The global market for automotive composite leaf springs is projected to expand from US$ 71.56 million in 2021 to US$ 115.24 million by 2028, reflecting a compound annual growth rate (CAGR) of 7.0% during the period from 2021 to 2028.
Leaf springs play a crucial role in a vehicle's suspension system, comprising multiple layers of leaves arranged in a graduated manner, with the largest layer positioned at the top. These layers are securely attached to the vehicle's frame at either one or both ends. Composites are particularly well-suited for leaf spring applications due to their exceptional strength-to-weight ratio, natural frequency characteristics, and resistance to fatigue. The use of composite materials provides significant internal damping, which enhances vibration energy absorption and minimizes the transmission of noise to surrounding structures. Moreover, the substantial reduction in weight associated with composite materials offers a significant advantage in the design and development of vehicles. Compared to traditional steel springs, composite leaf springs are more durable, contributing to the overall strength of the suspension system. The integration of flexible composite materials with high fatigue tolerance significantly extends the lifespan of leaf springs. For example, a partnership between Henkel and Benteler-SGL has led to the mass production of a lightweight, fiber-reinforced leaf spring utilizing a polyurethane-based HP-RTM process, achieving a remarkable 65% reduction in weight compared to conventional steel alternatives. These composite leaf springs also exhibit improved resistance to crack propagation, enhancing the toughness of the suspension system.
Currently, automotive manufacturers are increasingly prioritizing the use of lightweight components to decrease vehicle weight, thereby enhancing performance and fuel efficiency. The shift from traditional steel springs to thinner, more compact composite springs has resulted in a significant surge in demand for composite materials. Additionally, the ongoing increase in sales of SUVs and trucks globally has created an unprecedented demand for composite leaf springs to boost vehicle performance. For instance, China has reported a 27% year-on-year increase in SUV sales.
Impact of the COVID-19 Pandemic on the Automotive Composite Leaf Springs Market
The outbreak and rapid spread of the SARS-CoV-2 virus have severely impacted numerous countries, leading to a significant rise in COVID-19 cases that threaten various industries worldwide. The pandemic has disrupted economies and industries across the globe, prompting governments to implement lockdowns, travel restrictions, and business closures in 2020 to mitigate the virus's spread. As a result, the demand for automotive composite leaf springs experienced a notable decline, as key purchasing countries restricted investments in these components to allocate resources for addressing the economic fallout from the pandemic. The temporary closure of manufacturing facilities further impeded the growth of the automotive composite leaf spring market in 2020. The ongoing spread of the virus continued to disrupt the operations of market players in 2021.
The automotive sector relies heavily on human labor, and the successful rollout of vaccination programs has allowed the global automotive industry to gradually resume operations, leading to a slow recovery in demand for automotive composite leaf springs. However, the overall downturn in the automotive industry due to the pandemic has constrained the growth of the automotive composite leaf spring market. Conversely, there is a growing trend of deploying composite leaf springs in premium vehicles to enhance performance. The development of composite leaf springs for medium and heavy-duty vehicles is also on the rise, which is expected to positively influence the automotive composite leaf springs market in the coming years.
The overall size of the automotive composite leaf springs market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast of the automotive composite leaf springs market across various segments. Furthermore, the market overview and forecast were segmented by five major regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. Primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the automotive composite leaf springs market.
Key players in the automotive composite leaf spring market include 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, Shandong Beiqi Haihua Automobile Parts Co., Ltd, and Arup, all of which are profiled in the research study.