as consumers and governments are significantly inclined toward the consumption of green energy in various applications. Electric vehicles hold a lower share in the total vehicle market but have a greater growth rate than fuel-based vehicles. Irrespective of the onset of the COVID-19 pandemic, which led to a significant decline in the performance of the overall automotive industry, electric vehicles still managed to sustain sales with a positive outlook. Electric vehicles are considered the future of the automotive industry, and the integration of composite materials sets the future trends for the composite leaf spring market. Electric vehicle manufacturers are adopting composite materials to reduce vehicle weight as batteries, which helps them compensate for the weight added by batteries, which are getting bulkier with time to increase vehicle range. Aura, a new all-electric, two-seater concept sports car unveiled in September 2021, has been designed using natural fiber composites, which help reduce vehicle weight and add sustainability to the manufacturing processes. Further, a group of researchers in India has published a study of composite leaf springs for electric vehicles to reduce noise, vibration, and harshness. According to it, the composite leaf springs feature 40% lesser weight, 76.39% lower stress concentration, and 50% less deformation than steel graduated leaf.
Some prominent automotive composite leaf spring market players profiled in the research study ARC Suspension; FLEX-FORM.; Heathcote Industrial Plastics; Hendrickson Holding LLC; KraussMaffei; M.W. Industries, Inc.; Muhr und Bender KG; OlgunCelik San. Tic. A.S; SGL Carbon; and Shandong Beiqi Haihua Automobile Parts Co., Ltd.
The List of Companies - Automotive Composite Leaf Spring Market
- Hendrickson Holding LLC
- FLEX-FORM.
- KraussMaffei
- Muhr und Bender KG
- OlgunCelik San. Tic. A.S
- SGL Carbon
- Shandong Beiqi Haihua Automobile Parts Co., Ltd
- M.W. Industries, Inc
- ARC Suspension
- Heathcote Industrial Plastics
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- Data Collection and Secondary Research:
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The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
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Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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